Impact of talent management on organizational performance

Thesis Overview

<p> <b></b></p><p><b><b>INTRODUCTION</b></b></p><p><b><b></b></b></p><b><b><p><b>1.1 &nbsp; &nbsp; <br></b><b>Background<br>of the study</b></p><p><b></b></p><b><p>The need to enhance the effectiveness of the business<br>organization lies in the heart of the management of the firm, there are several<br>resources to achieve this which include money men and the machine of these<br>resources the most important is men. Over the years men working in the business<br>organization have been accorded various values, they were once referred to as<br>the factor of production at another time they were called the human recourse of<br>the firm.Talent in general terms refers to the capabilities, skills or the art,<br>a person possess in a particular field. It also refers to those people who have<br>high potential, scarce knowledge and skill or who can successfully bring about<br>transformation and change in the organization. Such individuals are usually<br>sought after in the market and their contributions to the business add direct<br>value to its strategic or competitive positioning. According to Leigh Branham,<br>Vice-President, consulting service at Right Management Consultants and author<br>of the book says, Keeping People Who Keep You in Business‖, a talent is not<br>rare and precious. Everyone has talent too many to possibly name all. Talent is<br>behavior; things we do more easily than the next person. We speak of natural<br>born talent‖ but those with a gift, knack, ability or flair for something can<br>refine and develop that talent through experience(Gebelein, 2006). Talent,<br>however, cannot be taught. As someone once said, “you can teach a turkey to<br>climb a tree, but it is easier to hire a squirrel.” Talent Management in an<br>Organization, refers to those special steps an organization adopts to recruit,<br>develop and retain its pool of top talent. The steps adopted should normally be<br>creative and should not project bureaucracy. Talent Management also denotes a<br>deliberate approach taken 10 up by an organization to attract, develop and<br>retain people with the aptitude and abilities to meet not only the current<br>requirements but also future organizational needs. As business searches for new<br>and/or better means of achieving competitive advantage, the capacity of every<br>functional area to improve organizational performance is under scrutiny. As a<br>result talent management strives to develop and retain high potential<br>employees, and thus provide organizations with managerial talent source and<br>competitive human resource advantage which impact organization performance. The<br>logic behind talent management is based on the fact that businesses are run by<br>people. Processes, technology and capital are important but it is people who<br>make the decisions. It‘s people who create value by using these corporate<br>assets to create products an organization has, the better it will perform. This<br>is the rationale behind talent management to attract, develop and utilize the<br>best brains to get superior business results. The future of most businesses is<br>reliant on the acquisition, development and retention of talented people to<br>create the leadership capacity and talent required to implement new strategies<br>so as to meet current and future business needs(Albion &amp; Gagliardi, 2007).It<br>on this view the researcher wants to investigate the impact of talent<br>management on organizational performance.</p><p><b>1.2<br>STATEMENT OF THE PROBLEM</b></p><p><b></b></p><b><p>Talent Management is beneficial to both the organization<br>and the employees. In these days of highly competitive world, where change is<br>the only constant factor, it is important for an organization to develop the<br>most important resource of all the Human Resource. In this globalized world, it<br>is only the Human Resource that can provide an organization the competitive<br>edge because under the new trade agreements, technology can be easily<br>transferred from one country to another and there is no dearth for sources of<br>cheap finance. But it is the talented workforce that is very hard to find. The<br>biggest problem is how to retain the present workforce and stop them from<br>quitting?</p><p><b>1.3<br>OBJECTIVE OF THE STUDY</b></p><p><b></b></p><b><p>The objectives of the study are;</p><p>1. &nbsp; To<br>ascertain the impact of talent management on organizational performance</p><p>2. &nbsp; To<br>ascertain whether employee talent is profitable to the organization</p><p>3. &nbsp; To<br>ascertain the relationship between <br>talent management and organizational performance</p><p>4. &nbsp; To<br>ascertain whether it is hard to find talented workforce that require management</p><p><b>1.4<br>RESEARCH HYPOTHESES</b></p><p><b></b></p><b><p>For the successful completion of the study, the<br>following research hypotheses were formulated by the researcher; </p><p><b>H0:<br></b>there<br>is no impact of talent management on organizational performance</p><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>H1:<br></b>there<br>is impact of talent management on organizational performance</p><p><b>H02:</b><br>there is no relationship between talent management and organizational<br>performance<b></b></p><b><p><b></b></p><b><p><b>H2:</b>there<br>is relationship between talent management and organizational performance</p><p><b>1.5<br>SIGNIFICANCE OF THE STUDY</b></p><p><b></b></p><b><p>This<br>study will be of significance to students of different higher of learning as it<br>would enlighten them and the entire nation. Finally, this study will also help<br>to serve as literature (reference source) to the public, individuals and<br>corporate bodies into what to carry out on further research on impact of talent<br>management on organizational performance</p><p><b>1.6 SCOPE AND LIMITATION OF<br>THE STUDY</b></p><p><b></b></p><b><p>The<br>scope of the study covers the impact of talent management on organizational<br>performance. The researcher encounters some constrain which limited the scope<br>of the study;</p><p><b>a) AVAILABILITY<br>OF RESEARCH MATERIAL:</b>&nbsp;The research<br>material available to the researcher is insufficient, thereby limiting the<br>study &nbsp; &nbsp; &nbsp; </p><p><b>b) TIME:</b><br>The time frame allocated to the study does not enhance wider coverage as the<br>researcher has to combine other academic activities and examinations with the<br>study.</p><p><b>c)<br>Organizational privacy</b>: Limited Access to the selected<br>auditing firm makes it difficult to get all the necessary and required<br>information concerning the activities.</p><p><b>1.7<br>DEFINITION OF TERMS</b></p><p><b>TALENT:</b>A <em>Talent</em>&nbsp;(or gift,<br>or aptitude) is the skill that someone naturally has to do something that is<br>hard. It is an ability that someone is born with. People say they are<br>“born with a <em>talent</em>“. It is a<br>high degree of ability or of aptitude.</p><p><b>MANAGEMENT: <em>Management</em></b>&nbsp;includes the activities of setting the strategy of an<br>organization and coordinating the efforts of its employees (or of volunteers)<br>to accomplish its objectives through the application of available resources,<br>such as financial, natural, technological, and human resources</p><p><b>ORGANIZATION PERFORMANCE:</b>Organizational performance comprises the actual output or results of an organization as measured against<br>its intended outputs (or goals and objectives)</p><p><b>1.8 ORGANIZATION OF THE STUDY</b></p><p><b></b></p><b><p>This<br>research work is organized in five chapters, for easy understanding, as follows</p><p>Chapter one is concern with the introduction, which<br>consist of the (overview, of the study), historical background, statement of<br>problem, objectives of the study, research hypotheses, significance of the<br>study, scope and limitation of the study, definition of terms and historical<br>background of the study. Chapter two highlights the theoretical framework on<br>which the study is based, thus the review of related literature. Chapter three<br>deals on the research design and methodology adopted in the study. Chapter four<br>concentrate on the data collection and analysis and presentation of<br>finding. Chapter five gives summary,<br>conclusion, and recommendations made of the study</p></b></b></b></b></b></b></b></b></b></b></b></b><br> <br><p></p>