Technology, and Talent Management Predictions, Essay Example

Organizations have just recently began to realize the value of placing significance on many HR managers did not have the experience in acquiring telling that can impact organizational performance. As globalization continues to change the way in which HR acquires employees, and practices in which try to train them effectively. Technology, political, and environmental changes have also influenced the way in which HRM is beginning to look at talent development and management. In having an effective business strategy towards talent management and talent development. Organizations originally ignored its importance because believed that the focus should lie on increasing profit; however, OCBC has a different approach to talent acquisition and management. It has become a central part of an innovative way in which they utilized their HR practices. According to OCBC, “The success of the bank is built on the back of sound business policies and active talent management and development.” (Shukla 2012) These practices are essential from separating OCBC from other institutions, in that it enhances the organization’s performance and is mostly being implemented in other institutions. The execution of every establishment essentially depends on their focus on their competitive nature of their employees and increasing their profit. In this occurrence, the act of talent management will utilize pulling in, creating and captivating employees who have the abilities and learning.

OCBC Bank approach to talent management includes providing training programs, and redesigning, their approach towards developing skills and self-development for work. For instance, the employees that work in sales, need to experience developing project to expand their item information and to redesign their customer management capabilities. The motivation behind why they can be one of the top banks is a direct result of significant customer administration gave to the mass. Great customer policy begins from the organization and how they contribute the cash on developing projects to overhaul the employees’ abilities. OCBC different approach is explained within the case study, shows that they have implemented a learning program for their new employees, OCBC Learning-3 programme. “A structured three-year development programme for employees, OCBC Learning-3 clearly delineates learning roadmaps for individual employees during their first three years of service with the Bank.” (Shukla, 2012). Their approach has been a part of their winning business strategy in which they seek growth in the global market growth, and increased performance.

Compared to other companies that value innovation and creative thinking, talent management has become an important factor in small businesses. Looking at my personal experience in family owned businesses, talent management and development has been a critical factor in helping the small business grow. When seeking out new talent, they have relied on sourcing employees from LinkedIn, or gathering information on social media sites that cater to showcasing talent. Through these new types of acquisitions, training consists of a hands on approach that puts the employees to work on the first day, so they can gain a rapid understanding, and also see how they deal with customers. I agree entirely that OCBC’s focus on talent management and development is an essential factor in their success. Looking at other cases, and articles that have written on the subject, Forbes ranks talent development and management very highly. According to Forbes the change in HR practices to focus on talent management is seen as, “This is forcing changes in performance and goal management, performance management, reward strategies, and leadership skills.” (Bersin, 2014) Many experts believe that focusing on talent management whether with dealing directly with employees or by acquiring talent management software to help in HR, it has increased financial returns for hundreds of organizations throughout the world. However, it is not the only major success factor for an organization. A business strategy that focuses on international growth, and knowing its external and internal environment is also a plus. Additional factors for OCBC exclusively includes their focus on risk management, in which showcases their risk techniques and approaches which will give value to controlling their position in the high-end market. Their focus on shareholder value, product, and customer satisfaction are also driving factors in which help to propel banking institution into the forefront of the market.

Many organizations can utilize OCBC’s approach to talent management and development, because it doesn’t use any special factors, instead it relies on a program that improves or enhances managerial and leadership skills, by focusing on setting up training for new employees like in an ordinary classroom. There are paired with mentors that are senior managers, and they develop a different approach which helps the employees feel more comfortable, and see their superiors as more of confidant. Other businesses can implement the same type of program, because it helps in sharing not only the mentor’s experience, but also their knowledge which will contribute positively to the trajectory of employee’s career and personal growth within the organizations. However, it is not an overnight feat, and takes time and development in implementing an effective program in which fosters employee development, and also helps increase their organization’s financial gains. OCBC has been mainly successful throughout the Asian market. There are one of the oldest and largest banking institutions in Asia, and have been successful at capturing the high end market. They are seeking more international growth, and developing more ways to interact their customers by offering better banking fees, and opportunities. (Hughes, 2014) The company is continuing to make mergers and acquisitions to increase their profits, and also their position in the Asian markets. By giving more access to China’s trades, and establishing international relationships OCBC will continue to persist.

References

Bresin, Josh. (2013). HR, Leadership, Technology, and Talent Management Predictions for 2013.  Forbes. Retrieved from http://www.forbes.com/sites/joshbersin/2013/01/11/hr-leadership-technology-and-talent-management-predictions-for-2013/

Hughes, Jennifer. (2014). OCBC seeks more than China expansion with Wing Hang deal. FT. Retrieved from http://www.ft.com/cms/s/0/b969afd6-2744-11e4-a46a-00144feabdc0.html#axzz3CgbDLzj9

Shukla, Shalini. (2012). Putting the ‘person’ in personnel. HRM ASIA. Retrieved from http://www.hrmasia.com/case-studies/putting-the-person-in-personnel/144268/