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TALENT MANAGEMENT AND CORPORATE
COMPETITIVE ADVANTAGE
CHAPTER ONE
INTRODUCTIONS
1.1
BACKGROUND
OF THE STUDY
There
is a growing body of evidence to support the idea that companies that align
business and leadership talent imperative have a greater chance of sustainable
success. It feels intuitively correct; if you have the right leadership talent
in the right place with the skills and behavior, then the odds of successfully
executing on your business strategy are high. Many of our CEO clients agree and
have moved leadership talent to the top of their agenda, assigning
responsibility to a senior executive.
The
success of any organization future business depends on its talent management
and corporate competitive advantage. It is nearly unanimous that HR can and
should add move value to corporations. The best way to do this is by being a
business partner by directly improving the performance of the business. This
can be accomplished by effective talent management, influencing strategy and a
host of other value added activities that impact effectiveness. Besanko,
Dranove, and Shanley (2000) says ‘when a firm earn a higher rate of economic
profit than average rate of economic profit of other firms competing within the
same market, the firm has a competitive advantage in that market”. In a
corporate competitive advantage, talent management in a primary driver or
motivator for organizational success. Talent Management is broadly defined ‘as
the implementation of integrated strategies or systems designed to increased
workplace productivity by developing improve processes for attracting,
retaining and utilizing people with the required skills and attitude to meet
current and future business needs”.
A
competitive advantage is an advantage gained over competitors by offering
customers greater value, either through lower prices or by providing additional
benefits and service that justify similar, or possibly higher prices for
growers and producers involved in niche marketing, finding and nurturing a
competitive advantage can mean increased profit and a venture that is
sustainable and successful over the long term.
Failure
in talent management is an ongoing source of pain for executives in modern
organizations. Over the past generation, talent management practices, especially
in the United States. Organizational know that they must have the best talent
in order to succeed in the hypercompetitive and increasingly complex global
economy. Along with the understanding of
the need to hire, develop and retain talent people, organization is
aware that they must manage talent as a critical resource to achieve the best possible
results. Few, if any, organizational today have an adequate supply of talent.
Gaps exist at the top of the organization, in the first to middle level leadership
ranks, and at the front lines. Talent is an increasingly scarce resource, so it
must be managed to the fullest effect. During the current economic downturn we
may experience a short ceasefire in the war talent, but we are all seeing new
pressures put on the talent running our organizations. Are today’s leaders able
to do more with less? The A-players can, and there should be a strategic
emphasis on keeping those leaders and developing their succession.
Many
organizations are reducing their workforce, but let’s be careful not to cut so
deep that talent is scare when the economy rebounds. The idea of managing
talent is not new. Four or five decades ago, it was viewed as a peripheral
responsibility best relegated to the personnel department. Now, talent
management is an organizational function that is taken far more seriously. In
The Conference Board’s 2007 CEO Challenge study I, CEO’S rankings of the
importance of “finding qualified managerial talent” increased by 10 percentage
point or more when compared to the same research conducted just one year
earlier. Research conducted in 2008 by DDI and the Economic Intelligence Unit
(EIU) 2 found that 55 percent of executive level respondents said their firms
performance was likely or very likely to suffer in the near future due to
insufficient leadership talent. This point of view was reiterated in one-on-one
interviews with top executives, conducted as part of the same research study.
This
emphasis on talent management is inevitable given that, on average, companies
now spend over one-third of their revenues on employee wages and benefits. Your
organization can create a new product and it is easily copied. Lower prices and
competitors will follow. Go after a lucrative market and someone is there right
after you, careful to avoid making your initial mistakes. But replicating a
high-quality, highly engaged workforce is nearly impossible. The ability to
effectively hire, retain, deploy, and engage talent at all levels is really the
only true competitive advantage an organizational possess.
1.2
STATEMENT
OF THE PROBLEM
Investigation
carried out in the organization for this study, reveals that the building
blocks upon which talent manager’ commitment is based are either non-existence
or exist in obscurity. Global competition for skilled workers is keen;
worldwide, many employers are experiencing a talent shortage.
A
survey of employees as well as talent managers in Telecommunication companies
reveals that 40% are struggling to locate qualified candidates with the
liberation of trade policies, translational companies moving production to
low-cost areas and the corresponding growth of global supply chains, increased
globalization has resulted in socio-economic and cultural challenges, further, talent
now takes many more forms, from migrants crossing borders (temporarily or
seeking new homes), students gaining degrees and expatriated on assignment to
tourists, and business travelers. Consequently the demand for skills has
countries working hard to develop policies that will attract talent with human
and technological skills to support economic growth, retain talent and even
reverse talent migration.
Managing
global talent has challenges and significant implications for sustainability
and growth. A recent study for global companies, for example, states that
“companies are concerned about the development of future capable of navigating
the global business environment ‘’. Key finding show that the most important
determinant of Global Talent Management (GTM) success is the degree of
involvement by CEO, the board of directors and Global Talent Management leaders
in talent management activities. For example; CEO’s spend 16% of their time
speaking publicly about GTM mentoring high potentials, participating in talent
reviews and approving the succession plans.
Board
members in 46% of companies provide input into assessment of key employees and
30% meet with high potential during the year. With trend to develop global HR
policies, organizational are creating Global Talent Management Processes. For
example, at Intel corporation, a global chip maker, HR utilize a talent
management value having global framework; specifically around a common language
and structure in areas as performance management, leadership development for
high potentials and professional development. There is less agreement, however,
about developing common frameworks for recruitment.
1.3 THE PURPOSE OF THE STUDY
The
purpose of this study is to examine the influence of Talent Management on
corporate competitive Advantage. However, the specific objectives are
(a) To
evaluate the influence of talent identification on corporate competitive
advantage.
(b) To
examine the influence of Talent Development on corporate competitive Advantage
(c) To
evaluate the influence of Talent Utilization on corporate competitive
Advantage.
(d) To
evaluate the moderating impact of organizational technology on the relationship
between talent management and corporate competitive Advantage.
1.4 RESEARCH QUESTIONS
1. To
what extent does talent identification affect corporate competitive advantage?
2. To
what extent does talent development affect corporate competitive advantage?
3. To
what extent does talent utilization affect corporate competitive advantage?
4. To
what extent does organization technology affect the relationship between talent
management and corporate competitive advantage?
1.5 CONCEPTUAL
FRAMEWORK/ STUDY VARIABLES
Fig
.1.1: Showing the Conceptual Framework of the Study
The
independent variable in study is Talent Management
This
is operational zed with three dimensions namely:
v Talent
Identification
v Talent
Development and
v Talent
Utilization
The
operational dimension will be used to measure their effect on corporate competitive
advantage.
The
dependent variable corporate competitive advantage will be measured in terms
of;
Ø Product
Quality
Ø Product
Cost Efficiency
The
review of literature will discuss the dimension of talent management. The
contextual factor of structure, technology will be used to measure the extent
to which it will affect the influence to Talent Management and its dimensions
on corporate competitive advantage.
1.6 RESEARCH
HYPOTHESES
H01:
There is no significant relationship between Talent Identification and product
quality.
H02:
There is no significant relationship between Talent identification and product
cost Efficiency.
H03:
There is no significant relationship between Talent Development and product
Quality.
H04:
There is no significant relationship between Talent Development and product
cost Efficiency.
H5:
There is no significant relationship between Talent utilization and product
quality.
H06:
There is no significant relationship between Talent utilization and product
cost Efficiency.
H07: The technology of the
organization does not moderate the relationship between Talent Management and
Corporate Advantage.
1.9 DEFINITION
OF TERMS
Competitive Advantage:
These exist when a firm has a product service that is perceived by its target
market customers as better than of its competitors.
Talent Management:
Is a complex set of Human Capital Management Processes to manage a company’s
greatest asset.
Talent Development:
This is the continuous learning process of individuals and groups for the
purpose of producing an improvement in performance and preparing individuals
for increased responsibility.
Talent Utilization:
Talent utilization is about ensuring the most effective application of Talent
in the workplace to maximize performance through the interplay of a number of
key agents.
Talent Identification:
This is the detection and identification of employee skills which if well
harnessed and improved upon would lead to increased organizational performance
and advantage.
Product Quality:
This refers to the enhanced and improved nature or form of the organizations
tangible products as well as its intangible products and services.
Product Cost Efficiency:
This refers to the efficient production and distribution of the organizations
products and services relative to available alternatives.
Organizational Technology:
This is concerned with the organizations use and adoption of technological
hardware and software as well as the nature of services and production
processes.
1.10 ORGANIZATION OF STUDY
This
chapter begins with an introduction of the dependent variable. The analysis of
the problems which concern the dependent variable. This is stated in the statement of problems which is followed by
the purpose of study, after which the hypothesized relationship between the
independent and dependent variables as an alternative and possible answer to
the identified problem. This is followed by the research questions, conceptual
framework and hypotheses which will guide the stud; giving it a structure and
direction, after which the scope of the study is identified and the key terms
used in the study are defined.
In
chapter two, related literature concerned with the study are discussed; after
which the individual constructs of Talent Management and Corporate Competitive
Advantage and their hypothesized relationship as well as the moderating role of
organizational technology are also discussed.
Chapter
three outline the methodologies and approach to be adopted in the research
design of the study, the section explains the sampling, data collection
measurement and data analytical processes.
In
chapter four, data analysis would be carried out using the various stated and
approved methods, and software programs; it would entail our data presentation
and hypothesis testing.
Chapter
five would include our findings from the study and thus provide answers to our
previously stated research questions as well as recommendations to the
previously stated statement of the problem, thereafter, conclusions can be
drawn.
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