Thedevelopment and management of Human Capital is probably the largest task in anycorporate or say formal establishment irrespective of the ownership structure.
The priority of organization is their human resources (Aston and Morton, 2005)as such, human capital management is the most valuable asset that enables anorganization to meet their goals irrespective of where the organization islocated or the service render or product sold. This does not exclude the banks.A bank can grow if the human capital management which is referred to as talentmanagement is utilized in the right proportion to the benefit of the bank.Talent management involves how employee with the right skills and knowledge areattracted, engaged and develop (Horwitz, Heng and Quazi, 2003). Accordingto (Oladapo, 2014) Talent management simply refers to an organized syystem ofattracting, selecting, hiring, engaging, training and developing, retaining andutilizing top talents to an organization’s best advantage. It aims at ensuringthe right job placements at the right time, in the right position for the rightcandidates to deliver their best and remain committed to the organization.Though, talent management is tailored towards the ethics and core values of anorganisation, but the focus is on developing and end ensuring optimalexploration of high potentials or talents of individuals within theorganization more quickly than ever to improve the competitive edge. “Talentis one of the critical resources for organizations to attain competitiveadvantage”(Zhang, et al, 2012) and talent management will fail without topmanagement commitment to retaining its workforce (Lockwood, 2006) as cited in(Izwar & Aerni, 2014).
Whentalent management is done effectively, the result is a stronger bond betweenthe employee who is talented and the organization they work for or wish to workfor. They begin to see themselves in the light of the value they offer and thejoy of working that they get in return, hence they remain loyal and even moreproductive. It ensures that employees remain professional at all times in theirbusiness practices, serve meritoriously, have the right people made up ofseasoned professionals, who have excelled in their various professions,possessing the requisite integrity, skills and experience. Generally,the task of running an organization in this recent economic and democratictimes has now gone father and deeper than just hiring top talents frominstitutions, this is considering also how complex human beings have evolved tobecome over the last few years. It involves retaining talents with highperforming potentials who can add value to the organization. This requires butnot limited to creating recognition programs, offering adequate remuneration,career development opportunities, promotion, interesting and challengingresponsibilities, conducive work climate for employees to perform at theirbest, work-life balance, trust and confidence in management, involvement indecision making and reward since they provide a strong basis for retention.This can have a lasting impression on the hearts and minds of employee andcontinue to substantiate employees’ perception that they are valued by theiremployers (Silbert, 2005). Bya general consensus an organization’s reward system is responsible for thequantum of influence on the performance as well as their desire to remainconnected with such organisation.
(Bamberger& Meshoulam, 2000, MacDuffie, 1995). Focusing on retention is also veryessential for job satisfaction and employee commitment because it would help tofulfil basic needs of employees and striving to attain organization’s goals.Schulerin his work stated that talents can be retained if talented employees have apositive perception of their employer and are less likely to voluntarily leave,have greater employee loyalty, and improved performance.
By experience anddiligent research, organizations that provide career development opportunitiesto employees rank higher in the likelihood to experience a low voluntary turnover(resignation in regular parlance) of top performers which can depleteorganizations’ talents. When employees have the confidence that theirorganization holds their development dearly, they often become more committed and loyal to theirorganization. In other word, employers need to demonstrate to employees thattalent management is a priority for all employees, sourcing talents, andrewarding managers for improvement.
(Schuler, et al., 2011). “The commitmentwill be mutual and the arrangements for involvement will be genuine, i.
e.management will be prepared not only to listen but to act on the viewsexpressed by employees” (Armstrong, 2006). It is essential thatmanagement keep employees informed on matters that affect them and provideplatforms that encourage them to freely express their views and opinions whichare necessary for change. Commend employees and make them understand thecontributions they can make and how it would benefit them.
Organizations thatidentify talent, enrich job contents to motivate and retain talented peoplewould certainly (Guthridge, McPherson, & Wolf, 2009) compete successfullyand earn a competitive advantage. Several studies have shown that talents arethe fabric of every organization.