Global Talent Management and Programs †Free Samples to Students

Question: Discuss about the Global Talent Management and Programs. Answer: Introduction Currently the human resource departments of the business organizations are going thrugh a process of change as in contemporary times the business concerns are facing various challenges that are complex and new in nature and somehow exploit opportunities. This metamorphosis of human resource department can be looked at as a direct call of the frequent changes within the business sector because of the factors like globalization (Parakandi and Behery 2016). It is seen that due to globalization the worldwide competition within the shorter and connected world, and the decision making processes within the organization is becoming more convoluted and intricate. The globalized world had helped to widen the pool of talent for effective and marginal employees and also for fluid and permanent workers (Mockaitis, Zander and De Cieri 2018). It can be said that a business concerns talent can effectively become a source for a sustainable competitive advantage and may affect vital outcomes of the bu siness organizations; such as profitability, satisfaction level of the clients and the overall performance of the workforce of the company (Parakandi and Behery 2016). Thus in the changed and globalized world, the human resources department of the business organizations should take the advantage of data analytics and latest technology to build a human resource information system that is globalized and collects data from numerous sources. This particular system would help analyzing the collected data in order to provide the business leaders and the managements a powerful insight, ability to develop strategies for future and also the capability to predict the future requirements of the business organization (Hughes and Byrd 2017). The purpose of this essay is to highlight that how due to globalization and technological revolution; human resource management is facing troubles and what are they expecting to change in coming two decades in the business sector. It is seen that the pool of talented workforce is gradually developing and is predicting to grow significantly in the coming years due to increased opportunities to get education in developed nations (Mockaitis, Zander and De Cieri 2018). Apart from that, the requirement for talent is predicted to grow more in near future. Based on a survey it is seen that World Economic Forum stated that the vast talent gaps between the demand and supply of effective workforce will appear within the year of 2020. This increasing demand is taking place not only in the developed first world countries but in the developing nations too as they are aiming to develop their countries by all means (Kumar 2014). The human resource officials of multinational business organizations operating in the emerging markets of countries like Hungary, China, India and Malaysia are seen to have stated that the professionals pursuing in engineering and positions in general management are prone to exhibit a range of variat ion in sustainability (Hughes and Byrd 2017). It is seen that in todays world merely 20 percent of the university graduates who have studied in developing nations have the capability to work in multinational organizations because of their lack of cultural fit, lack of language skills and low quality education system (Mockaitis, Zander and De Cieri 2018). Also, it is a matter of fact that only a smaller portion of these individuals seeks to relocate or have the capability to seek to relocate to other countries for employment purpose (Kerzner and Kerzner 2017). This exposes the HR professionals towards a threat and that is to be able to manage a workforce that is diverse in language and culture skills and are scattered in numerous nations (Parakandi and Behery 2016). It invokes a critical situation as where the business organizations does not get familiarized with the domestic ways or methods of running operations and realizes the requirements of the domestic consumers and developing a global mentality for the employees (Ahmad, Tariq and Hussain 2015). The multinational business organizations being in the middle of the globalization surely requires to understand the fact that they should learn to integrate value system that is diverse and espouse shared global work values in order to create an ideal environment where the employees have the ability to coordinate and communicate their activities to attain shared targets or goals (Kumar 2014). In this regard, it should be mentioned that human resource department should play a new role and take up responsibilities to lead the business organization in adverse times when globalization brings in various challenges for the business sector (Brewster et al. 2016). Thus, it can be said that the two possible challenges that the human resource departments can face due to globalization are inadequacy of talented workers in the emerging countries and significant availability of low cost labor in the countries that are developing (Hughes and Byrd 2017). To address the initial issue that the human resource department is facing in contemporary times, it can be said that, in spite of the recent downturn in economy and worldwide unemployment (Mockaitis, Zander and De Cieri 2018). The majority of the develop nations like United States of America, Japan and Germany will have to face a long term shortage in the talent pool because of the retirement of baby boomers and ageing. Each year there are significant amount of employees are retiring and the existing talent pool is unable to replenish the gap in the workforce (Kerzner and Kerzner 2017). It is predicted that by the year of 2020, when five employees will retire, the existing talent pool will be able to fill the gap of only four employees if not lesser than that and this statistic makes the situation concerning for the human resource officials (Parakandi and Behery 2016). In accordance with a survey it is seen that the United States will be needing more than 25 millions of employees by the year of 2030 in order to fill the gaps in their workforce in order to sustain the economic growth o the country unless and until a significant technological boost is seen (Brewster et al. 2016). On the other hand the requirement of Europe will be somewhat like 46 millions of employees and that is somewhat unattainable figure in the contemporary times. It is seen that the inadequacy of the workers in business sectors are predicted across various industries and that includes construction, manufacturing, trade, transport and many more (Al Ariss 2014). In recent times, it is seen that in the developing nations the availability of cheap labor is immense and some of those countries are China, India, Brazil, Russia; and in those countries the big MNCs try to outsource their jobs and get the job done in a very cheap price (Ahmad, Tariq and Hussain 2015). The global growth of population varies immensely between the developing and the developed countries and in the developed nations; the growth rate is approximately 0.3 percent where as in the developing nations the rate becomes six times than the growth rate of the developed nations (Hughes and Byrd 2017). From surveys it is seen that currently there are more than 33 millions of employees are there in the talent pool of the emerging markets and the amount is growing rapidly (Mockaitis, Zander and De Cieri 2018). It is a matter of fact that the reserve of professional talent in the developing nations are increasing by almost 6 % yearly where as on the other hand the growth in the reserve of talent pool in developed countries is mere 1 % annually (Brewster et al. 2016). The problem in this context is that despite having a large amount of reserve talent the human resource department of the big MNC s are unable to recruit them because of the lack of language skills, poor educational quality in the developing nations and lesser cultural intelligence of the candidates (Parakandi and Behery 2016). This section of this essay emphasizes on the roles and responsibilities of the human resource department in the current scenario. Previously the function of HRM was seen as an administrative overhead and a cost centre (Al Ariss 2014). Back then the HR department used to focus on the short term gains for the organizations and they emphasized on the administrative efficiency and compliance activities. The HR professionals back then used to have a tendency to expense investments in the talent intangibles rather capitalizing and raising short-term earnings by lowering the discretionary expenses on the development of people (Brewster et al. 2016). Those tendencies definitely helped them to achieve short-term targets but invoked various long-term problems after the initial intentions were attained at the cost of the productivity of the employees (Mockaitis, Zander and De Cieri 2018). Thus, in the present scenario the HR professionals should focus on the long term objectives of the business organizations they work for and they should not only focus on the internal issues regarding human resources (Kerzner and Kerzner 2017). The modern human resources department thus should take a broader and balanced approach towards the situation. Strategic business partner, change agent, employee champion and administration expert should be the area of focus for the HR department (Kumar 2014). Strategic business partner and change agent functions are regarding helping and leading to formulate the overall strategy of the company and aligning those with the activities of human resources (Al Ariss 2014). Unless and until the strategy of HR is formulated and is implemented in the operations of the business there will be a risk factor for the company (Parakandi and Behery 2016). As an employee of the organization advocate and sponsor, the HR professional can play an important role fo r the success of the business organization via his or her knowledge regarding the advocacy of people. This incorporates expertise in creating a suitable work environment for the employees will be motivated enough to ensure working with their full potential (Ahmad, Tariq and Hussain 2015). This is because when the workforce is motivated they will do the best for the company to satisfy the goals set by the management. The HR professionals are considered the champion of globalization and they help to grow a global mindset in the employees of the organization (Mockaitis, Zander and De Cieri 2018). When the workforce has a global mindset that implies the acknowledgment of the benefits, the whole organization can enjoy by valuing and encouraging the cultural diversity in the workforce (Kerzner and Kerzner 2017). The globalization is influencing the low cost labor and the high technology (Al Ariss 2014). Thus, it can be said that the role of human resource department should be implementing necessary organizational strategies with caution. Conclusion Thus to conclude, it can be said that globalization is driven by various factors and the most important of those factors are shortage in the talent pool, increasing low cost labor and immense technological progress. In spite of the current down turn in the job market it is seen that due to these factors within a time span of 10 years, developed countries like America, Germany and Japan will experience immense shortage of labor due to various factors mentioned above. Thus the shrinkage in the workforce would not be possible to compensate and there lies the importance of changing the perception of the HR professionals to a much global and wider approach. Nowadays only the HR departments of the big MNCs are trying to modify their mode of operations but eventually the department of HR of all the business organizations would have to change their outlook and act according to the increasing need of the job market. thus the HR professionals should assemble and maintain a database on some fac tors like attrition, employees, hiring, compensations and benefits, cultural and nationality distribution, ethnicity, gender and many more and then load the database in data marts and warehouses for the best interest for the organizations they work for. References and bibliography Ahmad, N., Tariq, M.S. and Hussain, A., 2015. Human resource practices and employee retention, evidences from banking sector of Pakistan.Journal of business and management research,7, pp.186-188. Al Ariss, A., 2014. Global talent management: An introduction and a review. InGlobal Talent Management(pp. 3-13). Springer, Cham. 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