The Meaning of Economically Challenged Situation
In accordance toSabuncu and Karacay (2016),an economically challenged situation can arise from a various factors and it indicates towards a condition in which an economy confronts with a critical situation and becomes fragile. The economy of every country confronts with such situation because of the economic and business cycle as every economy goes through a phase of expansion and contraction. In this context, King (2015) has highlighted some of the instances of a economically challenged situation, which are high inflation rate and recession. In addition, depletion of the resources, poverty, reduced purchasing parity of the customers, systematic issues and insufficient regulation of the financial markets are some of the factors that augments the challenges and criticality of an economy and make it difficult for the companies to operate in it.
Interesting:
Is talent management important in economically challenged situation?
Human resource management as a whole is a very critical matter in every industry, especially the travel and tourism industry. This is because the workforce of any company lays the foundation of the overall operational process of any company, thereby keeping the operational flow agile. This entails towards a fact that every organisation need the support of its workforce to remain functional in the industry. Talent management is a huge aspect of this entire human resource management because it helps the companies to keep a hold of a talent pool, especially in a crisis situation (Church, et al.,2015). Economic crisis is a no new term in countries and it prevails for a longer period in certain countries as an outcome of a political decision or may be for some other reason. The role of potential professional in such scenario in helping companies combat such situation is invaluable, which indicates the importance of managing talent. In this context, the case study of Premier Inn is considered so that better insight can be developed.
The employee market across the globe has become very tight because the competition is high. It is to be noted that at present almost in every sector there are huge number of companies operates and every company have acknowledged the importance of proper talent management. This is the reason for which each of the companies develops strong and lucrative HR policies so that they attract best talent for their companies. In such situation, it has become very important for all organisations to get hold and retain best employees in the company. The main problem or concern in this whole scenario is that the volatile economic condition of all the countries. In such situation, the issue is that the companies need to sustain keeping aligned with the current economic issues. In this matter, the role of talented employees is pivotal thus managing the talent for company's survival is imperative (Rabbi, et al., 2015.).
Each of the companies these days is more and more acknowledging the importance and value of its workforce because they are the one who act as a catalyst to the sustainability of the companies. This research work is significant because it shed light on the importance of talent management in the economically critical scenario (Cascio and Boudreau, 2016). The issue of talent management in economically challenged circumstances will be analysed in the study from every cornerstone possible so that a comprehensive idea can be gained. This article is particularly important to service industries and in retail industry because they need the support of huge workforce in order to remain sustainable in the tough market scenario.
The main issue here is that economies these days confronts with volatile situations in which companies find it very difficult to sustain. Thus they need the help and support of its talent pool that can help them gain competitive parity in critical scenario. A related issue here is that in the crux of the present scenario managing talent is a very tedious task as employees always tend to look for better opportunities (Niedzwiecka and Curie-Sklodowska, 2016).
This is an issue for many companies because in an economically challenged situation, high employee turnover can put its operation at stake and make it cripple. The talented and potent personnel keep the companies going and help them to continue with their operational process in the market (Hughes, 2018).
Talent management in economically challenging situation is an issue at present because, first sustaining in highly unpredictable and competitive industry is challenging and second managing and retaining talent is another big defy (Hughes, 2018).
Objectives
In context of the agenda of the study, the main aim is to find out the importance and ways of talent management in economically challenged situation and based on the aim of the research, the following objectives are framed:
- To comprehend the notion and importance of talent management and economically challenging situation
- To analyse the ways of talent management
- To recognise the issue in talent management
- To recommend ways of proper talent management
In accordance with Beamond, Farndaleand Härtel(2016), managing talent is one of the crucial functions of the whole human resource management. It is can never be confined to only finding appropriate candidates and then recruiting them for the company. In this context Benitez-Amado, et al.,(2015) has further contributed by stating that identifying and retaining the best talent for the company is the most important because it is the main component of managing talent. The authors have further identified the role of the managers and leaders in this context. This is because it has been often observed that even if the HR department of certain companies find out the best talents for the companies, they tend to leave the companies within a short span of time because the leaders and managers fails to keep them motivated. This is one of the reasons for which selecting appropriate managers and leaders plays a huge role in overall talent management.
The Notion of Talent Management
According to Gitonga, et al., (2016), talent management has grown great popularity across various service sectors and it is becoming significant with each growing day. Talent management in broad sense refers to the process of making a commitment of the organisation in recruiting, hire, retaining and develop the best talent and superior personnel present in the job market. In this context, King (2015) has further explained that it is a useful terminology which is used for describing the commitment of a company in recruiting, managing and retaining talented personnel for the company. Khilji, et al., (2015) has shed light on a different aspect of talent management, which is talent management has a lot to with vision of the company. This is because, talent management is important to the companies not only to cater its present employment needs but also to fulfil the possible needs in the future. The organisation needs to find such candidate who will be productive in present and as asset in the future. This is because a company can confront with critical situation at any point of time in the future and in those situations these talented professionals will help the organisations to remain sustainable in the industry.
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