6. Talent Attraction And Retention With The Involvement Of HR To Manage The Skilled Workforce (Week 3)

Question 1

Describe the theoretical perspective of the war for talent?

Answer 1

1. Human Capital Theory (HCT) - a. defines human resources as a key asset to invest in and develop, b. focus on training and developmetn and more recently career managment
2. Resource Based View of the Firm (RBV) - a. focus on developing key assets so that they become valuable, rate and dificul tot imitate thus creating sustained competitive advantage

Question 2

What are the demographic issues?

Answer 2

1. Major decline in birth rates across all OECD countries
2. The first wave of baby boomers are now retiring
3. Ageing workforce a concern for long-term labour market with skill shortage already appearing.
4. The emerging skill shortage and increased war for talent has led to the need for organisations to undertake a fundamental review of HR practices and develop new and innovative ways to attract, retain and develop talent.
5. A key aspect in this is the re-engagement of the 50+ workforce and the development of the multi generational workforce.

Question 3

Describe the HR challenges in the new workplace with reference to high skilled workers

Answer 3

1. in the new workplace high skilled workers will be in demand as they increasingly provide sustained competitive advantage
2. Known as the ‘gold collar’ workers because of their status, they are characterised by working long hours, ambitious and career orientated, highly mobile and well-rewarded.
3. Management of this resource therefore assumes greater significance as skills shortages increase. This creates new HR challenges
4. This will impact on employment systems, practices and organisational structures

Question 4

What do ‘talent’ want from work?

Answer 4

1. Employ-ability not employment
2. on-going skill development relevant to the external labour market
3. Employer of choice approaches to attraction and retention

Question 5

What is the new reality of talent management?

Answer 5

1. Companies need people
2. Talented people are the competitive advantage
3. Better talent makes a huge difference
4. Talented people are scarce
5. People are mobile and their commitment is short term
6. People demand much more

Question 6

What is the differentiated talent strategy?

Answer 6

1. All managers, starting with the CEo are accountable for strengthening their talent pool
2. We shape our company, our jobs and even our strategy to appeal to talented people
3. Recruiting is like marketing
4. We fuel development primarily through stretch jobs, coaching and mentoring.