Global Talent Management & Principles

 

https://www.simplilearn.com/principles-of-management-by-henri-fayol-article

What is global talent management?

Global talent management (GTM), which has its roots in international human resource management, became a crucial strategic concern for multinational corporations (MNCs) at the turn of the twenty-first century as a result of talent shortages and employee mobility on a global scale. It describes the actions and procedures involved in the systematic identification of key roles that significantly contribute to the organisation's long-term competitive advantage, as well as the global identification, attraction, selection, recruitment, training, and retention of talented people to fill these roles. Thus, as a concept, GTM is both more inclusive than human resource management and wider than leadership succession. The emphasis is on essential roles, taking into account the organisation's worldwide reach, key people (with high levels of talent) to fill these roles, and a unique human resource architecture to manage such brilliant people. GTM differs from strategic talent management (TM) in that it focuses on the TM problems of multinational corporations, whereas strategic TM deals with the TM concerns of domestic organisations. However, GTM is multidisciplinary and strategic in nature. As was already noted, it has a strong foundation in organisational psychology, economics, international management, and human resource management at the global level. Political science and sociology are additional areas that contribute.

Key principles of GTM

https://sloanreview.mit.edu/article/six-principles-of-effective-global-talent-management/

An effective global talent management plan has as its primary goals the recruitment, development, deployment, and retention of the best candidates. Instead of doing that by adhering to generic "best practises," a business might adopt six guiding principles that are in accordance with its entire strategy and culture.

01.Alignment With Strategy

The overall corporate strategy should be in line with your global talent management practises. Establishing talent requirements so closely ties in with establishing business objectives.

If your multinational company plans to enter new markets, you should analyse the existing and future personnel requirements in those areas. You must create a talent strategy that supports your company's goals if it wants to offer a new service or boost worldwide revenues by 10% over the next five years.(Gertenbach, E. 2022)

02.Internal consistency

Adopting solitary practises may not be successful and may perhaps have the opposite effect. This principle deals with the harmony of the company's talent management procedures. It's critical to be consistent.

03.Cultural embeddedness

ensuring that the talent being hired is suitable in terms of ability and skills as well as that their cultural background and values are consistent with the fundamental organisational values and business tenets. Using values and beliefs as the foundation for screening, interviews, training, and development instead of emphasising abilities, experience, or academic qualifications, for instance, is how IKEA's standard questionnaire treats job candidates.

04.Management involvement

All managers, including the CEO, must participate in talent management processes. Senior executives and line managers should take a proactive role in personnel management, prioritising hiring, succession planning, leadership development, and critical staff retention.

05.Balance of global and local needs

Managing talent is a very difficult issue for larger, international firms. While upholding the integrity of their overall global policy with respect to talent management, businesses must make sure to adapt their talent management process to local demands.

06.Employer branding through differentiation

Employers must make a strong case for why they are desirable places for people to advance their careers given the rising competition for the right kind of talent. The best way to accomplish this is for firms to create their own distinctive employer brand. As an illustration, Infosys has combined efforts in local communities with global branding initiatives to promote brand attractiveness, increase name recognition, and fill its talent pipeline.(Rathore, 2021)

Conclusion

 Global organisations utilise comprehensive HRM systems that are in line with their culture and strategic goals. Companies' approaches to managing people become more standardised and sophisticated. Driving forces behind the convergence:

•  The struggle over the same talent pool,  A rise in international integration, Popularity and success encourage copycat behaviour.

Only when they are used in a specific context are best practises truly best.

References

Gertenbach, E. (2022) Global talent management: key elements, strategies, and more. (online) Upwork. Available at https://www.upwork.com/resources/global-talent-management. Accessed on 18th April 2023.

Stahl, G.K, Bjorkman, I, Farndale, E, Morris, S.S, Paauwe, J, Stiles, P, Trevor, J, Wright, P. (2012) Six principles of effective global talent management, MIT sloan management review (online). Available at https://ideas.wharton.upenn.edu/wp-content/uploads/2018/07/Intro-to-Diversity-and-Inclusion_Stahl-Bjorkman-Farnda.pdf. Accessed on 18th April 2023.

Rathore, A. (2021) Guiding principles of talent management: An overview. (online) Linkedin. Available at https://www.linkedin.com/pulse/guiding-principles-talent-management-overview-adhiraj-rathore/. Accessed on 18th April 2023.

Thusing, K. (2015) Six principles effective global talent management. (online) Prezi. Available at https://prezi.com/b5k4ro0zltwm/six-principles-effective-global-talent-management/. Accessed on 18th April 2023.