Paper Topic:

Human Resource Management in a Business Context

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Talent management

According to the research that was conducted by Deloitte in 2005 , it was found out that impending Baby Boomer retirements , a widening skills gap that is as a result of the declining educational standards , and the outdated and declining approaches of talent management that are ineffective are a perfect storm ' seen to be a threat to the global business economy (Cook , 2005 . The exit of the critical talent in the business economy is the most damaging of the threats . Deloitte defines

br critical talent as the individual and groups who drive a disproportionate share of their company 's business performance and generate greater-than-average value for customers and shareholders (Cook 2005 , Para 6 . Therefore , for the company to achieve these goals and objectives , they have to depend on the individual 's ability

In talking about critical talent , it does not necessarily refer to a player or senior in the management . It however refers to a person or individuals who have been able to develop skills and abilities and the knowledge to execute their duties in such a way that they can be seen as people who make things happen within the organization . For instance , in a courier company , the people who deliver the goods on a daily basis have got a direct contact with the clients and they do also have a good knowledge of supply chain . It can also apply in the research and the clinicians who are in the drug companies as they have developed the art of the activities they carry out very well

Despite the threat of the exit of the critical talent , many organizations have not developed a talent management system that can address the issue of the workforce that can negatively affect the segments of the critical talents . It is therefore important that the employers try to understand the skills that are critical in the organization , which can make or break the organization , and actually how to find these skills and finally the means of making sure that these people are fully engaged and committed to the organization . If an organization is capable of planning and responding swiftly to this , then it can be sure to be on top of the business

The companies can minimize the looming problem of critical talent crisis by turning the challenges into opportunities . This can be achieved by the organizations rethinking and reinventing their talent management processes into a well designed talent strategy that truly utilizes critical workforce as a competitive advantage and therefore differentiates a company from its competitors (Cook 2005 Para 17

Due to the technological improvements and changes , business organizations of all sizes can be able to transform their talent management into an operation that is more effective and efficient (Snell , 2006 . The small and medium companies can use the system that was once only available to the large organizations to improve their talent management . All the organizations (small , medium and large require a system that can enable them to...

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