Over the decades, multinational companies are being highlighted in the global markets which are carried out successfully with the help of human resources management. The challenges within the organization include a shortage of talent or to locate or relocate the extra talent. Today, the situation is complex and highly competitive. However, companies are facing a financial crisis but economic strength globally. Companies are founding it difficult to create talented team management. Organizations face challenges in retaining the employees. Globally, many companies decided to expand their businesses to other countries. Many new companies entered global markets like China, India, Brazil, South Korea, Turkey, and South Africa. Multinational companies manage the competition of talent within the changing economies which are very important (Bluen, 2013). To attain sustainable growth within the organization the company should learn to survive in the complex circumstances and within the diverse environment which is created by the global economy. In today’s world, work talent is becoming more diverse and educated.
The business course of action has been changed and created the demand for organizations to handle the work within the diverse workforce globally (Tarique and Schuler, 2010). Talent management is the strength of Human resources for years. Talent people are the ones who not just wanted to work but also wanted to learn and develop themselves by learning several skills. They have a strong desire to develop themselves. People grab opportunities to work and to gain new knowledge by working globally. Competition within the global market has been strengthened than before (Khatri et. al, 2010). To compete globally, the organization much organize their programs and practices worldwide. There is a conflict between the companies for finding the right talent. These programs are run through websites and digital advertisements throughout the social media platforms. The challenge is not human capital but talent management. It is said that various reasons have been given which shows the importance of talent management due to the ongoing competition between local and international employees at the global level (Skuza et. al, 2013). Before understanding the talent management, it is important to understand the term ‘talent’.
As per Scullion et al. (2010), Vaiman et al. (2012), McDonnell et al. (2010), many organizational activities have been planned by various practices like selecting, training, developing, attracting and the retention of the talented employees for the most deliberate role within the organization to achieve strategic business internationally. It increases the capability to manage new talents in the market for the corporate Human Resources roles (Scullion et. al, 2010).
Talent can be known as an ability, an ability as mastery, talent to give, and complete the commitment (Gallardo et. al, 2013). In this global world, the talent manager carries various conditions in order to generate new and upgraded human resource management tools and methods that support integration globally (Scullion et. al, 2010). Talent management has now been used in many modern organizations. Many business firms considered talent management as a rapid practice that can improve human resource management within the organization (Abrahamson, 1996). To attain the aims and objectives of Talent Management Company it is very important for the human resource department to plan the recruitment strategies accordingly to fill the positions within the organization. The finest way to emphasize global talent management is the corporate plan of action, competitive reimbursement, and management (Stahl, et. al, 2012). However, organizations have their own plans and strategies to deal with global competition. The vigor and energy to be well structured and systematic improves work competences and the development of plans within the organization which encourages low-cost manufacturing.
Organizations are introducing new upgraded brands, and distribution globally (Chaudhary, 2008). It is said that the market always focusses on the newly developing market businesses and familiar interstate organization market which helps to make it a better place in addition to unfamiliar territories. As per McKinsey, it has been recognized that the people working in the organization as employees are the irreplaceable asset of the organization. The challenge is to organize the programs for the development of the employees which is considered as the major challenge within the workforce. Human resource administrators faced the biggest challenge in order to work on the sustainability of the organization in order to make it more develop and powerful. According to a recent case report of Infosys, it has been reported that a lot of employees will indicate the increased demand for tenancy in the future (Stahl, 2012). As per the Project Management Institute (2013), millions of new project roles will be created globally across various industries. The purpose of these projects will be training and the development which will take place after the hiring of new workers that can work for the organization to increase the management project performance.
The shortage of a global talent workforce gave birth to the increased demand for talented employees. The lack of talent also creates many programs, and policies to hiring new talent globally, to acquire and manage the talented workforce in the global business. This challenge was given a name which was called “Global Talent Management” (Machado, 2017). The situation for the organizations is now very much compound, zestful, highly aggressive with full of competition, and very much unstable and it will remain like this for the next several years. Due to the ongoing reforms within the organizations, the economy is also increasing rapidly. In order to retain talents to complete their task organizations are in a race to find the right talent and challenging each other in the market in order to grow rapidly with the help of the smart talent (De, 2011). The limitations can affect the global talent management system of the organization (Collings, 2016).
For instance, Infosys is a comparatively small and weaker organization when comes in comparison to its global competitors. Infosys is unable to handle the high-end management placements because it works at the operational level of value creation such as IBM and Accenture are there in the field to dominate. The countries like China, India, and Korea have a large number of low-cost labor but with the excellent education infrastructures such as the universities and colleges. It is more difficult for Infosys to hire and retain the staff of all roles and positions as it has to contend for the skilled labor which can dramatically increase their wage levels within the organization. The strong branding of the employees helped the company to have fixed employers for years and this could also reduce the growing competition for the employees within the organization.
The company is also imperative to increase the salaries with the increase in attrition which in result also expands the HR bills. It is said that Infosys should create policies and programs in order to attract new talent for the organization. They should find more creative and innovative ways to captivate recruitment and retention the new talent (Kiriti and Govind, 2014). Before a few years, Infosys was very successful and was an important part responsible for transforming the business globally. It is very important to introduce talent management programs which are known as the foremost and the finest way to distinguish the strength and weaknesses of the employees. These programs encourage the change and improvement of the relation between the management and the employee. These programs create excitement within the employees to have an interest in office, coming each day enthusiastically as they are valued.
It is very complicated to manage the smart talent within the organization as the increased demand of employees in a business is increasing day by day. Organizations need to hire smart talent sharply and quickly. Organizations have to plan strategies with an effective approach in order to recruit new skills for the organization that can be technical skills, strategic skills, business skills, management skills, and so on. These skills can develop through training. The managers should focus on the careers of the employees as every employee want development and promotions with other benefits otherwise the company would not be interested in the employee to work with. Talent management within the organization is vital for the success of the organization. Talents should be rewarded and recognized from time to time for their efforts as just because the company is able to attract success globally.
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