Resource and Talent Planning Essay Example | Topics and Well Written Essays - 2000 words

Resource and endowment fund Planning - Essay ExampleTable of Contents 1.Introduction 4 2.The War for genius 5 3.Factors touch on the War for Talent 6 4.Talent Management during Economic Downturns 7 4.1 Recruitment and Selection 8 4.2 prepare and Development 9 4.3 Talent Retention 10 5.Conclusion 11 1. Introduction The war for talent has been as a result of an expanding global parsimony. This is because it has led to increased competition for talent around the globe. During times of dumb sparing growth or unusual economic crisis, management of talent remains a sm all told issue for organisations. This is because during much(prenominal) times, companies stand to lose valuable talents among their employees, if not careful. In order to succeed in the competitive global marketplace, organisations need to manage talent. Lockwood defines talent management as the application of systems created to improve productiveness in the workplace or unified approaches by establishing better me thods for inviting, cultivating, maintaining and deploying individuals with the essential skills and abilities to fulfil manifest and upcoming business needs (2006). It is a fact that the greatest challenge companies face in managing their work oblige is developing and retaining talent. Just like the rest of the world, talent management is constantly progressing. Different other factors likewise come into play in the effort to manage talent within organisations. These include partnerships, global development, and the economy that is constantly changing (Lockwood, 2006). At the centre of talent management is the belief that talent begins from the bottom of organisations and is present in individuals at all levels, and therefore everyone ought to be considered. The war for talent is influenced by factors such as increased movement of people across the globe, irreversible changes to cultures, skills and business environments, economic and demographic trends across the globe, and di versity, which all lead to competition for labour and labour shortages in organisations. To counter this, especially during times of slow economic growth, organisations focus on recruiting top talent, training and developing talent, and retaining good employees as discussed in this paper. 2. The War for Talent The term The War for Talent was created by McKinsey & Company in 1997. During the time that this term came to macrocosm, many organisations had been experiencing the phenomenon associated with it, entirely they could not fully express it. According to Michaels, Handfield-Jones and Axelrod, the economy was burning white hot in the new-fangled 1990s and companies were scrambling to hire and retain the people they needed (2001, p. 1). During this time, organisations were offering substantial bonuses for those who signed contracts with them, highly qualifies employees were being headhunted before they even settled in their new jobs and majority of them were asking for salary in crements barely deuce-ace months after joining organisations (Michaels, Handfield-Jones and Axelrod, 2001). Companies experienced shortages for qualified employees to fill crucial positions, while those that were esteemed with such talents, such as consulting firms and