Far East Research Centre

Hong Kong

SCHEMATIZING TALENT MANAGEMENT, A CORE BUSINESS ISSUE

(Study of the factors those impacts on talent management in the corporate sector of Islamabad, Pakistan) Schehar Bano (Corresponding Author) MS Scholar, Iqra University Islamabad, Pakistan E-mail: schehar@gmail.com Dr. Muhamamd Aslam Khan Associate Professor, Preston University Islamabad, Pakistan E-mail: aslamnuml@yahoo.com Qazi Habib Ur Rehman MS Scholar, Iqra University Islamabad, Pakistan E-mail: isb146@yahoo.com Asad Afzal Humayoun Phd Scholar, Foundation University, Islamabad, Pakistan E-mail: asadafzal_aiou@yahoo.com

ABSTRACT The present paper aims to integrate research on talent management with employee attitudinal outcomes and organizational effectiveness. It will play a distinctive role in conceptualizing talent management endeavors and their impacts on employee work engagement, turnover avoidance, and value addition. The paper is based on a thorough literature review focusing on concept of talent management, employee work engagement, turnover avoidance, and value addition. The literature review was conducted by carefully studying research articles published in renowned journals. Talent management and allied variables were thoroughly discussed in these articles. In light of fifty five research articles and book chapters, we accomplish the process of canvassing and synthesizing the core ideas that colligates into talent management. This process led to ameliorate the conceptual ideas discussed in this paper. The paper conceptualizes talent management and its effectiveness for organizations in present competitive business environments. The study reveals that talent management has positive significant influence on employee attitudinal outcomes and organizational effectiveness e.g. employee work engagement, turnover avoidance, and value addition. We conclude that organizations, which are enthusiastic for gaining competitive advantage over their business rivals, need to manage their talent in vigilant and effective ways. This paper substantiates that the previous research on talent management imparts in understanding the concept and its enhancement. Furthermore it human resource light upon its impacts with some addition in existing knowledge. This finding is valuable for both researchers and practitioners. Keywords: Talent Management, Work Engagement, Turnover Avoidance, and Value Addition Paper type: Research paper

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INTRODUCTION Today's business environment wedges the role human resource plays with the organizations. Human resource is playing its role as a strategic partner instead of supporting administrative tasks in the organizations because greatest assets of the organization are its people. People though belong to diverse backgrounds therefore possess diverse talents. So, this is an organizations responsibility to effectively manage the talent of its workforce to achieve business objectives. Industry is seeing many organizations are implementing integrated Talent management processes. Talent refers to the ability of learning and its expansion to face and cope with the new challenges of the dynamic environment. Talent deals with the forthcoming potential instead of past tracks. Talent management is of core to the vitality of the business to meet and exceed current as well as future business strategies and goals. Framework of talent management proactively anticipates and meets business talent demand which is necessary to successfully execute the business strategy. It insights into the business strategy, then accordingly develops as well as retains prior talent and attracting new talent to cope with the strategic needs in order to get best utilization out of tools and processes to deliver talent management solutions. The concept of talent management was derived from World War II (Cappelli, 2008), however its strategic importance has been realized when McKinsey consultants group claimed the human resource as War for Talent in late 1990s (Scullion and Collings, 2010). This war for talent was prompted by the realization that talent shortages were increasingly becoming one of the biggest human resource concerns for multinational corporations (Makela et al., 2010). Thus, the organizations interested in maximizing productivity and effectiveness adopted systematic and rigorous approaches for attracting, selection, development and retention of talented key employees (Huselid et al., 2005). Thus, find and retains the right person possessing exactly aligned talent is not adequate for stepping in accomplishing a firm with competitive edge in market. A firm may also possess the right configurations, procedures, systems and practices in place (Lawler, 2008). In order to acquires the competitive advantage and adjoin the business requirements, firms need to reckon, select and groom through training and developing their work force in such a way that ultimately supports in achieving the organizational goals and out lays the clear career path line to the employees. Organizations must be interactive and discuss their talent management programs strategically with their work groups. Key terms, core concepts and implementation step by step practices relating to talent management analyses and examines life cycle of talent management from acquisition of talent to its retirement. Talent management is increasingly a part of the corporate strategy for most of the organizations and one does not needs to struggle in order to have access to the literature related to attracting, development and retention of talent. Corporate sector has emerged with immense importance of talent management. For example, CEO A.G. Lafley of worlds largest consumer company namely Procter & Gamble claims that he spends one-third to one-half of his time in developing talent (Holstein, 2005). In comprehensive reviews of the talent management literature, Tarique and Schuler (2010) note that many studies have limited focus on human resource practices in
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context of recruiting talent management, leadership and succession planning development. In order to establish its academic merits, Huselid et al., (2005) have argued that talent management needs to be differing from other HUMAN RESOURCE approaches so that it may focus on identifying the core positions those should be filled in with A performers. LITERATURE REVIEW Broadly defined, talent management encompasses the instrumentation of unifying strategies or processes in order to enhance the output of a wok place by deploying ameliorate systems and processes for attracting, development, retention and utilization of required skills and abilities of work force and their aptitude matched with the current and upcoming business needs. Talent management strategies centralize around five basic areas such as attracting, selecting, engaging, developing and retaining employees (Perrin, 2003). It is generally concerned with practices associated with developing strategy, identifying talent gaps, succession planning, and recruiting, selecting, educating, motivating and retaining talented employees human resource though a variety of initiatives (Ringo et al., 2010). Many authors regard talent management as a managerial strategic priority of the 21st century (Farndale et al., 2010). Employees knowledge, skills and competencies are an important competitive weapon, hence talent needs to be maximized and recognized as one of the discrete source of organizational competitive advantage (Collings and Mellahi, 2009). The changing trends realized managers about the transformation of management focus towards intangible capital management and sustainability in knowledge established environments and economies those commits progress with less palpable factors instead focused on human capital, social networking and organizational attitudes that positively takes organization towards success and smoothly boosts the economy as well (Davenport et al., 2002). In knowledge oriented society human capital is the well-nigh strategic resource in attainment of competitive advantage. In 2002, Goshal & Bartlett claims that organizational executives are very much that executives of the organization have become very much apprehensive regarding the right man such as availability of the work force and with appropriate skills. Most of the researchers argued that knowledge workers are a highly educated and qualified person who deals with the information and its application in specific situations to create new knowledge and address solutions of existing problems (Davenport et al., 2002). Skilled workers have abilities and talent to input the ideas and expertise when organization is in need of the particular talent and comparatively easier for them to execute new procedural lines in order to respond the change immediately (Lawler, 2008). Success of organization is based upon the talent management in todays competitive marketplace. Talent management is about the processes, systems and strategies and their implementation of those unified strategies which are designed to enhance the productivity of the workplace by developing the improved processes for attracting, development, utilization and retention of skilled people matches with the current and upcoming business needs. It is widely accepted that human resources adds value to the organizations. The most suitable way to attain competitive advantage for organization is to keep human resource as a strategic business partner in such a way that it improves the business performance. It is possible by managing the talent effectively, associates it with the change management and adaptability of employees that how
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they respond to change. It not only considers the influencing strategy of the organization but at the same time contributes with some value addition which impacts effectiveness (Lawler, 2008). Talent management is striking for numerous reasons. Executives considers the value of talent and its implication in organization and in this context they focused on organizational core need such as workforce development for the upcoming challenges and talent management makes it more enhanced while the left over individuals have liberty to choose their careers (Lawler, 2008). Talent management basically refers to the functional human resource management course of action which supports the alignment and tracking and managing of high- worth personale or "the talented" but the rest others throws light upon that how the talent should be recognized and enlightened in the organization. The organization which is dealing with the management of talent strategically and purposefully explains that how they attract, source, select, develop them by trainings and ultimately retain them by promoting and rotating them throughout the organization. Talent management is an approach and a process to view the things those entrust the talent management. Talent management system not only works strategically as a part of overall business strategy but also implements in the organizational routine processes throughout the organization. It cannot be left exclusively on human resource department to attract and retains of workforce instead it shall be proficient at all levels of hierarchy along the organization. Aggressive recruit talent management of valuable employees still occurs, and the retention of high performers remains critical (Smith, 2009). Star performers are considered key asset of any organization, therefore attract special concentration. Finding these star performers is not the only issue; a bigger problem is actually what to do with them (Cohn et al, 2008). In talent management terminology, this is often referred to as talent positioning that highlights the right talent at right time on right place with the required competencies and inspiration at all levels and locations of the organization (Tarique and Schuler, 2010). According to a survey of corporations, 76% consider talent management a main concern. In addition to this 85% of human resource professionals of these organizations works and manages directly by implementing talent management strategies (Fegley, 2006). Dell and Hickey (2002) discussed the seven keys for effective talent management which includes the development of a unified and consistent talent management strategy highlights concept of "employer of choice that resulting in coherence of performance based culture than improvised programs and the Rest of the impulsive involvement regarding the talent attraction and retention are patronized with accountability management. One must be aware of the firm's overall business strategic environment and plans, and also be aware of the competitive climate. The firm should establish and thoroughly comprehend the plans for the enterprise's growth, merging, divestment, new products or latest technologies that will immediately impact on the durable talent needs. In addition, the company should know which specific factors those contribute in difficulties to attract and retain talent. In fact, the firm should base their initiatives on the realistic and actual apprehension of its employees. Rough estimates on the employee turnover period reveals where retention problems exist, but not accurately what these are. However, it is vital to keep an assortment of retention issues in a good poise, especially the mix of rewards and non-monetary motivators. Another important period is the track turnover. At this point, it is important to be acquainted with its costs and where they are supreme. Also, they should be conveyed to
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management in order to shore up the business case for talent retention. Last but not the least; promote the firm and its brand not only to the outsiders but also to the existing employees enthusiastically as to the outside market alcove. Under the talent management category, the two most imperative business strategies that are used to build up and maintain talent are leadership development and succession planning. Succession planning involves preparing for the organizations next senior team, developing a talent pool for internal recruitment of talent management by cross skilling employees, and/or ensuring the organization is future proofed with respect to availability of skills (Hills, 2009). In the talent management context, succession planning focuses on how the organization plans to replace key knowledge holders and how to ensure that high potential successors have been prepared to fill these key roles (Lengnick-Hall and Andrade, 2008). Succession planning that involves continually recruiting, training and promoting employees is not only necessary to prevent a brain drain of corporate knowledge, but is also important in identifying required competencies and communicating needed skills (Jones, 2008). Talent management needs to continue to train and develop high performers for potential new roles, identify their knowledge gaps, and implement initiatives to enhance their competencies and ensure their retention (Cairns, 2009). Hills (2009) suggest five strategies for effective succession planning: 1) aligning succession planning with business strategy; 2) assessing leadership potential based on the 3Cs of fit competence, connection and culture; 3) involving talent in the succession planning process; 4) using a mix of experience, outside or executive coaching and formal learning experiences in talent development and; 5) drawing from a wider net of potential successors. Failing to appropriately reward key knowledge holders results not only in them eventually leaving the firm but also absenteeism, disruptive office politics, disengagement, and poor productivity. Planning effective programs that include both monetary and non monetary incentives requires an understanding of the organizations accumulated knowledge base and of what motivates talent to come to work, to be productive and develop expertise. Several reward and recognition models are adopted by organizations including traditional compensation packages, executive compensation, flexible compensation, perks, and informal and formal recognition (Inskeep and Hall, 2008). For some employees, recognition of their knowledge activities may take the form of providing career development programs that match the individuals career aspirations (Lazarova and Tarique, 2005).

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Theoretical Framework and Hypothesis Development

H1 (+)

Work Engagement

Talent Management

H2 (+)

Turnover Avoidance

Value Addition H3 (+)

H1: Talent Management is positively associated with Employee Work Engagement. Relationship of Talent Management with Employee Work Engagement Although, this is commonly understandable that employees remain engaged with their work in favorable work settings because they are paid for it, however, literature also hints that work engagement comes from jobs satisfaction which in most cases is derived from effective talent management practices. Effective talent management procedures and systems demonstrates the commitment of talent management to human resources resulting in lower rate of employee turnover with higher volume of employee commitment and engagement, Consequently, employee engagement has significant effect on productivity or output of employees and in retention of talent. Despite many citations of an organizational lack of proficiency in talent management (Cappelli, 2008), a 2008 CIPD report the war on talent found that organizations are now placing greater scrutiny on their talent management processes (CIPD, 2010b). Further, a 2008 Hewitt survey revealed that almost half of the companies studied planned to increase or sustain employee learning, engagement and development budgets during the economic slowdown (Beechler and Woodward, 2009). Much has been written in the talent management literature on factors contributing to talent engagement and retention. Tymon et al., (2010) research in India found that the key predictors of employees intention to leave are satisfaction with and pride in the organization and perception of the employer as being socially responsible. The previous studies reveal that corporate social responsibility, which fosters employee engagement in social activities, is also associated with work engagement. Other key factors include building trust and open communication channels into the employer-employee relationship (Frank and Taylor, 2004) and fostering employee engagement (Tarique and Schuler, 2010).
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Employee performance and talent retention can be enhanced by cogitation through incentives, monetary benefits and rewards. Research studies related to employee engagement and organizations success stories throws light upon the fact that employees who are entirely contented/satisfied at their workplace was four times such like unsatisfied employees who are having routine recognition as the workplace have formal employee appraisal processes. Furthermore, 82% claims that recognition made them motivated to enhance their job performance. According to the Corporate Leadership Council (2004), when done well, practices that support talent management also support employee engagement. H2: Talent Management is positively associated with Employee Turnover Avoidance. Relationship of Talent Management with Employee Turnover Avoidance Despite the wide spread studies on employee turnover, there are numerous resources which effectively and expansively bridges over the scholar confirmations that concerns with the employee retention and practices and efforts. There is wide range of reasons of employee turnover which includes better salary, leaving an obnoxious supervisor, getting fired etc. All these factors may take place when talent in not managed properly (Griffeth and Hom, 2001). Although there may be shared characteristics and outcomes associated with each incidence of turnover, there are different types of turnover, each with its own implications. In the present competitive business environment, aggressive recruitment of talent management of valuable employees occurs, and the retention of high performers remains critical (Smith, 2009). This is because they contribute valuable addition to the organizational productivity. Therefore, they are regarded as key asset. The turnover reduction of these positions or individuals may be particularly important for organizational success; however, improving retention beyond a certain point may present diminishing marginal returns (Boudreau & Ramstad, 2007).the research highlights that dissatisfaction in job may not be the major cause of individuals turnover decision (Lee et al., 1999). For example, research could uncover that the turnover decisions of a particular subgroup of employees are more strongly influenced by certain issues or interventions (e.g., changing work-life balance policies and resources). Finally, even if a firm endows considerably to retain its key employees, several employees would leave even. Although some turnovers are avoidable, some turnovers will always be unavoidable (Abelson, 1987). Avoidable turnover appears for reasons that the firm may be able to influence such as low job satisfaction, poor supervision, or higher pay in other firms. For instance, analysis of research portrays that decreasing turnover rates is connected to sales growth and improved employee morale. Furthermore, research also unfolds that high standard human resources practice contribute to the firm's profitability and market value in part by decreasing the organization's turnover rates (Batt, 2002). Research shows that organizational performance has significantly negative impact on employee turnover with higher social capital (Shaw et al., 2005). In specificity, it is discovered that what leads these employees to these other opportunities is that the pay level and pay satisfaction are comparably delicate predictors of individual turnovers (Griffeth et al., 2000). To effectively

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develop and implement evidence-based guidelines for managing turnover requires knowledge of underlying talent management principles and cause-effect relationships. H3: Talent Management is positively associated with Employee Value Addition. Relationship of Talent Management with Employee Value Addition Employee skills and capabilities that adds varying degrees of value to the organization, hence the everybody counts mantra (Lepak and Snell, 2002) is an overly simplified view of organizational talent. Ultimately, this is where talent management differs from other human resource approaches. Talent management is concerned with identifying the core designation arrangements which have the prospective to differentially effects on the organizational competitive advantage and consecutively, fill these with A performers (Huselid et al. 2005). Effective talent management practices for identifying key knowledge workers involve initially considering how individuals can help the organization to achieve its vision, mission and strategic goals, and highlighting what skills and talents are required (Jones, 2008). Hence, the organizations strategic direction determines which jobs and which employees are most important to achieving success. To help ensure that the most appropriate talent is effectively deployed the human resource throughout the organization, some researchers (Collings and Mellahi, 2009) focus on those pivotal talent positions that may impact on organizational competitive advantage. Talented employees are subsequently identified to fill those positions human resource tough recruiting ahead of the curve. This is similar to the Exclusive Positions perspective of talent management which seeks to fill A positions with A players, fill support positions with B players, and outsource C players (Iles et al, 2010). At the same time talent management endeavors to be an effective and organizational need based on formal processes those involved several people who argued a strengthen linkage between leadership and talent that interpret it into a specific organizational competitive advantage (Morton, 2005). It is claimed that every employee on organizational hierarchy at any position adds value to the organization in multiple ways, the assertion of talent management eventually has only a small number have the prospective which provides an above-average effect on performance (Boudreau and Ramstad, 2007). Certainly, it is claimed that the combination of talent management along with knowledge management holds significant competitive edge and implications for modern organizations (Vance and Vaiman, 2008). There is extensive evidence available which shows that when knowledge workers need information to solve a complex problem (Assimakopoulos and Yan, 2006), make a strategically important decision (Cross and Prusak, 2002), or evaluate a new technology (Whelan et al., 2010), they invariable turn to their personal contacts, even when a world class knowledge management system is in place (Cross and Borgatti, 2002). DISCUSSION AND CONCLUSION Extensive review of the literature conducted through human resource this study reveals that talent management helps organization towards identifying succession and talent gaps, planning
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goals, developing strategies for critical performance appraisal, average prior experience, skills, average tenure, retirements and turnovers. Talent management is the distinguished key driver of organizational performance. It enables the organizations to integrate their human capital processes to address their urgent talent challenges faced by management. Talent gaps in a business organization open doors for new recruitment, talent management for attracting future employees. Previous talent in organizational accumulation encourages the already availability of the required skills to attain the organization's short-term and long-term business goals. Talent management is implemented on purpose as it is an orderly effort to support individual advancement and ensures flow in key positions, including management, technical, and professional specialist roles across the professional sectors of human resource. It is an essential strategy that concentrates on many of the organizational issues such as increasing retirement rates, advanced turnover, tight labor market, limited competitiveness, and fast-paced shifts in working styles and routines. Every organization today is interestingly concerned with selecting and retaining competent, committed people who are exclusively known as knowledge workers. Knowledge worker refers as a person who knows about the wholesome of his/her job than anyone else in the organization (Iles et al., 2010). Top executive managers espouse more flexible and responsive human resource practices to attract and retain these skilled knowledge workers (Mitchell et al., 2001). Furthermore, participation and personal relationships support motivation of knowledge workers as it raises their apprehensive self-determination and builds psychological contracts on the basis of emotional loyalties, including trust, fairness, justice, and punctuality. In today's society, where knowledge workers are regarded as a key asset, talent is rare and people are certainly more mobile. Therefore, every organization has to establish and implement a strategy for optimizing talent attraction, retention, and development. Other than recruiting talents that fit the required skills, it is of high importance to build goals that are based on strategy, conduct performance against these goals, and provide feedback to the performer to give a sense of common direction (Lawler, 2008). Our findings reveal that talent management initiatives seek to develop the talented employees capacity so that they might remain engaged with their works to produce maximum returns. All the levels of management must be updated with the vitality of talent management strategies that specifically conduct the strategies. This helps an organization to identify and focus on new competitive circumstances (de Pablos and Lytras, 2008). Work engagement is achieve human resource through motivating employees. The encouragement is further supported if the pay is also accompanied by social recognition or adds value to the procedures of self-development such as feedback, coaching, job rotation, and provision of employee training and developing a unified standard (Osterloh and Frey, 2000). Therefore, employees demand for motivation on continuous basis. Employee turnover was found certainly problematic and in some cases devastating for organizations. However, turnover is a complex phenomenon that comes in many shapes and sizes. It is not constantly destructive, and in several cases may even be beneficial for organizations. Establishing and utilizing effective evidence-based guidelines and strategies for refraining turnovers have many requirements. For instance, human resource managers have a linked comprehension and structure for interpreting what turnover is and how it affects the
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organization. It is important to create an omniscient understanding that defines the types of turnovers, understands the costs and benefits associated with them, and identifies the importance of turnovers to an organization. As a result, many managers hold important misconceptions about turnover. For example, many managers may believe that turnover is uniformly bad, that most employees quit their jobs because of pay, that job dissatisfaction is the primary reason people leave, that there is little managers can do to affect individual turnover decisions, or that generic best practices are the best way to manage retention. These misunderstandings can be harmful to organizations and to managerial authorities since they may lead managers to enact unbeneficial strategies that fail to decrease turnover, that are not cost friendly, or even those that encourage the wrong employees while eliminating the most productive ones. Human resource managers need to implement more strategic roles to set up new organizational systems in their organizations (Ringo et al., 2010). Employers simply hire workers to take advantage of their skills because they are an excellent source of value addition. In contrast, human capital is certainly the most strategic source of competitive advantage in today's knowledge-based society (Barlett and Goshal, 2002), connoting that firm leaders have become very focused on the issue of the availability and skills of knowledge workers that is desired. Most practitioners and scholars agree that knowledge workers are highly educated and are able to adapt to an environment where they must work with information and apply their intellect in specific circumstances to solve problems and create new knowledge, thus adding their value to the organizational productivity (Davenport et al., 2002). However, managing their talent remains on the top priority. With respect to one aspect of their talent, they require trainings to acquire new knowledge. Training solutions should be responsive to dynamic competitive conditions and aligned with competency requirements. High quality training programs help assess employee skills through human resource rating; identify required competencies; develop skills, knowledge and attitudes; and improve performance (Abel, 2008). In summary, all the organizations have realized the value of managing their core talent, and have initiated new human resource practices which encourage the talent management as the top priority which responds to the change or crisis arises due to enhancements in knowledge based economic society. The major focus of talent management is on the attraction, deployment, retention, development and utilization of talent and implementation of support structures like information technology systems and performance management in the organization. Finally, researchers highlight the consequences of talent management and suggested various strategies to ensure the retention of key talent, employee engagement and value addition.

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