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Research Questions
What are the talent management strategies of food & beverages industry?
What are the various practices adopted for talent management in the service sector?
What are the benefits of talent management practices to individuals and organizations?
Scope of Study
The researcher could not capture more data from the field on the topic of talent management
practices. Besides that, insufficient data is captured on the benefits of talent management to
individuals and organizations.
Significance of Study
Useful guidance on the wider implications on how to improve the performance at workplace
by managing talent.
Ensuring that the talent strategy is clearly aligned with the corporate strategy must be a
priority.
Create highly-skilled internal talent pools.
Deploy existing talent more effectively and recruit selectively.
equipped with the best central banking skill-sets and calibre. These talent and leadership
development efforts are set up by the sectors robust talent strategies, succession planning and
differentiated performance rewards. In line with the adoption of a high-performance culture with a
strong sense of accountability. Within the corporate culture, there is a shared purpose to strive in the
service of the nation, to be committed to duty, and to uphold the enduring tradition of integrity.
Over the years, the sector has also transformed from vertical integrated towards horizontal
collaboration to best benefit from the varying expertise that resides within the sector. These have
allowed for resources and energies to be optimised and aligned towards the strategic outcomes, to
ensure that the best results are achieved.
Ensuring relevant skills, competencies and a strong ethical foundation for the financial sector
workforce remained a key priority. This continued to be pursued in close collaboration and
supported by Bank Negara Malaysia.
Following its establishment in July 2014 by Bank Negara Malaysia, the Financial Services Talent
Council (the Council) completed the foundations to reinforce talent development for the financial
sector. The Councils strategies formulation to meet the future talent demands of the industry are
achieved through the rich insights, input and viewpoint from extensive engagement and
consultation with key stakeholders of the sector.
The Council is currently in the advanced stages of developing its recommendations and aims to
publish the same by the end of 2016. The recommendations are expected to complement the work
of existing talent organisations in the sector, with a view towards strengthening the overall talent
development environment that produces a sustainable and high quality talent pipeline for the
financial sector.
Even with the current situation, t he recruitment systems in banking companies is in need of further
improvement. To ensure that wasteful expenses are deterred, it is important to develop an entry
point banking qualification and reducing the number of applicants (Singh, Ms, Srivastava, Road, &
Road, 2013).
Talent Management Practice in Finance Sector
According to Dr K C Chakrabarty, Deputy Governor, Reserve Bank of India, in his speech during
the Seminar on Talent Acquisition and Management on May 31, 2011, has highlighted the following
6 components of talent management which are of importance. The explanations that follow includes
current situation in Malaysian finance sector, specifically Bank Negara Malaysia (BNM).
Recruitment
On-boarding / Induction
Performance Management
Succession Planning
Employee
Retention
Initiatives
Recruitment: The right talent can be attracted to the organization through the potential applicants
view of the organization as well as similar values shared by them(Abraham, 2011). The
Deputy governor of Reserve Bank of India in his speech has stated that there is a serious
introspection on the kind of talent that the banking industry requires and adequate time
should be spent in devising ways and means to spot the right kind of talent (Governor,
2010). Malaysian banks have started focusing more on recruitment process to identify the
right talent for recruitment.
On-Boarding / Induction: Successful on boarding is a key part of any talent management strategy.
With the high cost of recruiting, business leaders must understand that effectively
integrating new hires into the organization is an important step to ensure their
success(Bauer, n.d.) It is more cost effective to pick a suitable candidate from the current
organisations employees rather than employing a new recruit externally.The Banks
initiatives are designed to ensure that its talent proposition remains relevant and competitive.
The human capital policies and strategies in the Bank are constantly being adapted to keep
pace with the changing landscape of talent management. These trends include the shifts in
talent mobility, technological change and new talent management practices.
Training and Development: There needs to be appropriate learning and development interventions
to help employees in their career path. An organization can provide both formal and
informal interventions such as conventional training and development programmes to
creative alternatives such as talent coaching and mobility (Abraham, 2011). Training and
by
1.1%
during
the
year.
References
1. bar
Intellenews
(2015).
Malaysia
Banking
Industry
Report
2015.
International Monetary Fund (2013) Country Report No. 13/52. Malaysia: Financial Sector
Stability Assessment. https://www.imf.org/external/pubs/ft/scr/2013/cr1352.pdf
2.
3.
1.
Singh, S., Ms, B., Srivastava, N., Road, S. G., & Road, S. G. (2013). Talent Management
Scenario in the Banking Industry Keywords : Talent Management, Talent Acquisition,
Retention Strategies, Talent Retention., (April), 274276.
2.
Abraham, S. (2011). Talent Management Strategies of an International Bank in the MiddleEast, 608617.
3.
4.
Steps, T., Individual, E., & Effectiveness, O. (n.d.). Overview of Performance Management
5.
6.
management
in
the
Indian
banking
system,
(April),
13.