BEFORE YOU READ THE PROJECT WORK, PLEASE READ THE INFORMATION BELOW. THANK YOU!
TO GET THE FULL PROJECT FOR THE TOPIC BELOW PLEASE CALL:
TO GET MORE PROJECT TOPICS IN YOUR DEPARTMENT, PLEASE VISIT:
TALENT MANAGEMENT AND CORPORATE COMPETITIVE ADVANTAGE
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.