Importance Of Talent Management For Business Operations And Performance

Factors

This report sheds light on the importance of talent management, in terms of enhancing the business operations and overall performance of the company. The report is about ProfessionalCo, that belongs from a professional services industry and are in charge for the Asia-Pacific region. It has been observed that the primary aim of the talent management is to develop a workforce with motivated as well as high-skilled employees, and to retain the employees for a long run in the company (2). Although the company is head-quartered in UK, it is accountable for the subsidiaries in the Asia Pacific region. It has been observed that, the company do not implement technology enabled processes, in order to identify and maintain the talents. This has raised a debate regarding the best methods utilised to identify the most talented employees in the organisation. It has also observed in the case study that, alternative talent management facilities lack the feature to analyse am employee’s values quantitively, which is major limitation. Therefore, a set of recommendations based on the evaluation regarding the impact of human or technology on generating talent list in the company has been established. It has been considered that the technology induced facilities has an upper hand on identifying the best talented employees in the organisation.

Table 1: PESTLE Analysis

(Source: Created by the author)

Analysis: There are several factors that influences talent management strategies of the company, and the most important factor is the technological investments. It can be observed that, in terms of technical factors the investments are high in the home country more that the Pacific-Asia region. Therefore, the subsidiaries have less opportunities in terms of implementing technical benefits. In the context of economy, the financial index is gradually growing in the Asia-Pacific countries which is beneficial for the subsidiaries. Apart from that, the literacy rate is also high, indicating that obtaining educated employees for the subsidiary companies are easier. One of the negative factors is that, the Asian Pacific countries provide less legal protection to the businesses.

Training and development: The subsidiaries can conduct training and development programs for the employees to become more technologically aware, so that the company does not face any problems during the usage of technical HR programs (4). The appropriate training and development facilities are beneficial for enhancing the skills, knowledge and talents of the employees in the organization.

Workplace positivity: The external factors also affect the workplace operations and the employee motivation. Therefore, it will be considered as beneficial if the subsidiaries established strategies, which helps in maintaining the workplace positivity (5). A positive workplace structure, also helps in attracting the best talented customers.

Impact of technology on Talent management

Technological growth has changed the business dynamics as it has transformed several aspects of business operations. According to the latest reports, it has been observed that the Asia and pacific countries has contributed 51% in the global technology growth. Therefore, it can be said that the technology has become an integral part of the businesses situated in these countries (8). As a result, it has become high time for the ProfessionalCo to implement basic technologies that clarifies the quantitative values of the employees. In terms of manual monitoring, there is a high change for the company to miss out important details regarding the employees, that can negatively impact the individual as well as overall performance of the company. In addition, the sudden outbreak of coronavirus has changed the working structure, and the demand for digital facilities has also increased in a rapid pace. Therefore, it can be said that the technology has become a basic necessity to implement in the business operations.

Training and Development

It has also been observed that managing the talents manually take up to 30% of the entire time of the managers in the workplace (9). As a result, in often cases the leaders or managers becomes unable to concentrate on other beneficial factors, resulting in the productivity loss. In addition, the talent management software has additional benefits in terms of providing effective results of employee analysis. It has been observed from the provided case study that during the Global Financial Crisis of 2009, ProfessionalCo managed to retain the employees using alternative tactics. However, retaining the employees, without giving them opportunities to grow or maintaining the company benefits, is not an appropriate talent management.

Technology is also beneficial for managing the employee performance which is a crucial part of the talent management. It is important to monitor whether the employees are consistent and are effective in their job, in order to improve the overall business opportunities. It has been previously discussed that providing appropriate training to the employees for the knowledge and skill development purpose, is efficient for maintaining talents in the company. Technological facilities are extremely important for engaging with the employees on a deeper level, which also helps the HR to identify the concerns and demands of the employees. It has been observed from the latest reports that, 80% of the employees find better career opportunities and chances to learn, more than high pay scale range (7). The employees are most likely to leave a company, if their knowledge and skills are limited in the company. Technology induced talent management facilities provides a better onboarding experience to the employees, as well as opportunities for reskilling and mitigating the remaining knowledge gaps. Career advancements, improved performance management and better employee experience are the main benefits the company can get from implementing technology in the HR programs.

The companies are transforming digitally in order to access better opportunities; therefore, technologies have become an important factor for the HR department. However, there is one major problem that technologies are not efficient in terms of identifying the appropriate tools and techniques required for the talent management. Therefore, human help is required to analyse the ongoing issues in the organisations (10). On the other hand, the company can implement the technologies like Artificial intelligence, which will also require for the company to invest on the additional expenditures.

In order to develop a strong workforce in the subsidiaries of the Asia and Pacific region, the company has to boost the technological growth and implement advanced technical facilities in the business operations other that talent management also. In order to enhance the talent management facilities in the subsidiary companies situated in the Asia and Pacific regions, Professionalco or the Business Units has to properly analysis the technological capacity these countries hold. Previously it has been reported that is 2016, the Asian companies were accounted for 52% of the global growth in terms of the technology companies’ revenues (1). Therefore, it can be considered that due to high corporate presence of the selected region, the subsidiary companies will get opportunity to incorporate technological facilities in the HR aspects. The number of privately held start up are also increases, and the Asia Pacific countries contributes 36% of the global start up business (1). It indicates that the competition among the companies is increasing on a rapid speed; therefore, it has become necessity for the companies to provide appropriate opportunities to the employees so that the overall production increases. It is important to select accurate talent management software, which are also beneficial for enhancing the employee performance.

Workplace Positivity

Determining an appropriate financial plan or budget before incorporating additional technologies is important. Investing right amount of funds on required resources will help the subsidiaries to grow in the markets, as well as gain a competitive advantage. As per the reports, it has been observed that the companies in Asia and Pacific countries were responsible for 43% of the global growth in terms of investments in digital or technological transformations. It is easier for ProfessionalCo to identify the appropriate software and then develop a [roper investment plan for the implementation. In addition, the R&D investments of the selected region increased more than 26%, indicating the investment on the beneficial technologies for various purpose has increased suddenly (3). Another important thing, that the company has to follow in terms of enhancing the talent management facilities by technologies is that, the company should be aware of the IP creation in the region where the subsidiaries are present in. Technological transformation required appropriate intellectual property creation, in which the Asia-Pacific companies managed to capture 87% of the global growth (11). Therefore, it can be considered that, with the help of appropriate investing the ProfessionalCo can improve the talent management facilities for the subsidiaries. In addition, the AI industry within Asia has also increased up to 150 billion US dollars, which is anticipated to grow further by 2030 (12). As a result, the accessibility and availability of the required technologies to improve the talent management facilities will also get better. Therefore, the selected company should start developing a plan that will be beneficial for incorporating the technological advantages in the subsidiaries’ talent management.

It is also important for the company to monitor the types of technologies they require to increase the skills and knowledges of employees. In order to evaluate the appropriate requirements, the company also have to identify the internal capabilities, which will prevent the company from causing resource wastages. One of the effective strategies that the company can apply is to digitize HR processes all over the talent management areas, in order to provide manual effort (15). In addition, the digitize software will be beneficial for checking the quantitative progress of the employees in the organisation. Unorganised technologies can create a negative effect. The company also needs to monitor that the employees are technologically aware, or else, it will lead to a negative workplace.

One of the most important factors that the company needs to consider is that aligning business objectives with talent management. Achieving the desired objectives remains the main aim of the organisation; therefore, it is also important for the business to align the objectives with every aspect of the businesses. It can be observed that, many companies try to implement advanced technologies in order to gain a competitive advantage from the market, without aligning the strategic objectives (14). Therefore, it leads to the failure of the talent management, as well as loss of additional expenditures. The first step is to identify the lacking areas of the talent management, such as lack in pipe line management, or less HR members. In accordance with the outcomes, the company can develop strategies to improve the overall talent management procedures.

It can also be seen that the technologies, helps in reducing the overall recruitment expenditures and the hiring cycle costs. Especially after the COVID 19 pandemic scenario, due to social contact restrictions, several companies shifted to digital interview processes. The employees were recruited through online interviews and procedures, indicating the importance of technology in HRM. In addition, technology reduces the costs of interview venues, investment on hiring cycles, and many other things. In addition, due to technology the recruitment procedures have become less time consuming (16). Advanced technologies help the company to prevent missing out on any valuable candidate, who has the capacity to provide high quality performance in the company. There are several factors, that will become easier for the HR to handle, which are; workforce planning, training, compensation as well as benefits for the employees, internal mobility and coaching, which are all integral part of the talent management. Therefore, it can be concluded that in order to increase the efficacy of talent management for the ProfessionalCo, it is important to integrate technologies in the HRM procedures.

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