STUDENT INFORMATION

STUDENT SURNAME AND FULL NAMES MALIMA SAMORA CHRISTOFINA

SUBJECT NAME TALENT MANAGEMENT (TLM 900)

STUDENT NUMBER 22011719

DUE DATE 22 APRIL 2022

INTRODUCTION

Numerous organisations have identified talent as a critical strategic resource, and talent
management is widely regarded as one of the most serious issues confronting organisations
today and in the future. Since 2001, talent management has been a hot topic in human
resources, not just among HR professionals, but also among CEOs. Although the
overwhelming interest of practitioners has been the driving force behind Talent Management,
academics have become increasingly engaged in recent years (Suratkumari 2012, p12).

As the corporate environment changes, the emphasis on personnel management rises,

resulting in talent shortages, which enhances talent competitiveness and has a substantial
influence on organisations (Al Ariss, Cascio, & Paauwe, 2014, p174). Several factors
contribute to the approaching talent shortage, including demographic changes such as
population ageing and growing diversity, as well as increased labour mobility as a result of
globalisation (Armstrong, 2011, p23). Additionally, transformative changes in the corporate
environment, such as the transition from product-based to knowledge-based economies and
the increased demand for employees to perform increasingly complicated work, have an
effect on the number, quality, and qualities of talent required (Suratkumari 2012, p15).

According to Al Ariss et al (2014, p174) talent management is one of the most crucial factors
for organisations to achieve long-term success. Inadequate talent can have a negative impact
on an organization's competitiveness. According to the resource-based view, talent can be
viewed as something rare, unique, inimitable, and unreplaceable, and it enables the
implementation of value-creating strategies and the building of sustainable competitive
advantage (Suratkumari 2012, p15). As a result, one of the most crucial responsibilities of
any organisation is to guarantee that the appropriate individuals are in place (Armstrong,
2011, p23).

Talent management involves a collection of established processes aimed at placing the

suitable individual in the appropriate function at the appropriate time. Collings, Scullion, &
Vaiman (2011 p453) assert that the strategy is ultimately carried out through the performance
of people, and that skills, in particular, are crucial for the organization's long-term success. It
is the entire talent quality of the company that ultimately results in the development and
effective execution of successful strategy. As a result, Suratkumari (2012, p112) emphasises
the strategic nature of talent management: no organisation can achieve long-term success
unless it carefully considers the type of people it requires. According to Armstrong, (2011,
p28), effective talent management can help an organisation differentiate itself from
competitors by enhancing strategy execution and operational excellence.
THE CONCEPT OF TALENT MANAGEMENT

Organizational strategies in the present world are characterized by globalization and

competitive advantage as a result of technological developments that have enabled progress
through knowledge, economy, and talent innovation. Organizations struggle to achieve
sustainable growth while competition grows on a daily basis, which has generated a host of
challenges in the long run (Al Ariss et al, 2014, 173).

The process of "identifying, developing, and deploying those persons who are of particular
value to an organisation" is known as talent management. Similarly, talent management is the
development of improved processes for attracting, developing, retaining, and utilising people
with the necessary skills and aptitudes to meet current and future organisational objectives
through the implementation of integrated strategies or systems aimed at increasing workforce
productivity through the development of improved processes for attracting, developing,
retaining, and utilising people with the necessary skills and aptitudes to meet current and
future organisational objectives. The goal of talent acquisition is to prepare an organisation
for future skill shortages (Suratkumari 2012, p9).

Talent management is well-established and generally recognised, and its significance is

expanding. Hiring an educated labourer with capabilities and skills will be advantageous
conditions: a variety of factors are considered when building a personnel management
strategy. It has been hypothesised that talent management approaches have a significant
positive relationship with actual and perceived fit between people and organisations, as well
as perceived fit between people and occupations (Al Ariss et al, 2014, 175).

The practises of talent management are typically considered as acceptable. Employees will
have a stronger sense of belonging to the company and their jobs. The alternative hypothesis
is that anxiety will have an impact on the positive relationship between perceived talent
management technique sufficiency and individual-organizational and individual-job fit.
Individuals with high levels of anxiety may not feel more at ease with the organisation or
task, even if talent management is thought to be sufficient (Collings et al, 2011 p457).

AN OCCUPATIONAL DEFINITION FOR WORKPLACE TALENT

When some people speak about talent, they are referring to individuals who possess
outstanding qualities or capabilities. Others use the term "talent" to refer to their entire staff
or prospective hires. While perceptions of talent vary, particularly in the workplace, everyone
understands the critical nature of attracting and retaining qualified people. In this post, we'll
discuss what talent means in the workplace and how to locate and retain it (Al Ariss et al,
2014, 173).

A natural ability that a person is born with is frequently referred to as a talent (e.g., singing,
painting or drawing, athletic abilities). Individuals often have to work hard to perfect their
skills, but the majority of them are innate or hereditary in nature. The distinction between
abilities and skills is that abilities may be acquired and perfected through time. While talent
can undoubtedly distinguish an employee or applicant, the majority of workplace activities
and responsibilities require acquired skills, not instinctive talent (Al Ariss et al, 2014, 175).

When human resources departments and recruiters use the plural form of talent, they are most
frequently referring to job seekers, candidates, or a group of employees. While talent has a
variety of definitions in the workplace, it is typically used to refer to individuals who possess
naturally superior skills that enable them to perform better than others, or to gather together
high-performing, high-quality employees and prospects (Armstrong, 2011, p53).

THE BUSINESS CASE AND RATIONALE FOR TALENT MANAGEMENT IN THE

WORKPLACE

In today's businesses, strategic Talent management issues need to be addressed because of the
problems that are coming up because of changes in both the internal and external
environment. This has also made it more difficult to understand talent management by an
organisation as the most important source of competitive advantage (Collings et al, 2011
p459).

Globalization changes, such as mergers, downsizing, growth, and restricting, have led many
businesses to come up with new ideas about how to manage their employees' talents. This is
because talent management has been thought to play a big role in dealing with the changing
internal and external environments of businesses (Suratkumari 2012, p55).

There must be a lot of attention paid to talent management issues at the top of the
organisation, and strategic decisions and practises must be made with a focus on the results,
which should show the thoughts and actions that were put into place. It's time for Human
Resource Managers to start using cutting-edge innovation tools that are out there now. They
should look for the best tool in the market as the best solution for their workforce and
organisations (Al Ariss et al, 2014, p176).

Talent management literature has mostly talked about things like loyalty, job satisfaction, and
organisational productivity. The relationship between people and organisations, such as
people-jobs, people-talents, and organisations, has been a little overlooked.

Talent management has been thought of as one area that has led to increased productivity and
profitability. The goal of talent management is to improve productivity and employee
performance, which allows the organisation to get the right people, do the right jobs, and stay
in the right jobs, which helps the organisation succeed and avoid job mismatches. Talent
management also helps an organisation meet its goals and make its customers happy by
giving them high-quality products and services from qualified employees. Talent
management makes sure that employees' skills and behaviour are in line with what the
company needs (Armstrong, 2011, p67).

Talent management practises have a big impact on how employees act and think. Talents
(knowledge, beliefs, skills, abilities, and skills) can shape employees' personality abilities and
values. Talent management programmes encourage hiring employees and setting up a work
environment that encourages employees to be more involved and committed to the business
(Collings et al, 2011 p459).

The job of human resource practises like manpower planning is to figure out what kind of
skills employees will need in the future by looking at what they already have. This can be
done through performance measurement to see if there are any gaps in their knowledge. This
can help the company figure out what kind of skills it needs in the future and how to hire
people who have the skills it needs (Becker, & Huselid, 2006, p899).

Most people who work in the business world follow their own career growth patterns. These
start when people are in their early twenties, when they start looking for jobs. They move
through a series of stages to find the best job for them, based on their skills and personal
interests (Becker, & Huselid, 2006, p899).

In the next phase of career advancement, employees pay more attention to developing
specialised skills that require more responsibility. At the age of 30 to 40, employees start to
have more personal commitments than those related to their job and the company's interests.
Employees don't want to retire at the end of their careers because they don't want to give up
their jobs and don't want to give up their lives (Becker, & Huselid, 2006, p899).

As the HR profession has grown and matured, talent management has grown as well. It has
become part of an organization's priorities and strategy. Managing talent has gone from being
a one-time managerial task to a daily business practise that has a long-term goal. The ability
to find and hire good people is directly linked to how well an organisation does. A lot of
people now think of human capital in terms of how management processes like succession
planning, leadership growth, and career planning work (Suratkumari 2012, p62).

Companies like Microsoft, Southwest Airlines, and the SAS Institute are very good at
managing their employees. If businesses want to keep up with the speed and sophistication of
technological change, they must help their employees improve their skills. The most long-
term advantage comes from good talent management. There is no business that can afford to
not be ready for both the best and the worst of things (Armstrong, 2011, p153).

The idea of "talent management" makes sense for a lot of different reasons. Talent
management is a term used to describe this. Managers and HR professionals think they
should be doing more to help their employees become better at their jobs in the future. When
it comes to career growth, the word can also be used. For a long time, it was hard to describe
in businesses because people were mostly left to their own devices when it came to their jobs.
It's all about the positives: doing things for the best people, investing in their growth,
capitalising on their "potential," and so on. This means focusing on what people can do well.
Also, the term "talent management" can be used to refer to both meeting the needs of an
organisation and helping people, which is what HR should be trying to do right now (Al Ariss
et al, 2014, 178).

THE INDIVIDUAL AND ORGANISATIONAL BENEFITS OF TALENT

MANAGEMENT

Talent management is important for at least two main reasons, in addition to the benefits that
were already mentioned. The first thing is that strong talent management means that
companies can hire and keep important employees well. The second thing to look at is how
committed these people are. Talent management is important to getting people to work for
the company". The ability to solve any of these problems quickly has become an important
factor in how well an organisation does, and in some cases, how long it can last (Suratkumari
2012, p101).

A. Recruiting and retaining talent

Businesses are becoming more aware of how important talent acquisition is to their ability to
manage their employees. As it turns out, the most important thing a company can do in the
whole process of hiring new employees is to start with the right people. The truth is that most
talent management systems don't have enough features to meet the needs of recruiters
(Collings et al, 2011 p460-462).

Armstrong, (2011, p253), the number of 15-29 year olds joining the workforce is going
down. In both regional and vertical markets, there will be a "chronic labour shortage" because
of this. One of the most important issues for 35% of the people who were asked was that new
employees didn't have enough skills. To help you better understand each pillar, here is a
description of each.

 Recruitment: You need to have a talent management plan before you can have a plan.
Recruitment is the first step in making a strategy. Companies and other groups try to
find people who can be turned into employees in this area.
 Learning and Development: Everything from ongoing training to learning during an
employee's life cycle is in this pillar. It allows workers to improve and fine-tune the
skills they need to meet their goals and help the company meet its long-term goals.
 Performance Management: When talent is hired, it is expected to do well. People in
HR use this process to measure and improve their performance. Performance reviews,
one-on-one meetings, and reward and recognition programmes are all common.
 Retention: It is about keeping the best employees at the company or organisation for
as long as possible. This leads to more productivity and a better chance of meeting
strategic goals.
B. Employee engagement

An organization's talent management plan can also help them find and keep good employees,
as well as help them recruit and keep good employees. Employee engagement, like talent
management, is a term that doesn't have a clear meaning at all (Collings et al, 2011 p461).
Employee engagement is when an employee has a strong emotional and intellectual
connection to his or her job, organisation, boss, or coworkers that makes him or her want to
put more effort into his or her work. People who work for a company that has a positive
employer brand are more likely to say good things about it, stay there, and put in more effort,
which could have an impact on things like customer service, employee retention and service
quality. Collings et al, (2011 p461) looked at the results of 12 major research studies to figure
out what drives employee engagement. These include:

 Trust and integrity: how much employees think the organization's leaders care about
them, listen to and respond to their ideas, are trustworthy, and "walk the talk."
 The connection between individual and company performance
 Career growth opportunities: whether or not employees have opportunities for "career
growth and promotion" or a clear career path.
 Pride about the company: how much self-esteem employees get from their jobs
 Co-workers/team members: attitudes and views of coworkers about their jobs and the
company
 Employee development: The extent to which the employee's skills are worked on.
Many of these things could be thought of as a management theory. When Collings et al,
(2011 p461) looked at work effort, he found that "emotional drivers, like how you feel about
your boss and how much you like your job, had a four-time greater effect on discretionary
work effort than did other factors." These drivers' involvement in the company can have a big
impact on HRM policies and procedures that affect people who are in charge.

C. Organizational outcomes

It looks like there is more and more evidence that different talent management and employee
engagement activities are linked to financial performance. Armstrong, (2011, p210), said that
leadership efficiency can account for as much as 45% of an organization's performance.
Becker, & Huselid, (2006, p906), found that high-performance HRM systems and activities
were linked to a number of important organisational variables like turnover, revenue per
employee, and market value.

Employee engagement has been linked to a number of important business outcomes.

Disengaged workers, on the other hand, only expect to stay with their current employers
about 12 percent of the time, while highly engaged workers expect to stay for 66 percent of
the time. Becker, & Huselid (2010b, p379) found that when employees were more engaged,
so were financial performance metrics.

D. Maintaining Competitive Advantage

Talent management and the attention it has gotten in the last few years has made some
businesses better at what they do and made them more viable in a competitive business
environment. This has led to increased profits and job satisfaction for both businesses and
employees. Talent management has helped employees deal with the pressures of the
technological revolution and globalisation. When managers are open with employees about
their career goals, they will be able to predict what skills are needed to meet the needs of a
changing environment and advise the top management accordingly. The skills that employees
have should be rare and different from those that other employees have (Becker, & Huselid,
2010b, p379).

FIT FOR PURPOSE TALENT MANAGEMENT APPROACHES

There have been changes in how people are hired and how they are managed over time.
These changes have happened quickly over the last few years, just like other parts of work. In
today's hyper-changing world, it's important to manage your employees in a strategic way.
Work-worker-workplace equations are changing because of changes in talent and human
capital management in different parts of the world (Armstrong, 2011, p413).

As a general rule, the process of talent management isn't always a straight line of events, but
it could be thought of as cyclical. It starts by acknowledging that there is a need for more
talent, then filling that gap, and then growing and improving the skills, traits, and expertise of
both new and old employees (Armstrong, 2011, p413).

Let’s get into these key steps in the process of managing talent effectively:

1. Planning: Planned steps are always the first step in any process that has a certain outcome.
It includes the following steps: figuring out where the gaps are in the human capital, writing
job descriptions for the key roles that need to be filled, and making a workforce plan for
hiring (Becker, & Huselid, 2010b, p383).

2. Attracting: Based on the plan, the next step is to figure out whether the talent needs should
be filled from inside the organisation or outside. Either way, the process would need to bring
in a lot of applicants. Job portals, social networks, and referrals are the most common
external sources. In order to make the process as easy and quick as possible, you need to
figure out where the best people are before you start looking. People who apply to work for
the organisation will be judged on how good they are based on the kind of employer brand
they have (Becker, & Huselid, 2006, p916).

3. Selecting: To find the best person for the job, this is done by going through a long list of
tests. Written tests, interviews, group discussions, and psychometric tests, as well as an in-
depth look at all of the candidate's information that can be found on public access platforms,
help you get a complete picture of the person. It's now possible to use computers and AI-
enabled software to quickly skim through a lot of CVs to find the best ones for a job and the
right person (Becker, & Huselid, 2006, p916).

4. Developing: A lot of businesses these days hire for attitude and train for skills. So even
though you want someone who has certain skill sets, it's the person that you're hiring, not the
CV. Developing employees to help them grow with the company and training them for the
skills they need to help the business succeed also builds loyalty and improves employee
engagement. This starts with an effective onboarding programme to help the employee get
used to their new job. Then, the employee has a lot of chances to improve their skills,
aptitude, and proficiency, as well as to grow through counselling, coaching, mentoring, and
job-rotation schemes (Armstrong, 2011, p413).

5. Retaining: For any organisation to be truly successful, long-term, it needs to be able to

keep good talent. Most businesses try to keep their best employees by giving them
promotions and raises, giving them a chance to grow, giving them a say in special projects
and decisions, giving them training for more advanced roles, and rewarding and recognising
them (Becker, & Huselid, 2006, p916).

6. Transitioning: Effective talent management looks for ways to change and grow the whole
organisation through the growth of individual employees. A part of this is making each
employee feel like they are part of a bigger whole. Making sure employees get good
retirement benefits, conducting exit interviews, and planning for the future are all transition
tools that help everyone on the same journey (Becker, & Huselid, 2006, p916).

TALENT MANAGEMENT PRACTICES GUIDING THE CAREER OF TALENTED

EMPLOYEES FROM INCEPTION TO RETENTION

Talent management is not just a list of things that must be done. It is a strategy that needs to
be carefully implemented, checked, and improved on a regular basis. The following are the
six main ways to manage talent. These are the pillars of people functions.
1. Attract and recruit talented employees

Companies across the board have a hard time finding and hiring good employees. It can be
even more difficult to hire risky people because there are fewer people to choose from and
fewer jobs to choose from. However, one of the biggest problems is that there isn't a very
good reason for people to want to work in the risk-management department. Often, job offers
and pay packages aren't tailored to Generation Y's needs (for example, no sabbaticals, no
option to work part-time), which is partly because of rising costs. In addition, jobs in the front
office are often thought to be more important and pay more (Ashton, & Morton, 2005, p28).

We're going to lose a whole generation, one risk manager said about the loss of fringe
benefits. External hiring is often limited because of a goal to cut back on headcount. Most of
the time, internal sourcing is done by other departments. Then, people are often chosen based
on unstructured or semi-structured interviews that focus on their technical skills, then
(Ashton, & Morton, 2005, p28).

People who work for the best-practice companies can tell an interesting story about how risk
management is used to find good people. It turns out that the best people in the risk
department often leave after a few years to get a better job in the front office. Advanced
companies also use new sourcing methods, involve front-line employees, and use a selection
process that emphasises how well the candidate fits into the company's risk culture (Becker,
& Huselid, 2006, p919).

People who can communicate and manage better are becoming increasingly important to
businesses. They are willing to make trade-offs when it comes to technical skills in order to
get them. When there are two candidates, one executive said, "If there are two, I'll choose the
one with the stronger values, even though they might be a little less skilled." Some of the
best-in-class companies have recently added HR coaches for every risk employee as part of
their employee value proposition (Ashton, & Morton, 2005, p28).

2. Detailed job descriptions

A well-written job description helps the sourcer, the sourcing software, and the candidate
better understand what the job is all about. Job descriptions that are too general will only
confuse everyone who is involved in the process of finding new employees and send a flood
of applications that aren't relevant. What must be in the job description, as well as what else?

 Job title and location

  Overall duties
 Skills required
 Reporting lines
 Tools and equipment used
 Salary and benefits
Sourcers get CVs that fit the job better with these.

In order for an employee to be both happy and productive, he or she must fit in with the
culture of the company that they work for. While it can be hard to describe the culture in
words, it is very clear from how people act that they would be a good fit for the job. Personal
and organisational values must have a certain amount of overlap for any employee to feel at
home in the company. Without a good fit between the person and the organisation, most of
the time, effort, and energy would be spent trying to change things. It's much better to hire a
candidate who fits well with your company's P-O fit (or PE fit). This increases the chances
that your employees will be happier and more productive (Ashton, & Morton, 2005, p29).

4. Collaborate-coach-evolve

An important way to make talent management more effective is to build a culture of

coaching, mentoring (even reverse mentoring), and working together. The more constructive
the feedback, the better. It helps employees grow and improve their skills and abilities. When
you manage people's skills, you also have to think about how they will be ready for the future
of the company and how they will be able to rely on one another in the future (Ashton, &
Morton, 2005, p29).

5. Reward and recognize right

A big part of the strategy to motivate, engage, and manage employees better is the way
rewards and recognition are given and how they are given out. This isn't just about money
and bonuses. A lot of research shows that employees want R&R schemes that motivate them
with "prizes" that are most relevant to them as people, not just as employees in general. This
is a great chance for businesses to show their employees how much they care about them as
people and as important parts of the business (Becker, & Huselid, 2010b, p386).

Many businesses still don't know how to properly measure and reward good work in the field
of risk management. Evaluations are often complicated, time-consuming, and, in some cases,
seen as very subjective. Only one of the companies surveyed has performance metrics that
show how well the company is following its risk culture. Rewards still rely a lot on money,
and in some cases, they are thought to be too vague and not good enough for risky jobs
(Becker, & Huselid, 2010b, p386).

Benchmarking, on the other hand, requires that all roles use the same metrics to show how
their work affects risk goals. Appraisals are done with a lot of different 360-degree feedback
on automated interfaces. Feedback is an important part of the key performance indicators set
for senior managers. It takes a long-term view. Compensation includes a variable based on
the 360-degree feedback as well as goals set by the employee (for example, a specific project
to be completed). As a bonus, recognition can come in the form of small bonuses, public
praises, or reward cupboards that can be used right away. Companies that use new tools like
this say they have had very good results at the team or department level because these
measures are easy to set up and can be easily linked to individual job performance (Becker, &
Huselid, 2010b, p386).

6. Opportunities for continuous improvement.

A company should think about how to manage its talent in terms of how it sees itself in the
future. People need the right tools so they can do their best work. As a way to keep the
organisation growing and improving, its employees need to be able to grow and learn at a
steady pace. This also makes sure that the collective skills in the organisation are kept up to
date, upgraded, and stepped up (Bethke-Langenegger, Mahler, & Staffelbach, 2011, p524).

Talent management is planning each employee's future in a way that makes sense for them.
The more we know about where we are going and what our next job is, we work better. This
doesn't mean making empty promises about getting a promotion. Instead, it means making a
career map with the employee in mind, making sure they can relate to it and that it's realistic,
and giving them the tools they need to make the map a reality. A map also helps employees
stay at their jobs because they know what to look forward to and work toward and can work
together well to achieve it (Bethke-Langenegger et al, 2011, p524).

Most of the companies that were asked about have a "corporate university." However,
because of cost-cutting, they often don't have the money they need, so they put a lot of
emphasis on communication and management skills. In smaller risk functions, most technical
training (like risk modelling, for example) is done by outside providers. A lot of the time,
these trainings can't be tailored to meet the needs of the risk-management department, so
they're made to be simple and general. Trainings are important for most businesses, but many
opportunities are only available to upper management or a small group of the best people.
This creates "winners and losers," as one bank manager put it (Bethke-Langenegger et al,
2011, p529).

Best-in-class companies, on the other hand, offer training to a wide range of employees who
work with risk. Many of these companies have put together comprehensive training
programmes that cover the following four areas: leadership skills, client-organizational
behaviour and communication, connectivity, and links to business goals. Another thing to
note: Some businesses have recently started working together to launch strategic training
initiatives. Employees learn about functional, technical, and people skills in a series of classes
over a period of 9 to 12 months. They also have the chance to share ideas with people from
other businesses (Bethke-Langenegger et al, 2011, p529).

7. Groom employees into well-rounded leaders

The importance of having a clear picture of risk leaders and setting up a systematic way to
find them grows over time in businesses. Non-systematic: Line managers play a big role in
figuring out who could be future leaders. Often, abilities aren't assessed at the divisional level
in the same way that they should be. Risk-management role models who have done well are
few and far between. In banking, risk can be seen as a "death-end for second-class people," as
one bank executive put it (Collings & Mellahi, 2009, 304).

Best-in-class companies, on the other hand, have clearly defined two to three well-
differentiated risk-career paths to accommodate for technical profiles in risk management.
The best-in-class companies believe that not everyone can be a successful manager, but that a
top-notch knowledge expert is also important for a well-running risk function (Bentley, 2013,
p312). When there is a dedicated chief risk officer at the top of the company, this person can
serve as an example for people who work in the risk department. As cross-divisional
rotational programmes can be hard to put into practise, some companies have tried out
instruments like shadowing, dual-hatting, and short-term exchange programmes that can at
least partly mimic the positive effects of rotation by cutting down on the amount of work and
money it takes. These programmes make risk management into a real talent factory (Collings
& Mellahi, 2009, 304).

8. Foster connectivity across the entire company

Collaboration between and among the different parts of the risk function is a big problem,
especially in banking, where risk is often seen as an impediment rather than a way to help
people do well (Collings & Mellahi, 2009, 306).

Companies should set up systematic programmes and approaches to help people work
together, like tandems and cross-mentoring. This will help people work together better on the
front line and in the risk function. In addition, the leaders of the business units should also get
regular training on risk management from people who are in charge of risk management
(Collings & Mellahi, 2009, 306).

Bentley (2013, p456), asserts that in the end, this close connection is even more important
because a well-positioned and well-integrated risk organisation is a strategic enabler for good
talent management. Risk and control functions should have the right level of seniority and
decision-making power to work with and challenge other parts of the company. Risk and
control functions should be recognised for having the right level of skills and expertise, and
they should be able to reach all parts of the company. Ideally, risk opinions are sought out for
strategic business decisions, and a risk culture is lived by everyone in the company (Collings
& Mellahi, 2009, 307).

GOVERNING THE TALENT MANAGEMENT FUNCTIONS

In the post-pandemic economy, talent management is more important than ever, and so is
having a good relationship with your directors. In the past, directors have focused their efforts
on the executive managers, leaving the rest of the workforce to senior managers. But the
pandemic, investor pressure to improve diversity and inclusion efforts, and the rapid pace of
business and digital change have made it important for boards to have more oversight of
talent management at all levels of the company (Collings, & Mellahi, K. 2009, p312).

It's not easy to take on a more important role in overseeing talent management. It's important
for boards to strike a balance between acting strategically to make sure the company is
strong, but not becoming managers. As a way to keep an eye on their organisation, directors
should look at three different levels of leadership:

 High level management

 Middle level management
 Supervisors
Management, of course, is still in charge of the day-to-day development of the company's
employees. But directors can work to make sure their company's approach to talent is in line
with its long-term goals. When boards and management teams put human capital
development at the top of their priorities, they are more likely to win the talent wars and
become more resilient, agile, and innovative at the same time (Collings, & Mellahi, K. 2009,
p312).

DETERMINING THE RETURN ON INVESTMENT FOR TALENT MANAGEMENT

FUNCTIONS

In a competitive market for talent, organisations are compelled to invest in talent activities
not only to meet immediate needs, but also to build a long-term pipeline of leaders. When a
company doesn't invest in its employees, it can have a negative impact on things like
employee attraction and retention, but it can also have a big impact on things like
productivity and customer service as well as the company's brand, reputation, and livelihood
(Collings, Scullion, & Vaiman, 2015, 233).

But how well do today's most successful businesses measure their return on investment (ROI)
in talent management? In other words, how do they figure out if the money and resources
they spend on things like hiring, training, and succession management are worth it?

The results of the survey show some clear and up-to-date thinking about the difficulties of
calculating the ROI of talent activities, as well as the risks of not investing in talent. A study
based on the experiences of the organisations that took part in it suggests other ways for
businesses to measure how well they invest in their employees (Collings et al, 2015, 233).

When asked what quantitative measures are used to show how well a company's talent
initiatives are working, most companies think about things like succession, retention,
engagement, internal promotions, and diversity when they answer. Few businesses said they
kept track of things like revenue, profit margin, or productivity (Collings et al, 2015, 233).

There are a lot of people who care about the return on investment (ROI) of talent
management all over the world. People who are investing money in the same are looking for
ways to figure out how much money they will make. This problem is not unique to talent
management only; training and development for example suffers from the same drawback to
a certain extent (Collings et al, 2015, 233-235).
Fortunately, there is software out there and in the works that can help. These software's help
you figure out how much money you'll get back when you invest in talent management. In
addition, they are built to automate and track all of the steps in the talent lifecycle, including
how much money is spent and what happens at each stage. The software brings together all of
the parts of the talent management system into one place where everyone can work together.
The environment could be web-based or not, depending on the company that makes it
(Collings et al, 2015, 234).

An alternative way to do this would be to do the calculations by hand, which would be a lot
of work but worth it because of the benefits. When you invest money in something, you get
back what you put in, or you lose what you put in. ROI is how much money you get back for
the money you put in. Usually, these calculations are done over three years. Here are the
steps that need to be done (Collings et al, 2015, 234).

The idea of figuring out how much a performance management system costs seems out of
place, especially for businesses that have a lot of people. But there is a way to do it, a poll.
Choose a group of people who are both managers and employees. Find out how long they
spend on performance reviews for one person in a given year (Collings et al, 2015, 234).

When you do this, add up the number of employees in your company and the average salary
for these managers and employees. This is an example: Let's say that the managers in
question spend an average of 4 hours on each employee appraisal, and the average pay for the
managers is N$ 30 (let's say). If your company has 200 employees that means that the
managers make an average of $ 30 per hour. When the total cost comes to N$ 24000, it would
be 4 x 200 x 200 = N$ 24000.

Finally, figure out how much it costs to have employees. Suppose each employee spends two
hours on the appraisal process for each employee and the average hourly wage is $15. If the
total cost for appraisals for employees is 2 x 25 x 200, or N$10,000.

It also needs to be taken into account how many people work there each year. The amount of
time the HR people spend administering and managing the process also needs to be taken into
account, as well. This isn't the only thing that needs to be taken into account. Other costs like
copying and mailing also need to be taken into account. All of these costs added together
make up for the labour costs, so they don't cost as much. This means that if we don't account
for administrative costs, the total cost would be $ 34000.
The physical costs are then taken into account. Among them are the costs of paper and
stationary, as well as the cost of a copier and a printer, A 2-3 percent rise in these costs
should also be taken into account. The labour and the physical costs add up to the total cost of
the project. The costs that become investments now, divided by the cost of the thing we want
to buy, gives us the return on our money (Collings et al, 2015, 234).

There may be different ways to measure the return, so it could give different results. Though
it isn't possible to figure out how much money an organisation makes from investing in
intangible assets, an approximation always gives them a good idea of how well they're
making money (Collings et al, 2015, p234).

CONCLUSION

Talent management isn't merely a common human resource buzzword. It is also dedicated to
hiring, managing, developing, and retaining the best and brightest individuals in the industry.
Indeed, talent management is critical to a company's business strategy since it oversees one of
the company's most valuable assets: its employees. That is why, in order to retain employees,
firms should make an effort to successfully manage them and assist them in developing their
skills and competencies. Here are some of the reasons why businesses should put money into
talent management.
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