Running Head: THE FUTURE OF TALENT MANAGEMENT 1
The Future of Talent Management: Attracting & Retaining Talent Through
Emp...
THE FUTURE OF TALENT MANAGEMENT 2
The Future of Work
The workplace is changing exponentially. To deny the fact, would simp...
THE FUTURE OF TALENT MANAGEMENT 3
however, the general consensus has become the following: “the ability to effectively
hir...
THE FUTURE OF TALENT MANAGEMENT 4
Talent, therefore, is inevitably replacing capital as the ultimate competitive
different...
THE FUTURE OF TALENT MANAGEMENT 5
According to a 2009 survey conducted by CareerBuilder, today, “60 percent of workers
ove...
THE FUTURE OF TALENT MANAGEMENT 6
Modern-Day Trends Affecting Talent
The Pursuit of Passion
The next cycle of business has...
THE FUTURE OF TALENT MANAGEMENT 7
organizations set themselves apart from their competitors, and are further able to attra...
THE FUTURE OF TALENT MANAGEMENT 8
opportunities to utilize their knowledge and skills and will not remain at a job where t...
THE FUTURE OF TALENT MANAGEMENT 9
to improve retention rates links directly to the positive impact good employee retention...
THE FUTURE OF TALENT MANAGEMENT 10
(2010), “organizations judged to be best performers are almost three times more likely ...
THE FUTURE OF TALENT MANAGEMENT 11
Despite the fact that many employers still view training as an expense, statistics
indi...
THE FUTURE OF TALENT MANAGEMENT 12
argues, “when organizations seek to foster a philosophy of commitment, then the
likelih...
THE FUTURE OF TALENT MANAGEMENT 13
continuing to work productively for their current employer. Based on reports of
organiz...
THE FUTURE OF TALENT MANAGEMENT 14
Now that the goal has been established, how do employees find those roles that
allow th...
THE FUTURE OF TALENT MANAGEMENT 15
Of those who reported favorable and unfavorable responses, the difference amongst
the t...
THE FUTURE OF TALENT MANAGEMENT 16
Management (2009) reports, “when employees experienced a favorable climate for career
g...
THE FUTURE OF TALENT MANAGEMENT 17
Internal Mobility
In order to support fundamental components of career development, org...
THE FUTURE OF TALENT MANAGEMENT 18
Perhaps one of the most often reported frustrations of high-performing employees
is sta...
THE FUTURE OF TALENT MANAGEMENT 19
programs demonstrate a commitment to their employees- showing workers that they’re
view...
THE FUTURE OF TALENT MANAGEMENT 20
careers. As a society, we’re moving away from the ideas of hierarchy andcareer ladders,...
THE FUTURE OF TALENT MANAGEMENT 21
competitors, as employees will increasingly seek out employee learning, career
developm...
THE FUTURE OF TALENT MANAGEMENT 22
References
Baruch, Y. (2003). Transforming Careers: From Linear to Multidirectional Car...
THE FUTURE OF TALENT MANAGEMENT 23
Manpower Group (2011). Moving People to Work: Leveraging Talent Mobility to
Address the...
THE FUTURE OF TALENT MANAGEMENT 24
http://www.rightmanagement.co.nz/thought-leadership/research/career-
development--incre...
THE FUTURE OF TALENT MANAGEMENT 25
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The Future of Talent Management: Attracting & Retaining Talent Through Employee Learning, Career Development, and Internal Mobility Opportunities

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Attracting and Retaining Talent Through Employee Learning, Career Development, and Internal Mobility Opportunities

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The Future of Talent Management: Attracting & Retaining Talent Through Employee Learning, Career Development, and Internal Mobility Opportunities

  1. 1. Running Head: THE FUTURE OF TALENT MANAGEMENT 1 The Future of Talent Management: Attracting & Retaining Talent Through Employee Learning, Career Development, and Internal Mobility Opportunities Kayla Cruz Florida International University PAD 6946
  2. 2. THE FUTURE OF TALENT MANAGEMENT 2 The Future of Work The workplace is changing exponentially. To deny the fact, would simply be naïve. The very nature of both the public and private sectors is different today than it was twenty years ago, and as a society, we’ve progressed from an Industrial Age, to one much moreconcerned with human capital.As a result, the focus of organizations has shifted, in an attempt to remain competitive in the global market. Rather than solely focusing on production, top organizations have begun to embrace the significance and importance of their human resources. Effective human resources management will prove to be a crucial element in the success of organizations in the future, as the success of organizations will largely depend on the ability to attract and retain top talent. Organizations that thrive in the new market will be those with extensive talent management strategies,providing individuals with access to employee learning, career development, and internal mobility opportunities. Why Does Talent Matter? The goal of most modern-day organizations is to be recognized as the best in their industry. This “desire to be the best”has come into being, primarily due to our culture’s tendency to celebrate superstars.As Godin (2007) states, “We reward the product or the song or the organization or the employee that is number one” (p. 6), and as a result, being average is no longer acceptable. For this reason, employers have invested significant time and energy into differentiating themselves from competitors in the market. Over time,
  3. 3. THE FUTURE OF TALENT MANAGEMENT 3 however, the general consensus has become the following: “the ability to effectively hire, retain, deploy, and engage talent- at all levels- is really the only true competitive advantage an organization possesses” (Wellins et. al, p. 1). It makes sense, really. As Wellins et. al argue, “your organization can create a new product and it is easily copied. Lower your 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” (p. 1). Given the fundamental importance of a highly engaged workforce, organizations have placed a large focus on the implementation of talent management strategies, hoping to improve their global rankings amongst other competitors. The focus on talent management has proven to be financially rewarding for employers, as a 2007 study from the Hacket Group found that companies excelling at managing talent reported earnings 15 percent higher than their peers (Wellins et. al, p.2). In addition, similar studies have concluded that the focus on talent management has resulted in higher stock market returns and superior safety records, both desirable business goals for modern-day employers. Particularly interesting is the changing value of tangible and intangible company assets. The Brookings Institution found that “in 1982, 62 percent of an average company’s value was attributed to its physical assets and only 38 percent to intangible assets. By 2003, these percentages nearly flip-flopped, with 80 percent of value attributed to intangible assets and 20 percent to tangible assets” (Wellins et. al, p.3).
  4. 4. THE FUTURE OF TALENT MANAGEMENT 4 Talent, therefore, is inevitably replacing capital as the ultimate competitive differentiator, and “as “talentism” becomes the new “capitalism”, human potential will be the catalyst for change and the major agent of economic growth” (Manpower Group, 2011, p. 1). The importance of human potential will not be embraced by organizations without the occurrence of change. In order for employers to remain competitive, executives will need to completely reconsider previous assumptions in regards to work models and talent management. In today’s ever-changing market, the following remains true-- organizations that are considered “best in the industry” will continue to attract and retain top talent. As stated by Manpower Group (2011), companies will need to “brand themselves as talent destinations if they want to become more attractive to potential employees in their respective regions and around the world (p.3). Thus, the employers with the best employees will always be at the top. The Shortage of Talent Top talent, however, is not easy to find. Even more difficult than finding top talent, retaining talent has proven to be more of a challenge over the past few years. Employees today have a much different mindset than that of employees from the past. Employees today insist upon “having challenging and meaningful work”, are “more loyal to their profession than to the organization”, and are “less accommodating of traditional structures and authority” (Wellins et. al, p. 3). In addition, senior employees are increasingly postponing retirement, hindering the ability of lower-level employees to advance in their career fields, resulting in a negative impact on the development of talent.
  5. 5. THE FUTURE OF TALENT MANAGEMENT 5 According to a 2009 survey conducted by CareerBuilder, today, “60 percent of workers over the age of 60 are electing to postpone their retirement due to the financial crisis” (Wellins et. al, p. 4). This inability to grow professionally has left lower-level talent feeling stuck in their careers, and has caused many employees to seek employment outside of their current organizations. As talent has become an increasingly scarce resource, it is important for organizations to implement extensive talent management strategies, in hopes of managing talent to the fullest effect. Organizations today are beginning to realize that they are largely responsible for this shortage of talent Reports by The Global Leadership Forecast indicate that, “only about half of the world’s organizations identify high potentials,” and “even fewer (39 percent) have programs to accelerate development” (Wellins et. al, p. 8). The first step in making changes to talent management strategies, however, is to acknowledge the current lack of talent management programs. Growing talent is not an easy feat. According to Wellins et. al, “it takes, on average, 10 years for a high-potential leader to advance into a senior position, and along the way, that individual needs mentoring, stretch assignments, personalized development plans, and development activities to build key skills. In short, it’s a lot of work. And it’s work, we’ve found, that organizations are not doing” (p. 8). If organizations wish to succeed and overcome this shortage of talent, especially during a time of changing attitudes and beliefs regarding the workplace, they must be willing the put in the work. It won’t be easy, but the return on investment of top talent is infinite.
  6. 6. THE FUTURE OF TALENT MANAGEMENT 6 Modern-Day Trends Affecting Talent The Pursuit of Passion The next cycle of business has arrived. Like it or not, employees are demanding more from their jobs than they ever have in the past. For years, employees sought ought stability, and remained loyal to their employers throughout most of their careers. Today, that stability is not enough. Today, employees are actively seeking passion in their daily lives, and therefore, in their workplace. As Pink (2005) states in his book regarding the future of work, “This is the next cycle of business. First came the quality revolution of the 1990s. Then came the cheap revolution, which dramatically reduced the cost of goods and allowed people around the world to have cell phones and Internet Access. So what’s next? Meaning. Purpose. Deep life experience. Use whatever word or phrase you like, but know that consumer desire for these qualities is on the rise.” (p. 225). The Demand for Workplace Flexibility With this desire for meaning and passion, employees are actively seeking ways to align their careers with their personal life goals. As we have seen throughout the past few years, a dramatic shift has taken place, in that employees are demanding a better work- life balance. Employees are requesting more flexibility, and employers who recognize the importance of work/life integration, are embracing the use of technology and providing more flexible work options for their staff. As a result of this workplace flexibility, these
  7. 7. THE FUTURE OF TALENT MANAGEMENT 7 organizations set themselves apart from their competitors, and are further able to attract and retain the best talent in the market. The Rise of the Millennial Generation As millennial employees enter the workforce at an increasing rate, the overall talent and talent management practices of organizations will be severely affected. This generation of workers, “which will form the majority of the workforce by 2020, has particular characteristics that employers can’t afford to ignore” (PWC, 2012, p.19). Amongst these characteristics is the fact that, “they expect to burn through a number of employers during their career, and they’re looking for job satisfaction, fulfillment, and fast career progression” (PWC, 2012, p.19). While these desires may seem difficult for employers to manage, the good news is that for millennials, the “focus is on interest and opportunity, rather than on monetary awards” (PWC, 2012, p.19). Although according to PWC’s (2012) report, “38 percent of millennials said they’re on the lookout for new opportunities” (p.19), by better understanding the needs of millennials, organizations can construct talent management strategies that increase their ability to retain these talented young workers. Research on this new workforce indicates that job tenure amongst young workers has decreased. In one survey of new millennials, reported by Johnson Control (2010), “34% said they expected to stay in a job between one and two years, with 57% saying two to three years” (p. 34). Clearly, this survey indicates that younger workers are eager to find
  8. 8. THE FUTURE OF TALENT MANAGEMENT 8 opportunities to utilize their knowledge and skills and will not remain at a job where they feel that they are undervalued. Safian, (2012) presents the idea that “The new reality is multiple gigs, some of them super short, with constant pressure to learn new things and adapt to new work situations, and no guarantee that you’ll stay in a single industry.It can be daunting. It can be exhausting. It can also be exhilarating” (p. 66). Technological Advances & The Increasing Number of Start-Up Companies In today’s economy, start-up companies are flourishing. Due to the availability of technology, new industries have entered the market, and increasingly, start-up companies are joining their competitors in the war for talent. High-performing individuals, workers with talent, passion, and funding, are no longer waiting to be employed by large organizations. Instead, they are employing themselves. The ability to start a company is no longer as difficult as it once was, and because of that, individuals are either starting their own organizations, or partnering with others who are. In addition, the flexible culture associated with start-up companies is appealing to many individuals, thus drawing many talented employees away from their current organizations, in pursuit of a better work/life balance. Fighting the Battle Against Turnover Why are employees leaving? Certainly, thisis a question that most employers are attempting to answer. According to Oracle’s (2012) report on talent mobility, “the desire
  9. 9. THE FUTURE OF TALENT MANAGEMENT 9 to improve retention rates links directly to the positive impact good employee retention has on productivity and the corporate bottom line, and conversely, the high cost of turnover (p. 4). Due to the financial hardship placed on employers caused by the cost of turnover, organizations are anxious to improve employee engagement levels, in hopes of decreasing the number of employees choosing to leave their workplace. Hence the focus on talent management strategies. Employee engagement levels are low, and perhaps, in some organizations, decreasing. According to a survey conducted by Right Management (2010), “Of the 28,000 employees surveyed, only 34 percent reported being fully engaged by their job and organizations” (Right Management, p. 2). Another survey by The Conference Board indicated similar results, finding that “only 45 percent of U.S. employees are satisfied with their Jobs (Right Management, 2010, p. 2). This data is alarming for employers, as low engagement levels lead to turnover, and turnover, as previously mentioned, negatively affects an organization’s bottom line. So what can organizations do about this? Let us first focus on what they cannot do.Employers cannot change the attitudes, beliefs, opinions, and desires of potential employees. Likewise, they cannot change the market’s new direction. They cannot change the new structure of work, given increased technology and the entrance into the so-called “Human Age.” However, they can position themselves as leaders in their respective industries, in regards to talent. They can implement talent management practices that set them apart from their competitors. As reported by Right Management
  10. 10. THE FUTURE OF TALENT MANAGEMENT 10 (2010), “organizations judged to be best performers are almost three times more likely to provide career development opportunities than those judged to be below-average performers. Best performers recognize that providing such opportunities works” (Scales, 2010, p.2). Getting Employees to Stay: Talent Management Strategies That Work Employee Learning Perhaps the easiest practice to execute, employee-learning opportunities allow organizations to train employees beyond their daily job capacities. While some employers understand the many benefits of employee-learning opportunities for both employers and employees, others continue to view this practice, “more as an expense than an investment” (Savardi, 2005). For employers who embrace this negative view of employee learning, it will prove difficult to remain competitive in the market, as stated perfectly by Savardi (2005), “in today’s economy, if your business isn’t learning, then you’re going to fall behind.” Organizations should invest resources into providing employees opportunities to expand their knowledge in a variety of areas, both related to and not related to their current roles. Ultimately, “employees are the ones that produce, refine, protect, deliver, and manage your products or services every day, year in, year out,” and in today’s ever-changing economy, “continual learning is critical to your business’s continued success” (Savardi, 2005).
  11. 11. THE FUTURE OF TALENT MANAGEMENT 11 Despite the fact that many employers still view training as an expense, statistics indicate that organizations are increasing their investment in such training programs. According to the American Society for Training and Development, “in 2004, the average annual training expenditure per employee was $955, which is an increase of $135 per employee from the previous year” (Brum, 2007, p.1). In addition, “the number of formal learning hours per employee also rose from 26 hours in 2003, to 32 hours in 2004” (Brum, 2007, p.1). Evidently, organizations are facing reality, understanding that in today’s constantly changing work environments, “it is typically the companies with the best trained employees that adapt and adjust most efficiently” (Brum, 2007, p. 7). Although many organizations have shown increasing levels of investment in employee-learning opportunities, there still exist opponents of the practice, insisting that training negatively impacts employers. Not only do they believe that training negatively affects employers financially, but they also believe that employee-learning opportunities lead to increased levels of turnover. The idea behind this thought process is that once employees have been trained and develop new skills, they are likely to leave the organization with their enhanced competencies. As Brum (2007) states, “a company loses all of its investment should an employee terminate the relationship upon completion of training” (p.1). Given that many resources are invested in the training of individuals, the goal, for employers, is to increase the commitment levels of employees upon completion of the training, so that they choose to remain working within the organization. As Brum (2007)
  12. 12. THE FUTURE OF TALENT MANAGEMENT 12 argues, “when organizations seek to foster a philosophy of commitment, then the likelihood of an employee searching for employment elsewhere is lowered” (p. 2). Brum continues his argument, stating that many employees see employee-learning opportunities as “gifts”, and that these “gifts” then often cause employees to, “exert more effort, become more productive, and have a greater sense of debt to the organization” (p.4). Other benefits of these training programs include an increase in worker output and productivity, and for the employee, this often translates into career advancement opportunities and increased wages. In essence, when organizations help employees, employees usually want to help their organizations in return. Employees that participated in training programs, “viewed the organization as being more supportive, looked at the company more favorably, and had less of an intent to quit” (Brum, 2007, p. 8). The investment in training proved to increase employee commitment, reduce turnover, and improve employee performance, as employees who participated in training “were shown to seek more job upgrades, receive more performance awards, and have better job attendance than those that did not attend training” (Brum, 2007, p. 6). Career Development To continue the battle against turnover,employers have begun to recognize the importance of career development programs within their organizations. These programs fundamentally empower employees to work towards their individual career goals, while
  13. 13. THE FUTURE OF TALENT MANAGEMENT 13 continuing to work productively for their current employer. Based on reports of organizations with such programs in place, employers that support career development opportunities for their employees, “claim they retain a greater number of employees”, which positively impacts the overall efficiency of the organization (Merchant, 1996, p 1). However, in order for career development programs to be successful, employers must assist employees in matching employee needs with the needs of the organization. As the management of careers was once the sole responsibility of employees, organizations have now assumed a more active role in developing their talent, forming cooperative and collaborative relationships between employers and their staff. This collaboration between employers and employees suggests that the notion of career development is no longer solely associated with the idea of climbing a vertical ladder of success. Instead, career development entails the creation of a specific organizational culture, one “that fosters growth, challenges, and job enrichment” (Merchant, 1996, p.12). While employees are ultimately responsible for taking ownership of their individual development, employers are able to provide several necessary resources that help facilitate the career development process. Although this process requires further investment of organizational resources, it is beneficial to employers, as the goal of career development “is not about getting ahead, but rather about getting to be the best an individual can be and finding a place in an organization where they can express excellence and contribute to the goals of the organization” (Merchant, 1996, p.1).
  14. 14. THE FUTURE OF TALENT MANAGEMENT 14 Now that the goal has been established, how do employees find those roles that allow them to express excellence? To help address this issue, many organizations have employed the use of Career Counselors. Career Counselors not only assist in identifying high-potential talent, but also work with employees on a one-to-one basis, to assist in identifying realistic career opportunities. As Merchant (1996) states, “the objective of career counseling is to assist employees in exploiting their strengths and potential and avoiding mismatches between individual aspirations, capabilities, and organizational opportunities” (p.9). Many would argue that if successful, the use of Career Counselors to assist with Career Development, results in higher levels of job satisfaction and employee engagement within organizations. According to research conducted by Right Management, a correlation was found, “between employees’ perception of being able to progress towards career goals, and overall engagement” (Right Management, 2009, p.3). Employees were asked to respond to the following question: I know how to progress in my organization. Figure 2 below depicts the percentage of employees with favorable, neutral, and unfavorable responses.
  15. 15. THE FUTURE OF TALENT MANAGEMENT 15 Of those who reported favorable and unfavorable responses, the difference amongst the two groups in regards to employee engagement was significant. Figure 3 below demonstrates the level of engagement of the two groups, indicating clearly that those employees who know how to progress in their organizations, present far greater levels of engagement (Right Management, 2009). The results of Right Management’s research serve to encourage career development, arguing “when employees have a viable career development plan, they are more likely to find and select new roles most appropriate to their skills and talents and to readjust quickly after significant organizational change” (Right Management, 2009, p. 3). During times of extreme change and uncertainty, that is exactly what organizations need their employees to do. Over time, career development programs will help reduce the loss of intellectual capital, as well as the cost of hiring and training new employees. As Right
  16. 16. THE FUTURE OF TALENT MANAGEMENT 16 Management (2009) reports, “when employees experienced a favorable climate for career growth, it had a significant impact on retention” (p. 5). The employees, however, cannot pursue career development without the help of their superiors. As Right Management (2009) states, “senior leaders have to make career development a priority” (p. 8). Without the support of administration and senior leaders, organizations will fail to provide career development opportunities for their staff. Extensive coaching, mentoring, training, stretch projects, and shadowing are required if employees desire to reach their career goals, and employees are not alone in the need for training. Right Management (2009) emphasizes the importance of providing line managers with career development training, arguing that they need to possess “the tools and skills for supporting career development” (p. 8). Although a complex and robust concept, career development will continue to play a vital role in organizations. To compete in the market, employers will need their employees to perform at their optimal capacity, and “by taking steps to align employee and organizational goals, companies can ensure they’ll be in top competitive form, able to meet- and exceed- the demands of today’s difficult marketplace” (Right Management, 2009, p. 10). By making a conscious effort to create an environment where employees feel safe to discuss their career aspirations with their employers, organizations will succeed in building a talent pool that is “able to meet current and future needs” (Right Management, 2009, p. 1).
  17. 17. THE FUTURE OF TALENT MANAGEMENT 17 Internal Mobility In order to support fundamental components of career development, organizations must understand the importance of internal mobility opportunities for employees. As stated by Manpower Group (2011), “in the Human Age, talent mobility- moving people to where the work is- must be one component of a coordinated public-private response to the talent mismatch” (p. 2). This movement of employees, however, does not necessarily require employees to relocate to other organizations. By presenting employees with opportunities to move within the organization, employers can position themselves favorably against the negative costs of turnover. But does internal mobility really work? According to reports by Oracle (2012), “studies have revealed a significant relationship between internal mobility and corporate performance” (p.1). In addition, “research conducted over the course of a decade found that the top 10 percent of companies with high-performance work systems had four times the amount of sales per employee,” and “remarkably, these companies filled more than 60 percent of jobs from within” (p.1). Given these findings, the implementation of internal mobility opportunities for employees are certainly worth exploring. Through the existence ofcomprehensive internal mobility programs, “companies can leverage their employee base to achieve corporate goals, shifting resources where they’re most suited” (p. 2).
  18. 18. THE FUTURE OF TALENT MANAGEMENT 18 Perhaps one of the most often reported frustrations of high-performing employees is stagnant career growth. High-performing employees are actively seeking opportunities to learn new skills and are looking to use their talents to better their organizations. As Oracle (2012) warns, without internal mobility opportunities, “top talent will be more likely to disengage or depart. After all, if they can’t see a career path within the organization, or they realize that other employees are being promoted or recruited without the skills and competencies to do the job, your top talent will likely go elsewhere” (p.2). As mentioned previously, employers cannot afford to lose top talent. Not only does the lack of internal mobility affect employees, but it affects potential business growth as well. As reported by Oracle (2012), “if leadership pipelines are clogged with employees lacking the appropriate mix of skills and experience to step into pivotal roles, business growth will suffer” (p. 2). For this reason, employers need to actively monitor their talent pool and develop succession plans as well as a better understanding of high-performing employees. Once identified, those high-performing employees should be counseled, and the ability to move within the organization should be highlighted. These high-performers are the employees that organizations should seek to cultivate, and sometimes, in order for employees to challenge themselves and expand their competencies, they need the opportunity to transition into different roles throughout their careers. This ability to move with the organization should be supported by senior management, and should be instilled in the company’s culture, as “companies that support successful internal mobility
  19. 19. THE FUTURE OF TALENT MANAGEMENT 19 programs demonstrate a commitment to their employees- showing workers that they’re viewed as a valuable talent pool worth cultivating over the long-term.” (Oracle, 2012, p.13). Organizations can use annual performance reviews to discuss internal mobility opportunities with employees. Through this method, top performers canbe identified by their leaders, and talent profiles, which, “ describe employee skills, abilities, experience, and performance” (Oracle, 2012, p.7), can be created. These talent profiles may ultimately prove to be vital to an organization’s success in the future. As Oracle (2012) reports, “talent profiles maintained in an employee database may also be used for skills gap analysis and targeted learning and development” (p. 7). As technology has allowed organizations the ability to gather and retrieve personnel data, essentially creating a skills inventory, “an organization can mine a transparent internal labor pool and profit from a clear understanding of the human capital it controls” (Oracle, 2012, p. 7). The desire to move within an organization is one that employees will increasingly experience in the future. No longer are careers perceived to be linear, instead, they are considered, “a process of development of the employee along a path of experience and jobs in one or more organizations” (Baruch, 2003, p.59). Rather than solely being perceived as means of generating income, modern careers are being defined as a “source of identity, creativity, life challenge, as well as status and access to social networking” (Baruch, 2003, p.9). Throughout the next few years, the trend of flatter organizations will prevail, and organizations will need to embrace this new view of
  20. 20. THE FUTURE OF TALENT MANAGEMENT 20 careers. As a society, we’re moving away from the ideas of hierarchy andcareer ladders, and instead, moving towards a new system, known as the career “lattice” (Deloitte, 2012). In the past, career success was determined by an employee’s rate of upward mobility. Today, however, the very nature of careers has changed. Careers have become much more flexible, offering “a variety of options” and “many possible directions of development” (Brauch, 2003, p. 61). For this reason, internal mobility will become increasingly important, as employees seek new roles within their respective organizations. As stated by Baruch (2003), this multi-directional career model “takes into account the full scale of landscapes. You can choose. You can climb the mountain, you can opt for another mountain, take some hills instead, wander along the plains- a variety of options is accepted” (p. 61). What’s Next? As employees continue to demand more from their every-day work experiences, organizations that embrace this new work structure will prosper, as they will possess the ability to attract and retain top talent. As reported by Deloitte (2010), “talented workers join companies and stay there because they believe they’ll learn faster and better than they would at other employers” (p. 16). For this reason, comprehensive talent management strategies will set high-performing organizations apart from their
  21. 21. THE FUTURE OF TALENT MANAGEMENT 21 competitors, as employees will increasingly seek out employee learning, career development, and internal mobility opportunities. It is evident that organizations will need to invest significant resources in order to adapt to this new structure of work. Baruch (2003) suggests that employers should focus on developing “a variety of multidirectional career paths based on flexibility, offering alternative work arrangements, and work/family policies” (p.67). As employees look to gain “employability” rather than “secure employment” (Baruch, 2003, p. 62), organizations will need to allocate resources to provide better educational opportunities for current and future talent pools. Baruch (2003) argues, “employers can no longer provide secure jobs- instead, they can help employees improve their competence and ability to acquire employment” (p. 62). Through the provision of employee learning, career development, and internal mobility opportunities, this goal can be achieved. As stated by Deloitte (2010), “the ladder is splintering” and “the corporate lattice is emerging” (p.2). Organizations, both private and public, will now be tasked with the construction of new talent management strategies, and these strategies ultimately decide their fate in the new market.
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  23. 23. THE FUTURE OF TALENT MANAGEMENT 23 Manpower Group (2011). Moving People to Work: Leveraging Talent Mobility to Address the Talent Mismatch in the Human Age. Retrieved from: http://www.manpowergroup.com/wps/wcm/connect/5ddaa5e1-89e4-4b43-821b- e5e420f77c84/Moving-People-to-Work-Leveraging-Talent- Mobility.pdf?MOD=AJPERES Merchant, R. (1996). The Role of Career Development in Improving Organizational Effectiveness and Employee Development. Retrieved from: http://www.fdle.state.fl.us/Content/getdoc/f486fb86-6af0-4f0f-8c5b- 0efc1bac4bc3/Merchant.aspx Oracle (2012). Talent Mobility. Retrieved from: http://www.oracle.com/us/media1/talent-mobility-wp-1676685.pdf Pink, D. (2005). A Whole New Mind. New York, NY: Penguin Group. PWC (2012). Talent Mobility 2020 and Beyond. Retrieved from: http://www.pwc.com/en_GX/gx/managing-tomorrows-people/future-of- work/pdf/pwc-talent-mobility-2020.pdf Right Management (2009).Career Development- Increase the Strength of your Workforce. Retrieved from:
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