Academic journal article Journal of Management Research

Talent Management: Effect on Organizational Performance

Academic journal article Journal of Management Research

Talent Management: Effect on Organizational Performance

Article excerpt

Abstract

Talent management is a new concept but difficult phenomenon to measure. The impact of talent management on organizational performance is a problem especially where only strategic staffs is treated as talents of the firm. The purpose of the study is to examine the effect of talent management on organizational performance. The questionnaire was used as the survey method of collecting primary data for the study. Correlation coefficient, t- student distribution and the descriptive analyses were the methods used to analyze the data gathered. The analyses revealed that talent management has positive impact on the organizational overall performance. It also revealed that talent management scheme has impact on the performance of the multinational and the national firm but the small and medium scale firms have not been gaining from this new technique within the Nigerian business environment. The study therefore recommends that talent management scheme should be used for all categories of staffwithin the firm that have special talent and that firms should separate between their talent management scheme and the total human recourses management style of the firm.

Keywords: Talent, Management, Organizational, Performance

1. Introduction

The need to enhance the effectiveness of the business organization lies in the heart of the management of the firm, there are several resources to achieve this which include money men and the machine of these resources the most important is men. Over the years men working in the business organization have been accorded various values, they were once referred to as the factor of production at another time they were called the human recourse of the firm. Today more values are accorded them in the framework of the firm. They are regarded as the talent working within the firm, this brought about the idea of talent management. Talent is the primary driver of any successful company. "It's become increasingly obvious to most business owners and executive teams that, rather than being constrained by capital, companies are typically most constrained by talent. "Corporations have learned that, depending on what your business strategy is and what challenges you may face, at any given time you need the right talent to execute that strategy or deal with that challenge," (Gebelein, 2006).

Some organization regards some few strategic staffas the talent of the firm while others believe that all their staffis talent of the firm. Thus talent management is an off-short of the human resources management scheme of the firm. This study, therefore, is to measure the impact of talent management on the organization performance.

2. Literature Review

Talent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs.

Talent management is the additional management processes and opportunities that are made available to people in the organization who are considered to be 'talent' (Ashridge consulting, 2007; Likierman, 2007)

Talent management can be a planning tool for human resource management, as a planning tool talent management looks very similar to workforce planning, but where HR will experience a real opportunity for contribution to the organization is in the quality of implementation supporting the plan. Talent management is the systematic attraction, identification, development, engagement/ retention and deployment of those individuals who are of particular value to an organization, either in view of their 'high potential' for the future or because they are fulfilling business/operation-critical roles. (McCartney, 2006; Cappell, 2008)

A recent study shows that 85% of HR executives state that the "single greatest challenge in workforce management is creating or maintaining their companies' ability to compete for talent. …

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