“International Events and Updated Strategies” Please respond to the following:
* Note that the publication dates in the references in this chapter appear as pre-2008 years. Within the ensuing years from 2008 forward, discuss three key international events that may affect the leadership of talent management strategies.
Talent management as a system of identification, recruitment, training, promotion, and retention of talented people proposed with the purpose of enhancing the organization and achieving business results. Therefore, talent management refers to the systematic process that by which human resources are being identified to fill critical jobs and positions in the future as well as globally. With the help of education and training programs for these occupations. Concerning the use of talent management at all levels of the organizations to release the real potential of existing human resources and orient and direct their talents to achieve the expected outcomes (Saadat & Eskandari, 2016).
Effects of the 2008–10 automotive industry crisis on the United States
In the latter half of 2008, a global-scale recession adversely affected the economy of the United States. A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread emergency in the industry of 2008 and 2009.
Following dramatic drops in automobile sales throughout 2008, (GM), and Chrysler they both requested emergency loans to address impending cash shortages. By April 2009, the situation had worsened such that both GM and Chrysler were faced with imminent bankruptcy and liquidation. With the intent to prevent massive job losses and destabilizing damage to the entire manufacturing sector, the Governments provided unprecedented financial bailouts ($85 billion) to support the companies to restructure. Both companies separately filed for protection by June (bankruptcy).
The U.S. automakers were more profoundly affected by the crisis than their foreign counterparts.
As of 2012, the industry has recovered to some extent. GM had 2011 sales of more than 9 million vehicles, more than Toyota. According to a May 2011 report by the White House National Economic Council, however, the US government may have to write off about $14 billion of it’s $80 billion loans.
Global Race for Human Captial (Resources)
Globalization is a term in business that refers to the integration of an organization’s operations, processes, and strategies of diverse cultures, products, services, and ideas. Since its emphasis on diversity, globalization also has a profound impact on the way companies manage their operation and employees. Understanding the effects of globalization on human resources can help managers to equip their organizations for the increasingly global business environment better. The results show that the emerging shortage of highly skilled talent in the US and, more generally, the need to access qualified personnel are essential clarifying factors for offshoring innovation decisions.
The global recession impacts people risk, in regards to the leadership of talent management, it is harder to attract talent if a recession-hit the economy. Organizations can reach a higher consciousness that talented human resources are valuable resources and if they manage the resources strategically. It is evident that getting benefits from skilled human resources requires proper management and this is one of the significant challenges for global organizations.
Organizations have a responsibility to take into account continuing to improve or explore into the practice of global talent development due to the change and enhancements of technology.
Learning and networking tools will become more prominent as formal mechanisms for achieving talent development initiatives, and an increase in the effectiveness of the decision-making process as the companies move forward to global innovation.
Talent Pipeline Challenges
With the aging workforce and skill gaps created by the retirement of current leaders will become critical. Compounded by demographic changes in the workforce and dispersed talent. Worker motivation will continue to change, so what attracted people to a company years ago will no longer be sufficient.
We will deal with all of these challenges, as well as those caused by an increasingly mobile, and outsourcing workforce at a time when a strong company brand is needed to attract the best employees. Employees will demand more from their employers, including more on-the-job and social learning opportunities, better or different compensation packages, work-life balance programs, and just-in-time learning and development opportunities.
Business firms, as well as all other types of organizations, are affected by many challenging issues including changes in competitors, marketing alliances, new market products, availability of resources, corporate acquisitions, government regulations and a variety of other crisis and crisis-like events not generally associated with the normal on-going operations of a firm (Keeffe & Darling 2008).
* As you speculate how world events may have affected talent management, determine a method to refresh the talent management strategy of your organization. Keeping in mind that the world is ever changing and the needs to find and develop talent are changing along with it, describe how an updated approach is necessary and what it would look like.
HR strategy, empowering and communicating with employees are essential elements to sustaining an employee base and strengthening talent management. The method my organization needs to refresh the approach is.
A caveat to manage the crisis is when an emergency is approaching, it is much easier to seize and act upon, but of course, it must be recognized. Once a crisis has passed through the threshold of preliminary recognition and action it is much more difficult to seize and effectively act upon, and thus the opportunity to more efficiently deal with it, and use it as a transformational opportunity, will have passed.
Consider recruiting cost to attract the best capable talent to reach the young generation; social media and networking are popular means of low-cost methods for hiring best-qualified candidates. Communication between HR and line managers are critical for talent management. Talent management is the life cycle of recruiting qualified candidates, selection of those deemed suitable, company culture, and sustaining an engaged workforce. Additionally, many of the ideas set out for the organization to encourage self-managed succession, which provides excellent development for emerging leaders to renew and refresh the method (Caplan, 2013).
Amiti, M., & Wei, S.-J. 2005. Fear of service outsourcing: Is it justified? Economic Policy, 20 (42): 308–347.
Caplan, J. (2013). Strategic Talent Development: Develop and Engage All Your People for Business Success. London: Kogan Page.
Keeffe, M. J., & Darling, J. R. (2008). Transformational Crisis Management in Organization Development: The Case of Talent Loss at Microsoft. Organization Development Journal, 26(4), 43-58.
Saadat, V., & Eskandari, Z. (2016). Talent management: The great challenge of leading organizations. International Journal Of Organizational Leadership, 5(2), 10