Group work--------read the case study and do the paper as requirement Essay

Group work--------read the case study and do the paper as requirement - Essay Example However, TNNB seems to have a problem in its workforce and urgently needs talent development strategies if it is to ensure sustainable business with a promising future. This report explores how talent management strategy would help TNNB. It also assesses the most appropriate talent management strategy and proposes suitable short-term and long-term talent management policies and practices for the company. How A Talent Management (TM) Strategy Would Help TNNB TNNB clearly has a big problem with talent management. The company’s project managers emerge as incompetent for their roles as asserted by the company’s systems engineer. There is tension between systems engineers and mechanical and service engineers, which is likely to affect the overall performance of the company. Most of the engineers at the company have been working for the company for many years with some of them nearing their retirement. The managers of the company feel that engineers are hard to find, which cl early indicate that the company lacks strategic recruitment, hiring and retention programme. Therefore, TNNB’s future lies on its ability to adopt a suitable talent strategy to curb the on-going talent deficit in the company. Talent management is a management buzzword associated with continuous inflow of employees with desired qualities into an organisation. Talent management can be defined as a process that ensures that an organisation has a regular supply of individual with high potentials for vacant positions and acquires the right persons for the right jobs whenever there is need. Davis (2007) argues that â€Å"talent management is the recruitment, development, and retention of individuals who consistently deliver superior performance† (Davis 2007 p.1). However, Hatum (2010) notes that no universal definition of talent management exists. Strategic talent management as a process ensures that an organisation hires the right people for the right jobs and in a timely m anner so that the objectives of the firm can be met as expected (Deb 2005). Strategic talent management enables companies to assess and understand their present state, project talent gaps and take the initiatives to fill these talent gaps. The human resource of every organisation is charged with the responsibility of developing effective talent management strategy (Vaiman & Vance 2008). The success of an organisation depends on the effectiveness of the human resource department in recruiting high-performing staff developing and retaining them (Oakes & Galagan 2011; Silser & Dowell 2010). Generally, a talent management strategy would help TNNB to: Identify talent gaps within the organisation and take early precautions Align human capital needs with the strategy of the business Focus its training, development and recruitment efforts Ensure that the company achieves a balanced blend of generations in the workplace Ensure that knowledge is effectively transferred across various generati ons that make up the workforce Keep low the possibilities of disruptions in the production process as a result of impulsive departures of employees. To plan and organise its workforce and Maximise the contribution of each employee. Effective implementation of talent management strategy will result into significant reduction in cost associated with recruiting incompetent personnel, risk minimisation and attaining higher level of organisational performance

International Trade and International Finance Essay

International Trade and International Finance - Essay Example From this essay ir is clear that  when a nation is mounting on capital resources abruptly and very rapidly, then the additional progress of such satisfied nation’s state of affairs is accountable to be intermittent. In present international trade conditions, the phenomenon of laissez-faire may be noticed that leads to lack of the incentive to attract new investments.  On the basis of political and social environment, the general characteristic of a nation which determines its propensity to consume (in regards to the betterment of a progressive state) fundamentally depends on the adequacy of such incentives.  As the paper highlights  in conditions where the magnitude of aggregate investment is ascertained by the underlying principle of profit maximisation alone, the prospective for domestic investment will mainly be governed by factors like the domestic rate of interest in the in the long run as well as short run. In contrast, the volume of overseas investment is essent ially ascertained primarily with the size of balance of trade in favour of investing nation. Hence, in a culture where there is limited enquiry of direct foreign investment under the guidance of government or public authority, the economic substances with which it is rational for the government are to be thoughtful about the fluctuations in the balance of foreign trade in contemporary environment and prevailing domestic rate of interest.