MU0017 – TALENT MANAGEMENT AND EMPLOYEE RETENTION

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ASSIGNMENT

 

 

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

 

 

1 Explain the importance of Talent Management Process. Describe the stages of Talent Management Process

 

Answer : Talent management involves individual and organisational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organisation culture.

 

Importance of talent management

 

Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives.

 

Organisations that formally decide to “manage their

 

 

 

2 Describe the top strategies adopted to improve employee retention

 

Answer : Retention is a method of enabling the members or volunteers to remain active with in an organisation. Retention mainly focuses on preserving a convenient environment, member morale, and organisational growth.

• A pool of members who have the ability to be the future leaders.
• A strong pointer for organisational success.
• A happy organisational environment.
• A group of members who come to your help when required.

 

Keys to strong retention:

Involvement: Allow involvement of members with program planning and execution, to help with organisational features and programming. It is important to note that members usually hate

attending meetings for long hours and hearing to what the leaders speak. So, offering them some

encouragement will help them to be an active

 

 

 

 

 

3 Explain the key Compensation principles. What do you mean by Total rewards?

 

Answer : Compensation practices at large financial institutions were a key contributing factor to the global financial crisis. The FSB Principles for Sound Compensation Practices and their Implementation Standards (Principles and Standards, P&S) were developed to align compensation with prudent risk-taking, particularly at significant financial institutions.

 

The Principles require compensation practices in the financial industry to align employees’ incentives with the long-term profitability of the firm. The Principles call for effective governance of compensation, and for compensation to be adjusted for all

 

 

 

5 Explain the key elements of a Talent Management System

Answer : Most researchers today stress the importance of talent management. Strategic meaning of talent management comes from the fact that success in international business depends most importantly on the quality of top executive talent and how effectively this critical resource is developed and managed. To manage talent in a maximum way would be like having a crystal ball that prevents what will happen in the future to avoid mistakes. There is, however, no such tool and that is why talent management is so important. Management literature has for many years been dominated by talent management and there are many different aspects of this, but one suggests that there are two key dimensions that need careful consideration; these are those of “focus” and “fit”.

 

 

 

 

6 Explain the concept of Talent Acquisition .Explain the talent acquisition strategies

 

Answer : As customers continue to request services that offer more value than simply HR administrative relief, more time is spent on evaluating and stepping up to deliver –strategic human capital management (HCM).

 

Talent acquisition strategies :

 

Support

 

The most essential element in ensuring your company has an ideal customer experience is support. A superior vendor will offer a product expert to work directly with you to ensure that the first, critical phase (software implementation) is handled professionally, on time, and to your satisfaction. After implementation, a team member (accustomed to your companies unique business needs) should be readily available to oversee your account with a single goal in mind: 100% Customer Satisfaction. The final tier should include a support expert, available 24 hours a day Monday through Friday, to answer your questions and concerns. Whether it’s

 

Dear students get fully solved assignments

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