Scope of the Study
Discuss about the Developing an Effective Talent Management System for Managers at Bank of the Bahamas.
The purpose of the report is to develop an effective talent management system for managers at the Bank of Bahamas as a lever for enhanced organizational performance, competitive advantage and sustainable growth. Bank of Bahamas is aware of the fact that they need to acquire the best talent to gain success and sustain in a “hyper-competitive” and growingly complex global economy. Besides understanding the necessities of hiring, developing as well as retaining skilled workforce, the firms know that they should manage talent as a critical resource to gain the best outcome. According to Stahl et al., (2012) some firms in today’s environment have a stable supply of talent to a lower level of organizational hierarchy but the gap existing on the top of the firm, particularly, at the managerial level. Al Ariss, Cascio and Paauwe (2014) also mentioned that talent is increasingly becoming deficient so it needs to be managed to the fullest effect.
It is worth mentioning when introducing talent management here that during the economic fall, marketers or the banking industry could observe a short ceasefire in the war for talent. However, the industry is experiencing new challenges such as lack of regional talents that are certainly creating additional pressure for organizations.
The forces include the questions like whether the leaders or managers are capable of doing more with less. There needs to be a clear strategic focus on keeping those managers or leaders and enhancing their successors. The importance of conducting a research on this context lies on the fact that whether the leaders today are able to leverage their existing talents. Oladapo (2014) mentioned that few organizations have been observed to be cutting off the workforce but the firms need to be cautious about the layoff, as going too deep in terms of workforce lay off cause resource crisis. Talent is scarce and if the economy bounces back, firms again observe operational challenge caused by deficiency of workforce.
Keeping in view the increasing importance of talent management, this proposed research sets out to develop an effective talent management Bank of Bahamas. A talent management system is required in Bank of the Bahamas because the firm is currently facing some significant performance issues and the source of the issues is improper or absence of talent management. Thereby, by gaining an insight about the potential issues related to talent management faced by organizations in the banking industry, a suitable talent management system will be developed in the proposed research. So therefore, the purpose of the research is to identify the potential issues in managing key talents involving managers, executives, line managers, senior managers and middle managers and develop an effective talent management system for Bank of the Bahamas.
Aim and Objectives
There are hardly a number of studies conducted on talent management and till now whatever periodic scholars have performed, are the survey to identify the perception of employers regarding talent management. As the need of talent management is crucial almost in all organizations, only a few scholars outside the corporate management have attempted to research talent management system. However, the global banking industry is yet to pay attention to talent management. Here, unlike the previous papers, the proposed piece of research is an empirical study focusing on the issues in managing key talents caused by ineffective managerial practices. The study particularly focuses on talent management, key dimensions of talent management, drivers of talent management and best practices of talent management.
The aim of the research is to develop an effective talent management system for managers at Bank of Bahamas geared towards enhanced organizational performance and sustainable business growth. The study would reveal the desired impact of talent management on organization and help to understand how Bank of the Bahamas resolves the issue of talent scarcity through the proposed talent management program. The following are the key objectives of achieving of the stated aim.
- To identify relevant theories, concepts and models that will inform the primary research
- To identify significant challenges faced by the organizations in managing talents
- To investigate the drivers of talent management at managerial level within the Bank of the Bahamas
- To identify the perceptions and opinions of key stakeholders regarding the effectiveness as to how the Bank of the Bahamas could implement and sustain an effective TM system for managers
The aims and objectives stated above are appropriate and relevant to the context of proposed research, as Bank of the Bahamas faces the issue of retaining the key talents and poor organizational performance. Thus, the aim of identifying the existing issues in managing talent is noteworthy because without learning the existing concepts, theories and models talent management system cannot be designed properly. Similarly, objective of conducting an investigation on the drivers of talent management helps to understand that organizations also need to consider the drivers of TM, otherwise, it could be difficult to gain the desired outcome from the system. The fourth objective is also appropriate because without perception and opinions of stakeholders, implementation of TM system could be challenging because the organization may face internal resistance if the stakeholders are not communicated properly.
Certainly there are several definitions for this term mostly used by corporate leadership across the world; however, Dries (2013) defined this term as a mission critical process that makes sure that companies have the quality and quantity of employees in place to satisfy the present and future business priorities. Here, Cooke, Saini and Wang (2014) particularly mentioned that this process could cover all major aspects of an individual’s life cycle such as selection, development, succession as well as performance management. In this context, Sonnenberg, van Zijderveld & Brinks (2014) mentioned about some key elements such as a clear understanding of firm’s present and future strategies and identification significant gaps between talent that are greatly effective in managing talents. The focus on talent management is inevitable, as Church et al., (2015) mentioned that organizations now spend a large percentage of their revenue on worker’ wages and benefits. Meyers and van Woerkom (2014) arguably mentioned that gaining ability to hire, retain, deploy as well as engage talents at all managerial levels remains as a significant competitive advantage emerging from talent management.
Justifying stated aim and objectives
Lacey and Groves (2014) mentioned that a transparent relationship exists between effective business performance and talents. Growingly, companies try to estimate the return on their investment particularly in talents. The outcome provides a “body of proof” that emerges a convincing picture of the effect that talent has on organizational performance. Sidani and Al Ariss (2014) performed a research from the Hackett Group and found that organizations that progress at managing talents, reported a 15% of growth in earning than the competitors. However, Church and Rotolo (2013) argued that talent is the major source of value creation, which means the financial value of the organizations often depend on the quality of talents. The author also mentioned about a Brooking Institution that discovered almost 62% of firm’s average value was attributed to its physical asset. Another significant driver of talent management mentioned by Collings (2014) is, employee expectation, which is certainly dynamic and this could force companies to pay necessary attention to talent management practices and strategies. The author also stated that employees show loyalty to their profession instead of showing it to their employers and they are highly concerned about their “work-life balance”.
Claussen et al., (2014) performed a research on HR talent management and discovered that a significant dimension of talent management is an in-depth understanding of company’s present and future business strategies. On the other side, De Vos and Dries (2013) put forward that accurate hiring and promotion decisions are major dimensions of talent management. An experimental study conducted by Kim (2014) reveals that there should be a relation between the individual goals and team goals. The firms should align employees’ individual goal with their corporate or business goals setting a clear expectation. The firms also need to develop feedback system to guide employees to work in accordance with organizational objectives.
As put forward by Schuler (2015) several HR groups of some large organizations seek to develop a talent management strategy that determine their priorities and goals for the year and associated them to strategic plan and goals of the organizations. The reasons behind this are varied but the author also mentioned that if talent management strategy and plans are put aside, the results could be typically same, which means the HR department is not observed to be playing a strategic role in their business setting. Consequently, talent management tasks are not given required importance as required. Arguably, Meyers, van Woerkom and Dries (2013) mentioned that the challenging part is going forward with appropriate framework for talent management strategy and plan. Thereby, the author mentioned about the following strategic process to develop talent management strategy.
Defining and explaining talent management
The leaders need to know whether their organizations’ strategic plans and priorities are in place. The leaders should know what are those plans and priorities, as they need to list each one by specifying goals, description and timing.
In this step, the author mentioned that the leaders need to identify as well as consider the key drivers and challenges that might have a crucial impact on organizations’ capability to accomplish its goals. Here, internal and external challenges need to considered. For example, when identifying the challenges, organizations may observe a scarcity of regional talents, which could make the job market competitive as human resource, is limited in the market.
Now the leaders need to compare whether their organizations are standing today where they wish to be as well as find out any gap that should be addressed to achieve their the goals. Additionally, Festing and Schäfer (2014) reviewed this journal and mentioned while identifying gaps, the firms also need to consider the risks in bridging the gap. For example, if an organization wants to acquire the top position in customer satisfaction, it needs to identify its existing or current customer satisfaction position and the position to hold the rank 1. Now, the organization need to identify gap between these two. Here the risk of not developing the customer satisfaction to this extent may include a decline in sales.
The firms need to identify HR goals for future timing on the basis of goals and challenges identified in the previous step to backup business to achieve its goals. However, each goal should be designed following SMART criteria. This means that organizations should develop a goal that is specific but not descriptive. For example, the firm could develop an objective of increasing productivity by 10% from its current figure. This is specific and it can be measurable by percentage. It is achievable because the percentage is not high and unrealistic.
In this step, the organizations need to do an inventory of current HR talent management processes to find out any new changes required to the existing process to support the goals. Moreover, when the gaps are identified , it is necessary to put plans to identify them. The author mentioned the following templates of talent management in the journals.
When HR goals and priorities of talent management are developed, it is crucial to evaluate and measure the effectiveness and communicate the outcome to the organization. Here, the organizations work on achieving each goal, they need to ensure that they keep the track of relevant metrics; thereby, it would be easy to report on progress as well as success or take corrective actions as required. The author of this model stated that reporting or taking corrective action helps to determine whether the goals were effective and worth retaining.
Key drivers of talent management
Appropriate application of research methodology helps to derive desired result from the study. The proposed research includes both primary and secondary analysis. The proposed study would be performed by implementing a deductive research approach. The quantitative data collection method would be used to collect primary data. On the other side, the secondary data for performing a critical analysis will be collected from books, journals, newspaper articles, and other authentic sources of banks. The research design is generally divided into two categories such as exploratory and conclusive (Deductive). However, in the proposed study, explanatory approach will be applied to identify the issues in the existing HRM practices of Bank of the Bahamas, which should focus on developing talent management system for managers. This casual approach would help to identify the negligence in the major elements such as recruitment, training and development, performance management, manpower development of human resource management. The primary data will be collected by conducting a survey among the employees of Bank of the Bahamas. Once the data are collected, they can be compared and analyzed with the findings found in the literature. The collected data will be converted and presented in the table and graph in numerical form.
A research philosophy is treated as the belief regarding the way in which information about particular phenomenon should be gathered, used and analyzed. For example, if the phenomenon is talent management, here the belief about the ways in which the information such as dimensions and drivers of talent management can be collected and analyzed, is the philosophy. The research philosophy is divided into four different categories such as post-positivism, positivism, interepretivism and realism (Aitken & Valentine, 2014). However, for the proposed research, positivism research philosophy will be considered as this philosophy helps to identify the actual information from the context. For example, to learn about talent management issues, the information can be collected from the organizations that actually face talent management issues. In addition, positivism philosophy has been selected because this philosophy drives the knowledge enhancement through the creation and testing of hypotheses, which further leads to generalization of validation of patterns of evidences.
As put forward by Neuman (2013), data collection remains as the process of gathering information from all useful sources to identify answers to the research problems. The data collection method is divided into two different categories such as secondary and primary data collection techniques.
Primary data collection technique is divided into quantitative and qualitative but in the proposed study, quantitative research method will be carried out to perform a survey among the staff of the Bank of the Bahamas. To conduct the survey, a questionnaire will be developed, which would be distributed to the respondents. The questionnaire includes 20 close-ended questions that consist of the elements of talent management systems. The survey will be conducted based on the sampling technique. Simple random sampling technique will be used in the proposed research study. The population size for sampling is 90 employees of Bank of the Bahamas. The target population includes the production managers, line managers, senior executives and supervisors of general staff.
Key dimension of talent management
Secondary data is a sort of data that has already been published in newspapers, online portals, magazines, etc. There is huge amount of data available in these selected sources. Thus, implementation of relevant set of criteria to choose secondary data that are considered to be used in the proposed research plays a crucial role with respect to increasing the range of research reliability and validity.
Sampling techniques are usually divided into two different sections such as probability and non-probability. According to Marshall et al., (2013), in probability sampling each population holds a “non-zero” chance of taking part in the study; randomization remains as the core of probability sampling. In the proposed research, simple random probability technique will be used to conduct the survey among the employees of the Bank of the Bahamas. In addition, a convenience non-probability sampling method will be used to interview managers of Bank of the Bahamas.
After collecting and then analyzing the data, the evaluation of findings will be based on a certain criteria, which include the criteria such as credibility. Hence, the credibility further includes three sub criteria such as validity, reliability and generalisability. Hence, the validity of the collected data based on the integrity of concept related to talent management programs. Several concepts and ideas of talent management found in journals and they should be considered validated because all those concepts are similar and provide the same meaning. Another significant mentioned criterion is reliability; it is ensured that the data sources which will be for collection rare reliable and consistent because the existing studies have used similar sources and methods. The generalisability of the data findings is also ensured because the proposed can be used for further research in other context because the results are derived by using reliable methods and from relevant data sources.
The proposed research is limited to an experimental study only but the research lacks a comparative analysis between two firms about the establishment of talent management in the management practices. Moreover, the secondary analysis is conducted involving 15 journals only, but the analysis would be more intensive if few more journals were considered.
Ethical consideration is usually considered as one of the most significant elements of the study, which could lead to failure, if this part is not assessed properly (Bryman, 2015).At the time of the collecting primary data through survey and interview from the employees and the supervisors, the issue of consent might appear to be an ethical challenge. Moreover, the employees and supervisors will be asked certain questions regarding the internal operation of Bank of the Bahamas, which they might not prefer to answer. However, at the time of collecting the primary data, it will be ensured that participants are not subjected to harm in any manner. Considering the dignity, the respect for the respondents will be prioritized. Permission from the respondents will be taken from the respondents prior to survey and interview. Moreover, the protection of the privacy of respondents will be ensured and to do this adequate level of confidentiality of the research data will be ensured. Another significant fact that appears as an issue, is that, in order to conduct the survey and interview among the target audience, respondents’ consent should be taken. The consent forms ensure that respondents are not forced to take part in the survey and interview.
In order to conduct the proposed study, firstly, the topic of effective talent management system and its associated elements will be introduced in the introductory section of the study. TM elements will be defined and supported with the opinions of scholars. Secondly, research problems will be stated and based on the issues appropriate research aim will be developed. To achieve the aim of the research objectives that are already stated above in this report, would be presented. Based on the objectives, key literature will be presented and facts related to talent management practices will be critically analyzed with appropriate talent management theories and models. On the basis of the analysis, literature gap will be identified. Thereafter, the list of research techniques that are supposed to be used in the study, will be discussed intensively. Then, the collected data will be presented in table and graph to conduct the analysis. The analysis would be conducted by comparing the primary data with the findings derived in the literature. Eventually, based on the outcome of the study, appropriate recommendation and future requirement to extend the study will be discussed.
References and Bibliography
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