1.1 BACKGROUND TO THE STUDY
The world is suddenly faced with the need to make a sharp break from old habits and deliberately learn new ways of doing things. Technologies that were startling innovations yesterday, such as personal computers and phone-fax answering machines, are rapidly becoming low-margin commodities. As a result, productive and human know-how are becoming the competitive advantage a business has over its rivals. In the unfolding epoch, successful organizations will be those that hinge on the ability to attract, develop, retain, motivate, and lead a diverse array of appropriately skilled and talented workforce in an organization. The human factor drives everything (Imparato et al cited in Wurin, 2012).
The need for talent management at the place of work in today’s turbulent and dynamic business environment cannot be swept under the carpet. Talent management is seen as the conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organizational needs. Talent management is concerned with the recruitment, selection, identification, retention, management, and development of personnel considered having the potential for high performance (Stockley, 2007).
In recent years, however, observers have cited a decided trend toward fundamental assessments of human resources structures and positions. Obviously, no organization can achieve its fundamental objective without the concerted effort of sound talent management. In the views of Wheelock (2010) the present economic situation of the world has increased the importance of talent management and retention. She further adds that intellectual capital is always asset for any organization; therefore organizations like to invest in this asset.
Talent management in organizations is not just limited to attracting the best work force for the industry but it is a continuous process that involves sourcing, hiring, developing, retaining and promoting them while meeting the organization’ s objective simultaneously. Only hiring talented labour-force does not solve the problem but getting the things done from him is the main task. Therefore, it can be said that talent management is a full-fledged process that not only controls the entry of an employee but also his or her exit. Successful organizations evaluate the worth of every investment and talent management is no exception (Venkateswaran, 2012).
According to Ashton and Morton (2005) talent management is a function or responsibility of every manager or supervisor who has people (employees) under him, all of whom are working towards the achievement of desired goals.
1.2 STATEMENT OF THE PROBLEM
The current global business environment has become dynamic and there is a vital need for flexible, innovative and rational approach to the management of human capital, particularly with regard to the high talent professional employees. The assumption underpinning the practice of talent management in organizational theories is that people are the organization’s key resource, and organizational performance and productivity largely depends on them. If therefore, an appropriate range of talent management processes and policies are planned, developed and implemented effectively, employees’ productivity will make a substantial impact on firm performance. The realization of a productive human capital in both public and private organizations to a greater or lesser extent depends on how a diverse array of appropriately skilled people are attracted, developed, retained, motivated and led in the organization.
Even with the knowledge of the importance of talent management to organizational outcomes, many organisaions today in Nigeria hardly have their managerial tactical tools built around employees talent.
Despite the importance of providing adequate talent management in improving the performance of employee for effective organizational performance, most managers and executives do not understand how to effectively manage talent. Some others that engage in talent management do not undertake it appropriately. This study provides various methods for the understanding, management and utilization of employee talent for improved organizational growth and performance.
1.3 OBJECTIVES OF THE STUDY
The major objective of this study is to examine the effect of talent management on organizational performance. While other specific objectives are:
i. To find out the relationship between talent management and employees’ productivity.
ii. To explore the link between retaining talented workers and organizational competitive advantage
iii. To highlight various methods of talent management for improved organisational performance.
1.4 RESEARCH QUESTIONS
This research work shall be guided by the following research questions:
1.Is there any significant relationship between talent management and employee performance?
2.What is the link between retaining talented workers and organizational competitive advantage
3.What are the different methods of talent management for improved employee performance?
1.5 RESEARCH HYPOTHESES
The under mentioned hypotheses will be tested in the course of the research study;
Ho: There is no significant relationship between talent management and organisational performance.
Hi: There is a significant relationship between talent management and organisational performance.
Ho: Retaining talented workers does not result in organizational competitive advantage
Hi: Retaining talented worker does result in organizational competitive advantage.
Ho: There is no significant relationship between different methods of talent management and improved employee performance.
Hi: There is a significant relationship between different methods of talent management and improved employee performance.