Critchley argues that psychological contracts and engagement profiles will be substantially different for older workers. These trends indicate that organisations that are prepared to focus on attracting and developing talent, will be in a stronger position to retain key human resources as the so-called 'war for talent' intensifies. Table 1 The Old and new business realityThe Old Reality The New Reality People need companies Companies need people Machines, capital and geography are the competitive advantage Talented people are the competitive advantage Better talent makes some difference Better talent makes a huge difference Jobs are scarce Talented people are scarce Employees are loyal and jobs are secure People are mobile and their commitment is short term People accept the standard package they are offered People demand much more Table 2 The old and the new way of doing thingsThe Old Way The New Way HR is responsible for People management All managers, starting with the CEO, are accountable for strengthening their talent pool We provide good pay and benefits We shape our company, our jobs, even our strategy to appeal to talented people Recruiting is like purchasing Recruiting is like marketing We think development happens in training We fuel development primarily through stretch jobs, coaching and mentoring We treat everyone the same and like to think that everyone is equally capable We affirm all our people but invest differently in our A, B and C players Downloaded by: nkosilerato8 | [email protected]Distribution of this document is illegal
Stuvia.com - The study-notes marketplace413. Discuss the reasons for the perceived increasing skill shortages.Employees are looking for work that provides opportunities and is challenging. However, this is often given lip service in many organisations 'Talent rarely arrives fully developed. Organisations must develop their talent at levels and weave it into the culture. This requirement is closely linked to areas such as job design, job analysis team building, which contribute to the day to-day experience on the job, determining what people actually do at work, and how effectively they do it. One of the main reasons why respondents left their employers was to pursue more interesting work elsewhere. Another critical factor in the retention of skilled workers is the provision of training and development. Boxall, Macky, and Rasmussen also identified training opportunities as a determining issue in the decision employees made to leave their employers. Identification reinforces the point that HRM and human resource development assume an increasingly significant role in the retention of key employees. Edgar and Geare - training and development are still considered to be critical issues in employee retention and organisations would recognise them as important lures in the 'war for talent 4. Define the concept of 'talent'.