SMU/MBA/ASSIGNMENT/MU0008/SET-1/L.

C 02860

Master of Business Administration-MBA Semester 4 MU0008 Talent Management and Employee Retention Assignment Set- 1 Q.1) What are the major determinants of talent mobility? Ans: There are several factors that affect the mobility of different types of talent. These elements can be summarized as follows: a) International differences in earnings and development gaps. The literature on the economic determinants of talent mobility stresses the importance of differences in wage levels and earning opportunities across countries and regions in driving people to move from one country/region to another. In general people are not neutral to large differences in income-generating capacities across cities, sectors of economic activity and countries, driving international migration flows. This is particularly relevant for talent engaged in directly productive activities such as entrepreneurs, (a classic profitdriven segment of the population), engineers, technical experts and others. This income motivation is also valid (with some modifications though) for other categories of course such as scientists, medical doctors and other professionals. b) Non pecuniary factors. Clearly, there are other considerations, besides earnings differentials, in the decision of talent to move internationally. People may refrain to leave their home country because he or she does not want to severe ties with family, friends and colleagues. There is also a personal history behind people in their home country and people are attached to those personal experiences that are tied to their home country. Other considerations that matter for specific types of talent when the option to migrate is open are the following: a scientist may have an over-riding interest also in the quality of the research centres and universities, the research facilities, the availability of budgets and the quality of peer interaction in the destination country. All these factors fundamentally affect the research environment and thereby the potential of professional realization of academic talent. Another case is that of engineers and innovators living in technologically advanced economies that may derive high personal satisfaction from contributing to the technological development of their home country. The lure of being in places where innovation and creativity takes place can be very important for the decision to locate of technical talent. In the political realm, national leaders in the diasporas are motivated to join to nation-building in their home countries for various personal and political reasons.

c) The demand for capital, location and talent. The demand for directly productive talent is inter related with the demand for other factors of production such as capital land, to some extent, unskilled workers. A country that offers interesting economic opportunities and good living conditions will attract, jointly, several productive factors of production: capital, workers and talent. Historically, Argentina at the end of the 19th century and early 20st century, a period of prosperity for Argentina (a period often referred to as the bellepoque), attracted workers and people with entrepreneurial capabilities from Italy and Spain and capital from England. In more recent years, India, China, Ireland and other dynamic economies attract both capital, workers and human capital from abroad. Usually there are complementarities between these factors of production: new machines

Bhawna Sharma

Roll No.520858074

SMU/MBA/ASSIGNMENT/MU0008/SET-1/L.C 02860

and more sophisticated equipment need good professionals, technical experts and managers to be successfully operated. d) Technology and the demand for Talent. The revolution of information and communications technology (ICT) of the last two to three decades has spurred an increased in the demand for talent that specializes in these areas. Engineers, mathematical programmers, scientists and others whose knowledge can be used in the development of software and hardware are especially valuable. As mentioned before, when talent is imported from abroad, the supply of talent comes from a few developing countries such as Russia, India, China, Poland, South Africa, Mexico, Brazil and others.

e)

Agglomeration and concentration effects. In general, talent is attracted by the availability of other talented people as creative processes (a new idea, a new product, and a new productive process, research and development activities) are rarely done in isolation. As indicated before, technical experts, engineers and scientists may leave their native countries attracted not only by better pay abroad, but also by the all that act with well qualified peers. Knowledge worker soften like to locate in areas in which there are sufficient resources to do research, develop new technologies and products.

f) Policy Regimes and Immigration Policies. Economists give a big importance to policy regimes in affecting the international mobility of people. This goes beyond immigration policies although the literature on migration often focuses chiefly on this. In fact it is all the array of economic and public policies that ultimately matter in affecting the mobility of talent across nations. The broad policy regime, in the home and host country, can crucially affect the decision of talent to stay, leave or return to their home countries. Q.2 What are the different types of talent? Ans. Most of the treatments of brain drain and talent mobility in the literature consider an aggregate of human capital. This analytic simplification masks a reality in which there is a variety of different types of talent with different motivations to move and with varied development impact. i) Directly productive talent: This includes the mobility of entrepreneurs, engineers and other technical talent, technology innovators and business creators. This is people who are engaged directly in activities that lead to the actual production of goods and services. ii) Academic talent: This includes the mobility of scientists, scholars and international students. These are individuals that often work or study in universities, research centers and think-tanks and are devoted to the production and/or acquisition of scientific and scholarly knowledge that may be eventually translated in commercially valuable products and inputs. iii) Talent in social and cultural sectors: This encompasses the mobility of medical doctors and nurses in the health sector. This talent is engaged directly in the provision of critical social service such as health. In turn, cultural workers such as writers, painters, musicians and other people are engaged in artistic and cultural creative activities that have a value of aesthetic enjoyment and personal development. This is people that write books, produce movies, paintings, handcraft and other cultural goods.

Bhawna Sharma

Roll No.520858074

SMU/MBA/ASSIGNMENT/MU0008/SET-1/L.C 02860

Q.3 What are the steps to strategic talent planning? The 5 Steps to Strategic Talent Planning Recruiting rarely is based on any sort of strategic plan. For most organizations, recruiting is a tactical operation a series of things that take place that result in qualified people getting hired. It is mostly reactive, and few recruiters have the time or charter to look forward more than a few weeks. To ensure that your organization has a chance at hiring the best people and to successfully operate in a global, competitive environment, organizations you will need a strategic plan coupled to appropriate resources and tactics. Heres a quick overview of the five essential first steps needed to put this plan together and to begin making it operational: The five key steps in strategic talent planning Step 1: Talent Plan Workforce or talent planning is the first and hardest step. It means deeply understanding the organizations business goals and the competitive environment the organization functions in. It is a combination of understanding and predicating demand, while at the same time being educated and aware of the talent supply situation from all the sources that are available. This step needs to be far more than simply listing the jobs projected in the annual budgeting process and factoring in turnover. It is an evolving process, as opposed to an annual event, and is the most dynamic and critical stage of any strategic process. Step 2: Image and Brand It is not true that if you build a great strategy or a great organization, people will necessarily flock to your doors. Getting people aware of your organization is a tough job. It requires having a consistent communication process as well as a plan to raise general awareness through advertisements, promotions, or by getting listed as a "best place to work." You have to be able to answer questions like, "What makes your company different or unique?" or "Why would I want to come work for you?" Not only should you have answers to these questions, but you should also make sure your advertising, web presence (which is essential), and overall corporate advertising support this image. This has to be an organization-wide effort. It takes time and an accumulation of messages to be effective. One or two advertisements or a handful of posters will not do it. Step 3: Sourcing Methods Develop a multi-faceted sourcing strategy. Embrace active candidates who are responding to your brand and image-building messages, but maintain the capacity and skills to tap passive candidates. Decide based on past experience what works best for you in locating candidates, and then build those sourcing channels to the max. Make sure you are using referrals from current employees, your network of professionals, web-based search, your own web site and also develop methods to keep in touch with potential candidates that you have no current position for but might have at some later time.

Bhawna Sharma

Roll No.520858074

SMU/MBA/ASSIGNMENT/MU0008/SET-1/L.C 02860

Step 4: Screening and Assessing Candidates Are you going to invest heavily in educating managers in behavioral interviewing? Are the recruiters going to be the main screeners, or will you use testing and other tools? What role will the Internet play, if any? Are you going to look into using web-based tests? How much will you rely on candidates screening themselves out or in? What role does the hiring managers play in screening and assessing, and what are the differences between what you do and they do? This is an area where there can be great improvement with reasonable effort, but where things are still done mostly the way they have always been done. A focus on automating screening to some degree reduces the volume of candidates and actually raises candidate satisfaction. Step 5: Market and Communicate Candidates want to be in the know about their status and prospects. They seek out feedback and information. Your organizations website is an invaluable tool, but you will also need to develop systems to communicate with candidates personally and to send out newsletters and emails. Probably all the people you need at one time or another sent a resume or expressed interest. They were most likely told that there were no current openings. Would it not be wonderful if you could actually stay in touch with those people and let them know when there is an open position? Thats what CRM (candidate relationship management) systems can do. Unfortunately, they are not yet generally available or optimized for recruiting. But ask your ATS vendor what they doing about this and urge them to provide you the tools you need to effectively keep qualified candidates interested in you. Make sure that whatever systems you choose fit your strategy and make economic sense A few other things to keep in mind: Make sure all managers and recruiters have a simple system for deciding on a candidate. As you know, speed is the real differentiator today, and the recruiter/manager who moves the most quickly will usually get the candidate. Eliminate unnecessary approvals, and make sure your selection criteria are clear to avoid slowing down the process. If you are a decentralized firm, work out a system for who owns what. If you all agree together then the areas of dispute will be limited. The rule I use is that the central or corporate function should set standards and establish corporate-wide systems. Local offices should participate in that process and have great autonomy on the day-to-day stuff. They can supplement broad image and branding activities with local advertising within the bounds of an agreement you all make with one another. These initial steps and processes are what enable the back-end activities of scheduling, interviewing, making offers, and on-boarding.

Bhawna Sharma

Roll No.520858074