HRM The process of identifying and hiring the right talent is particularly difficult in Singapores competitive financial services sector. This is compounded by the countrys small population which limits the talent pool.
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Name: Shereen Bte Mustafar Student No.: 3178965 Course: Business Management (BBMFT - 39th Intake) Course no: Human Resource Management: BUSM 3201 Assessment: Individual Essay Topic: Topic 1 (Talent attraction and retention) Word Count: 2895 words (excluding quotations) "Today's workforce has become more global, virtual and diverse than it has ever been, this makes acquiring the right talent an increasingly complex and challenging activity. Winning the war for talent requires more than just winning the recruiting battle" (Harriot et al. 2008). It involves a complicated and difficult undertaking - developing internal systems that attract and retain the right talent and organise the talent in ways that lead to continuous innovation and change. While the business landscape has changed dramatically, recruiting and retaining the right people is just as important as before. But the stakes are higher now that the margin between success and failure is razor thin, claims Lynch (2008). Johnson (2002) states that in today's climate, human resources (HR) is expected to deliver business results on a much tighter budget, and according to Larkan (2007) this causes lower headcounts which means that each new hire is that much more crucial to the firm's success, and the departure of a star performer can impact financial results that investors are watching more closely than ever. In this environment, HR leaders need to develop business processes that allow their teams to be more efficient and productive. At the same time, they will need to build strong business cases for any proposals to spend money on initiatives related to recruiting, training and retention efforts. According to the Manpower 21 (1999), which is a strategic blueprint to develop Singapore's people and manpower, its vision for Singapore, is to become a 'Talent Capital'. Concurrently, Singapore's Senior Minister Mentor Lee Kuan Yew wrote, "What was the most important single factor for Singapore's rapid development since 1959? Without hesitation, my answer is the quality of the people.
Cost effectiveness and the incorporation of best practices are also rigorously pursued in the recruitment process. The selection process includes a vigilant screening for competencies, skills, experience and integrity before an offer is made. "Supervision and management have much to do with employee satisfaction and retention rates" (Arthur 2001). Several studies are cited that address the importance of developing strong relationships with employees and creating a work environment that demonstrates the value of employees and an environment characterized by good communication, recognition for good performance, including employees in on matters that impact them, providing opportunities to grow and learn, and offering work that both matters and is challenging. When an employee feels that their basic needs are not being met, they begin the process of leaving the organization, and some will stay physically on the job even though they are emotionally absent. Lawler (2008) identified the following reasons employees leave: unmet job expectations, poor job fit, lack of coaching and feedback on performance, lack of professional development and promotional opportunities, not feeling valued or recognized, workplace stress due to job demands and work-life balance conflict, and lack of trust and belief in senior leadership. Good supervision and management skills can do a great deal to correct these problems. Employing a coaching model with employees, keeping employees informed, striving to allow employees to participate in the decision-making process, and being friendly and professional with employees are just some of the behaviours that are recommended "Talent building over the years has allowed Citigroup to rely significantly on internal channels to fill key positions" (CitiBank 2008). Its Talent Inventory Review (TIR) process is one of the most successful sources of recruitment for executive as well as managerial positions as candidates have proven fit with the Bank's corporate culture. The purpose of TIR is to "assess the current performance and future capabilities of the company's leadership team" (CitiBank 2008).
REFERENCE LIST 1. Arthur, D 2001, The Employee Recruitment & Retention Handbook, Amacom, Great Britain 2. Axelford, B, Handfield-Jones, H & Michael, E 2002, The War For Talent, Harvard Business School Press, Boston - United States of America 3. BNet Business Network 2008, Research Indicates Best Practices for Attracting, Managing Industry Talent, viewed 29 July 2008, <http://findarticles.com/p/articles/mi_qa3636/is_200706/ai_n19433341>. 4. CitiBank 2008, CitiBank Management Associate Programme, viewed 3 August 2008, < http://www.citibank.com.sg/global_docs/microsite/hr/recruit/ma07/index.htm>. 5. Harriot, J, Hardy, D & Pogorzelski, S 2008, Finding Keepers - The Monster Guide to Hiring & Holding the World's Best Employees, Irwin-McGraw Hill Publications, United States of America 6. Harvard Business School, 2006, Retaining your best people, Harvard Business School Press, Boston - United States of America 7. Human Capital Magazine - Australia 2008, Love 'em or Lose 'em, viewed 8 August 2008, < http://www.hcamag.com/detail_article.cfm?articleID=902>. 8. Institute of Policy Studies 2008, Singapore Future: Scenarios for the Next Generation, viewed 7 August 2008, < http://www.ips.org.sg/events/p2008/Report_250408.pdf>. 9. Johnson, M, 2002 How To Become a Talent Magnet, Pearson Education, Great Britain 10. Larkan, K, 2007 The Talent War, Marshall Cavendish Business, Singapore 11. Lawler, E, 2008 Talent: Making people your competitive advantage, Jossey-Bass Imprint, United States of America 12. Lee, K 1989, The Search For Talent, Straits Publishers, Singapore 13. Lynch, M 2008, 'Lack of talent the bane of wealth management in Asia', The Business Times, 30 June 2008, p. 32 (Network Singapore section) 14. Monetary Authority of Singapore 2008, Annual report 1999-2000, viewed 8 August, <http://www.mas.gov.sg/annual_reports/annual19992000/MASAnnual9900.pdf> 15. McMillan, D 2008, 'Talent Management: How to invest in your workforce', The Business Week, 14 August 2008, p. 58 (Asia section) 16. Singapore, Ministry of Manpower 1999, Manpower 21: Vision of Talent Capital, Singapore APPENDIX Figure 1: What motivates talent? Singapore, The Institute of Banking and Finance, Annual report 2007, viewed 10 August 2008, < http://www.ibf.org.sg/download/IBF%20AR%202007.pdf> Figure 2: Financial Institutions' manpower Monetary Authority of Singapore 2008, Annual report 1999-2000, viewed 8 August, <http://www.mas.gov.sg/resource/about_us/annual_reports/annual19992000/MASAnnual9900.pdf> ?? ?? ?? ?? 1
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