Qualification - Pearson BTEC Level 5 Higher Nationals Diploma in Business
Unit Name - Role of Talent Management Framework
Unit Number - Unit 11
Assignment Title - Research Project
Learning Outcome 1: Understanding the meaning and nature of TM from the perspective of management
Learning Outcome 2: The role and significance of TM in international operations
Learning Outcome 3: The process of managing talent
Learning Outcome 4: Understanding TM as a potential way of developing human capitalThe role of talent management
frameworks and future implications
within Hong Kong trading industry
Executive Summary (Add or amend)
Talent management is a very important dimension for any organization, this study also discusses the purpose, objectives, and approach of the problem in order to conduct this research, as well as the importance of talent management and its impact on the company's income. The talent management model shows different elements of the whole process and also shows that talent management is a cyclical process. There are several strategies and each strategy has its own advantages and disadvantages. The effectiveness of the research topic was demonstrated with the help of a literature search, and a suitable method for completing the research was pursued, in which the research philosophy of positivism, the deductive approach, the descriptive design, the collection of primary and secondary data. , and both qualitative and quantitative data analyzes were used. In addition, appropriate ethical considerations for conducting the research were maintained. Based on the data collected from primary and secondary data, appropriate analysis and recommendations have been included to improve the standard of talent management strategy in organizations and the management of successful business projects
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Introduction on Talent Management and Working Generations
Section One: The role of talent management frameworks and future implications within Hong Kong trading industry
The researcheris working as a business consultant for a consultancy company Boston Consulting Limited. The researcher has been approached by a business organization to conduct research into a key area of business and has been provided with a theme which will be the focus of the research. The organization has left it to the researcher to decide what would be appropriate to investigate in this area of business and for her to choose the research topic. The researchernow uses the Pearson-set theme in the research - Talent Management.
Introduction
This chapter gives an overview of the project, which focuses on the conceptualization and operationalization of talent management (TM) within the context of the Hong Kong trading industry. Out of this investigation, the notion of expectations unexpectedly emerged as an important theme which links concepts of talent and TM both in talent retention and development.
An explanation of the researcher's motivation to study TM is given in Section 1.1. followed by the aims and objectives of the research in other sections.
1.1 The Motivation for studying talent management
The Hong Kong economy is externally oriented and highly dependent on trade with the rest of the world.As for Hong Kong's trade in services, total trade in services amounted to HK$1,411.1 billion (US$180.1 billion) or about 49% of GDP in 2019. As seem, trading industry is an important economic element of Hong Kong and therefore the researcher choice this industry as research target. Scenario planning technique is the most significant tools which helped the researcher to see business plans beyond the short-term. The researcher was interested in how scenario mapping could help in projecting the supply and demand for human capital in the 21st century organization.
Using scenario mapping, the supply and demand for labour emerged as one of the critical challenges that organizations and particularly those in the developed nations will face in the near future. In this regard, there was at the same time ample evidence in the literature to show that most developed countries were affected by the issue of the aging population and that this situation was likely to pose considerable challenges on the supply of the labour force with the needed skills.
The following section gives the research background which includes an outline of aims and objectives.
1.2 Research rationale
The McKinsey consultants' report in 1998, War for talent which was later published as a book by Michaels et al, (2001) drew the attention of TM especially among consultants, academics and professional bodies such as the Chartered Institute of Personnel and Development (CIPD) in the United Kingdom (UK). As a consequence several researchers and professionals even regard TM as the most critical HR challenge that corporations will face in the coming decades (see for example: Boston Consulting Group, 2007; Deloitte, 2008; Frank et al., 2004; Tansley et al, 2007). Equally, most surveys about TM show that at least 75% of senior managers acknowledgethat it is either the most or the second most important issue to be faced by their organizations in the future (see CIPD, 2006a; Deloitte, 2008; Veredus, 2006; Williamson, 2004).
Indeed in today's labour market, characterised by the increase in international labour mobility, shifting demographics, globalization, an aging workforce, a reduced product lifecycle and technological advancements, the significance of TM in international operations cannot be over-emphasized. Under the imperatives of globalization, internationally operating firms are finding it increasingly important to identify, source and utilise talented employees from a multiplicity of business cultures. As noted by McDonnell et al. (2010, p.150), TM is arguably of greater significance among multinational enterprises (MNEs). Therefore, TM presents a means of developing and engaging talented employees (Scullion and Collings, 2006) who are capable of making a considerable difference within organizations, both domestically and internationally.
Four main reasons can be advanced in the extant literature as to why TM is of special significance in internationally operating firms. Firstly, the skill-set required to operate in the global business environment is more sophisticated and demanding than that required in a national context. A study conducted by Guthridge and Komm (2008, p.2) shows that "managing talent in a global organization is more complex and demanding than it is in a national business". Thus the ever-increasing complexity and uncertainty in which multinational corporations (MNCs) operate is said to create a unique set of organizational, co-ordination and managerial issues (Morley and Collings, 2004). This is primarily because international business operations are conducted in different countries and employ workers from different national backgrounds (Morgan, 1986, p.44, in Scullion, 1994; Scullion and Linehan, 2005). As a result, TM presents a means of building the necessary skill-set required by international firms to maintain their competitiveness.
In addition, changes in the international business environment, such as international alliances, cross-border mergers and acquisitions demand a more sophisticated skill-set from the employees of firms operating internationally. In this respect, Scullion and Collings (2006), note that there is a growing recognition that the success of international alliances depends most significantly on the quality of management in the combined venture and on learning. The rapid growth in these international joint ventures and cross-border mergers and acquisitions, combined with that of emerging markets and, inparticular the emergence of India and China as global players in the international business environment, have led to an increased demand for talented individuals with the competence required to operate in the global environment (Collings et al., 2007; Schuler et al., 2004). Therefore identifying, developing and retaining skilled employees becomes crucial in order for international firms to compete favourably in different markets at home and abroad.
Secondly, talent itself has become more mobile and organizations are therefore having to coordinate the way they manage it on a global basis? (Brewster et al., 2007, p.309). There is increased mobility of migrants, which also augments the internationalization of professions and professional labour markets (Iredale, 2001). The result is a complex network of culturally diverse workforces and labour markets (Bachmann, 2006). In this regard, Burke and Ng (2006) contend that organizations need to attract and recruit a progressively diverse pool of employees as regards gender, race and nationality as a means of survival in an increasingly competitive global market place.
A considerable number of multinationals and new international players are said to operate under a double standard with respect to workforces in the developed and developing world (Brannen, 2007; Chaisson and Schweyer, 2004). Brannen (2007) in particular observes that workforces in the developing world are often treated as commodities, as is evident in the growing practice of offshore outsourcing to third-party management. Thousands of the employees and in particular those in the developing world are not classed as talented. Brannen (2007) notes that, as the developing countries (for example Brazil, India and China) begin to take their places as economic lead markets, and as immigrant workers from these developing countries take their places in workforces in first-world economies, such double standards will no longer be tolerated. This state of affairs may well pose challenges for international organizations as regards the way they manage their talent. Specifically, as Brannen continues, multinationals will be held more accountable for global uniformity in their Human resource management (HRM) practices.
Thirdly, the effective management of human resources is progressively recognised as a major determinant of success or failure in international business (Scullion and Collings, 2006; Stroh and Caligiuri, 1998). Indeed the costs of failure in the global business environment are potentially higher than in domestic operations (Dowling et al., 2008).This makes it imperative for internationally operating businesses to engage in TMinitiatives so as to enable them to identify and develop high-potential employees who are capable of sustaining their international operations with less risk of failure.
Business survival depends on speed and continuous self-renewal of knowledge, and developing talent is central to the operations of companies in general (Stahl et al., 2007) and in particular to those of MNCs. Undeniably, recognising the impact of a complex economy that demands more sophisticated talent, new expertise at all levels of the organization and fundamental changes in how companies respond to the imperatives of new technology and globalization, all of which pose major challenges to the effective management of talent (Cappelli, 2005; Stahl et al., 2007).
Fourthly, TM in international operations is seen as a means of providing a degree of consistency for the firms? people management practices (Brewster et al. 2007). Brewster et al. further note that a strong corporate culture can make the use of TM approaches and harmonisedcompany?s activities easier across country borders. TM provides a means of bringing uniformity to the approaches used to manage high-potential employees dispersed around the world. Scullion and Collings (2006) note that numerous TM systems have an underlying focus on a series of core values that are strongly reflective of corporate values and even the wider industry culture, and therefore more easily perceived as universal. For example, companies with a strong value of equality may reflect this in their TM policies by using a transparent and inclusive approach to managing talented employees.
Although TM is important in the operations of international organizations, most scholarly writing, even that of professional bodies such as the CIPD in the UK, tend to focus strongly on national contexts (for example, Bhasin and Cheng, 2002; CIPD, 2006a, 2006b; Holland et al., 2007; McDonnell et al., 2009; Michaels et al., 2001; Tansley et al., 2007; Veredus, 2006) without much consideration for international dimensions. Comparative studies are limited and existing research on global TM is even said to be largely based on anecdotal information (McDonnell et al., 2010; Tarique and Schuler, 2010) and to have a number of theoretical deficiencies (Tarique and Schuler, 2010). This was the key starting point for this project leading to an exploratory study of TM practices in European internationally operating companies.
However, because TM is a people management process embedded in human resource management (HRM), it was deemed necessary to contextualise the literature review within this body of knowledge. A review of literature on international HRM reveals three different approaches (Dowling et al., 1999,p.2):
i. Earlier studies examining human behaviour in organizations with an international perspective, which emphasise a cross-cultural approach;
ii. Studies that seek to describe, compare and analyse HRM in different countries; and
iii. Studies that concentrates on aspects of HRM in multinational countries.
The present study falls in the third category because it focuses on TM as a people management practice within international organizations.
It was established that TM as an area of study has been inhibited by difficulties regarding (a) conceptual clarity (see CIPD, 2006a, 2006b; Hughes and Rog, 2008; Lewis and Heckerman, 2006; McDonnell et al., 2010; Tansley et al., 2007) and (b) issues concerning the origin of the very word talent (Holden and Tansley, 2007). Although TM has been given substantial attention, it appears that organizations are less proficient than they could be in managing talent (Boston Consulting Group, 2007). The Economist (2006a, p.4) contends that „companies do not even know how to define "talent" let alone how to manage it?. In effect, recent research shows that there are relatively few organizations who manage their talent in a coordinated and effective way (Cheese et al., 2008; Scullion and Collings, 2006; Sparrow et al., 2004). In the light of these limitations and uncertainties there are strong grounds for a study which can break away from these constraints on TM both as a management practice and subset of HRM as a practice.
1.3 Research aims and objectives
Following a review of the literature, four main themes were identified:
1. Understanding the meaning and nature of TM from the perspective of management
2. The role and significance of TM in international operations
3. The process of managing talent
4. Understanding TM as a potential way of developing human capital
Section Two: Reasons for choosing this research project
Reasons for choosing the project (e.g. links to other subjects you are studying, personal interest, future plans, knowledge/skills you want to improve, why the topic is important)
CHAPTER 2 Literature Review
2.0 Chapter overview
This chapter reviews the literature on TM and is divided into three parts.Section 2.1 is a conceptual analysis of talent and TM, which attempts to address the first and second objectives of this study through the review of pertinent literature. To address the first objective, reference will be made to literature from the fields of sport, education and the corporate world. The analysis of the concept of TM will then follow. Thus, Section 2.1 seeks to discuss and critically analyse the definitions of talent and TM in order to bring together strands of knowledge that have developed in isolation. The conceptual analysis will arguably present a much broader and more comprehensive foundation for advancing TM as an important field in management sciences.
retaining talent. This is a significant part of this research, as it brings out issues about managing talent which are common to both domestic and international organizations. As observed by Collings and Scullion (2007, pp.223-224), given the growing recognition of the significance of staffing arrangements in ensuring the success of global enterprises, one might expect to find sophisticated global TM systems in many multinational enterprises. But, empirical evidence suggests that in practice talent markets within multinational corporations (MNCs) operate on a national or regional basis (Butler et al., 2006; Harris et al., 2003).
As the current research focuses on internationally operating organizations. This part also explores factors that might impact on TM as an international practice from the convergence and divergence perspectives. A summary of the chapter will then follow. Potential gaps in the area of international TM will be presented, highlighting key areas for exploration in the presentresearch.
2.1 Conceptual Analysis
2.1 What istalent? Conceptualanalysis
The purpose of this section is to explore (a) the term talent and (b) the concept of TM, as the central focus of the present study. In this context two important questions are addressed:"what is talent? and what is TM?". The CIPD (2006c) raises the challenge that HR professionals and their clients need to understand how they define talent and who they regard as talented in their organizations. Therefore, for this study, definitions of talent and TM are of considerable importance.
2.1.1 An understanding of the term talent is essential and particularly „important where an organization is operating in the international domain, because clear definitions of such management terms in practice are vital for cross-cultural interpersonal sense-making and the shapingand implementation of strategiesfor organizational survival?(Holden andTansley, 2007). As noticed by Tranckle (2005) in his exploration of talent, research within this field does not always show a sufficient awareness of previous work. This lack of awareness of previous work defining talent has resulted in strands of knowledge developing in isolation (Heller et al., 2000; Tranckle, 2005). For example, the work of Gagné (2000a) and Abbott and Collings (2004) have covered substantial ground in defining talent in the fields of education and sport.
However, these sources of informationarerarelymentionedinthe"business?context,hence,adifferentapproachto understanding talent will be adopted in this research. Rather than focusing solely on the use of the word talent in business, an understanding will also be sought from the fields of sport and education. The analysis begins by addressing the common English usage of the termtalent".
2.1.2 Common English usage of the term‘talent'
There areseveral definitionsof the term „talent?; the following are taken from twoEnglishdictionaries:
endowment: natural abilities or qualities(Longman Dictionary of Contemporary English,2006)a special aptitude or faculty; high mental ability, a person or persons of talent(Concise Oxford Dictionary, 1990) a unit of currency in ancient Israel and Greece (Concise Oxford Dictionary, 1990)
historically speaking: the first refers to exceptional natural abilities and the second to a unitof currency. Talent as a natural ability implies that an individual's special aptitudeis genetically determined. However, this view is challenged by others who believe that an individual's interaction with his or her surrounding environment plays a greater role in determining the development of high mental ability in a particular field of human endeavor (see Abbott and Collins, 2004; Brown, 2002; Gagné, 2000a; Monks and Wagner, 2001). This divergence of opinion has led to the nature versus nurture debate entering into the understanding of the meaning of talent. Nevertheless, it would appear that talent, whether innate or not, is a special ability which is recognised by its conspicuousness. The history of the word talent may help in explaining the second meaning of the word as discussed below.
2.1.3 Brief etymology of the word ‘talent'
The motivation behind presenting this brief etymology is to develop a clearer understanding by distinguishing talent from "mere skill". According to Holden andTansley (2007a, p.2), etymologically speaking, the word "talent" is thousands of years old and lexicologists demonstrate that the term has varied greatly with time, people, and locality. The term talent has a long history with varied meanings. It started life as a unit of weight used by the Assyrians, Babylonians, Greek, Romans and other ancient peoples.
As noted by Holden and Tansley (2007), "the initial dictionary entry under the term "talent"refers to a denomination of weight".At alent became a monetary unit when value was attributed to one talent of silver (OED, 2006). Eventually, the word "talent"entered the English language through the Bible (Holden and Tansley, 2007, p.1). A parable is told in the gospel of St Matthew (Chapter 25, verse 14) of a man who, about to go on a journey, entrusts his property to his servants, giving each five talents, two and one respectively "according to his ability". The use of the phrase "giving each one according to hisability"may indicate that talents may be innate aswell asdemonstrable. The master in this parable plainly knew the ability of hisservants.
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Section Three: Literature sources searched
Use of key literature sources to support your research question, objective or hypothesis
Research Methodology
This chapter provides information on how the research will be conducted. In this research, the surveying method has been chosen to determine the role of talent management frameworks and future implications within Hong Kong trading industry. Furthermore, the sampling method will also be discussed during this chapter. In addition, this chapter will include the methods of date analysis.
Quantitative research method is recommended to generate statistics through the use of survey research and using method such as questionnaires.
Sampling Method
The research will use sampling method which is convenience sampling. Convenience sampling is a method used to select people from the population simply because of volunteering and easy accessible of the researcher. Since the research period is limited, probability sampling is not recommended. Another reason the convenience sampling is chosen is that the research budget is limited. However, the drawbacks of this method might cause problems such as not able to reflect everyone's opinion and bias from the respondent.
Measurement Procedures
Here the research used the sample size of 110respondents. The respondents are the employees of trading company. In order to conduct the study, the researcher utilizes the sampling method. After selection of research samples, the researcher distributed questionnaire among them and collect feedback from them. After the collect of required feedbacks, the research conducts further analysis to interpret the role of talent management frameworks and future implications within Hong Kong trading industry.
Pilot test
Before the questions are uploaded to Google forms, the researchers took almost a week to design the questionnaire which is from 15 Sept 2021 to 21 Sept 2021 and conducted a pilot test which last for two days. The reason that a pilot test is because it offers a chance to collect feedbacks from a group of people (sales of the shop) to correct the questionnaire, such as rephrasing the sentence and changing questions. Those changes could help the researcher to avoid survey bias.
The questionnaires were constructed though the use of Google forms, an online instrument that can be used to design questionnaire and collecting feedback from the respondents. Such methods are the most efficient way that can ensure high response rate and lower the cost of research. While designing the questionnaire, it is important that to start with easy to answer questions. Some of the respondents might be anxious about answering sensitive questions (e.g. income), for this respondents might be anxious about put at the last part of the questioner so that respondents individually through the use of social media (as mentioned).
The questionnaire consists of 22 close-ended questions which the respondents are required to fill in order to examine the role of talent management frameworks and future implications within Hong Kong trading industry. Since most of the respondents have a close relationship with the researcher, it can ensure the response rate and validity of the data collected from them.
Types of closed-ended questions:
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Description
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Purpose
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Dichotomous
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This is referring to questions that are offering two answer choices.
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The reason that dichotomous is included in the questionnaire is because there is a need to know if respondents understand the role of talent management
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Multiple choice
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This is referring to questions that offer three or more answers choice.
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By providing multiple choices questions to the respondents, the researcher is able to find out what isthe role of talent management
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Likert scale
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Generally, it is a statement which the responded will be asked the amount of agreement and disagreement.
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The respondentsdon't need to provide a concrete answer, yes or no. Such questions can make respondents comfortable to answer without having a stand on the topic. By asking this type of questions, the researcher is able to find out the extent of respondents preference about the role of talent management
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Description Purpose
Dichotomous This is referring to questions that are offering two answer choices. The reason that dichotomous is included in the questionnaire is because there is a need to know if respondents understand the role of talent management
Multiple choice This is referring to questions that offer three or more answers choice. By providing multiple choices questions to the respondents, the researcher is able to find out what isthe role of talent management
Likert scale Generally, it is a statement which the responded will be asked the amount of agreement and disagreement. The respondentsdon't need to provide a concrete answer, yes or no. Such questions can make respondents comfortable to answer without having a stand on the topic. By asking this type of questions, the researcher is able to find out the extent of respondents preference about the role of talent management
Pros of using questionnaire
The use of a questionnaire, therefore, is comparatively convenient and expensive. Meanwhile, it offers greater anonymity. As there is no face to face interaction between respondents and interviewer, this method provides greater anonymity. In some situation where sensitive questions are asked it helps to increase the likelihood of obtaining accurate information.
Cons of using questionnaire
For the cons of a questionnaire, application is limited to a study population that can read and write. Also, response rate is low and there is a self-selecting bias. Furthermore, opportunity to clarify issues is lacking.
Primary sources
At first, the researcher utilized the survey methods of primary data collection. The researcher performed a survey through the use of a questionnaire. Primary sources are referring to the fresh findings from the study where the raw data will be analyzed and presented in an appropriate format,(i.e.pie chart) In this Study, questionnaire are used as the primary source(or tools) of the research to generate statistical analysis. It helps the researcher in the collection of quantitative data to determine the role of talent management frameworks and future implications within Hong Kong trading industry.
Secondary sources
The researcher also prepared a literature review through the use of secondary research sources. The researcher uses books, magazines, and the findings of previous research scholars to prepare a literature review for the study. As a result, the researcher able to gain an in-depth knowledge of key facts.
CONCLUSIONS
Introduction
This final chapter of the thesis draws together the findings of the present research and summarises its contributions to the body of knowledge in the field of international TM.
Objectives of the research -revisited
This thesis was developed as an attempt to contribute to the development of the field of TM within the international context. As reviewed in Chapter 2, the field of TM, both as a practice and academic sub-discipline, lacks a strong conceptual base and is calling for more empirical research especially with respect to the international context. Thus the overarching aim of the thesis was to contribute to the development of TM by redressing the empirical and theoretical deficiency which has been a direct hindrance to development of the field. The starting point was a critical review of the literature on TM to identify key issues for closer exploration leading to the following objectives:
To establish how talent is defined inorganizations.
To establish how TM is defined inorganizations.
To explore how the management create a shared understanding of what they mean by talent and TM among the employees involved in thepractices.
To establish how talent is defined in organizations- the present research started with a review of literature on the use of the term talent from the fields of sport and education and the corporate world. The section concluded that (a) talent is domain-specific and (b) only a few individuals are talented. After all, if everyone were talented, there would be no need to either identify or develop the talent. It is thus argued that, the term talent is preferable because it signifies exemplary levels of skill and competence. Empirical evidence was also bears this out. Therefore, although in theory every employee makes a contribution of some kind, only a few of them make a considerably greater contribution in creating added competitive advantage for the business,).
To establish how TM is defined in organizations, the history of TM practices was reviewed followed by an examination of a collection of the definitions advanced by both academics and practitioners. Key themes were identified and the following conclusions were made. Although TM draws on some HR practices such as performance management, HR planning and training and development, TM presents a significantly different approach to managing high-potential individuals who are in leadership and other key functional jobs. Therefore, in order to make a departure from the egalitarian approach of HRM, it is argued in this thesis that TM should only focus on the talented individuals who have the potential to take up pivotal roles as well as to make a greater contribution to their organizations.
Given the definitional uncertainties in the literature, further questions emerged "what factors influence the definitions of the key terms (talent and TM)?"and how does the managementcreate a shared understanding of what they mean by talent and TM among the employees involved in the practices?in the light of the convergence and divergence perspective the factors identified as being influential in the way organizations define whom they regard as talented and what they mean by TM were found to be:
a. Industrycharacteristics
b. The markets in which the firmsoperate
c. The kinds of businessoperations
To explore how the management create a shared understanding of what they mean by talent and TM among the employees involved in the practices, the findings indicate that the management make limited efforts in establishing a common understanding of the objectives and meaning of the concepts of talent and TM between the management and employees involved in the practices. The lack of a shared awareness of the meaning of talent and TM leads to unintended expectations among employees involved in TM initiatives. This is because employees try to make their own interpretations of the managerial meaning of TM. Therefore, with respect to the overall aim. thenotion of expectations emerged as an issue of exceptionalsignificance.
The limitations of study
The limitations of a study are its shortcomings or flaws which could be the result of unavailability of resources, small sample size, data collection or method etc. This research took 100 peoples participates in the survey, each person gave individual results, but it does not mean that the same results belong to the whole population.
Reflect on the effectiveness of research methods
I am glad that I get an opportunity to perform an investigation over the topic of "The role of talent management frameworks and future implications within Hong Kong trading industry" which is a very interesting and knowledgeable area of study. With the help of this investigation,monilI become able to improve my research skills as I came to know about several tools and techniques that can be used to perform investigation effectively. These tools support in gathering, evaluating, analyzing and interpreting the information effectively to represent it in more reliable manner.
In addition to this I also become able to develop my knowledge regarding the ways in which talent management for entrepreneurs of trading company. But along with these benefits I have also faced some issues while conducting this investigation. The major challenges faced by me was the time as well as budget provide me for conducting this investigation was very limited which has affected by work also.
But I have tried my best to perform it effectively and presenting the information in more ethical and reliable manner. For this I have used questionnaire by Google Form for gathering information in which number of questions are being answered by responds which are employees of trading company. This in turn help in saving time as well as cost of research as interview take lot of time but on the other side questionnaire take less time as it can interact with large number of respondents at single time.