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CHAPTER
ONE
INTRODUCTION
1.1
Background
of the study
The need to enhance the effectiveness of the business
organization lies in the heart of the management of the firm, there are several
resources to achieve this which include money men and the machine of these
resources the most important is men. Over the years men working in the business
organization have been accorded various values, they were once referred to as
the factor of production at another time they were called the human recourse of
the firm.Talent in general terms refers to the capabilities, skills or the art,
a person possess in a particular field. It also refers to those people who have
high potential, scarce knowledge and skill or who can successfully bring about
transformation and change in the organization. Such individuals are usually
sought after in the market and their contributions to the business add direct
value to its strategic or competitive positioning. According to Leigh Branham,
Vice-President, consulting service at Right Management Consultants and author
of the book says, Keeping People Who Keep You in Business‖, a talent is not
rare and precious. Everyone has talent too many to possibly name all. Talent is
behavior; things we do more easily than the next person. We speak of natural
born talent‖ but those with a gift, knack, ability or flair for something can
refine and develop that talent through experience(Gebelein, 2006). Talent,
however, cannot be taught. As someone once said, “you can teach a turkey to
climb a tree, but it is easier to hire a squirrel.” Talent Management in an
Organization, refers to those special steps an organization adopts to recruit,
develop and retain its pool of top talent. The steps adopted should normally be
creative and should not project bureaucracy. Talent Management also denotes a
deliberate approach taken 10 up by an organization to attract, develop and
retain people with the aptitude and abilities to meet not only the current
requirements but also future organizational needs. As business searches for new
and/or better means of achieving competitive advantage, the capacity of every
functional area to improve organizational performance is under scrutiny. As a
result talent management strives to develop and retain high potential
employees, and thus provide organizations with managerial talent source and
competitive human resource advantage which impact organization performance. The
logic behind talent management is based on the fact that businesses are run by
people. Processes, technology and capital are important but it is people who
make the decisions. It‘s people who create value by using these corporate
assets to create products an organization has, the better it will perform. This
is the rationale behind talent management to attract, develop and utilize the
best brains to get superior business results. The future of most businesses is
reliant on the acquisition, development and retention of talented people to
create the leadership capacity and talent required to implement new strategies
so as to meet current and future business needs(Albion & Gagliardi, 2007).It
on this view the researcher wants to investigate the impact of talent
management on organizational performance.
1.2
STATEMENT OF THE PROBLEM
Talent Management is beneficial to both the organization
and the employees. In these days of highly competitive world, where change is
the only constant factor, it is important for an organization to develop the
most important resource of all the Human Resource. In this globalized world, it
is only the Human Resource that can provide an organization the competitive
edge because under the new trade agreements, technology can be easily
transferred from one country to another and there is no dearth for sources of
cheap finance. But it is the talented workforce that is very hard to find. The
biggest problem is how to retain the present workforce and stop them from
quitting?
1.3
OBJECTIVE OF THE STUDY
The objectives of the study are;
1. To
ascertain the impact of talent management on organizational performance
2. To
ascertain whether employee talent is profitable to the organization
3. To
ascertain the relationship between
talent management and organizational performance
4. To
ascertain whether it is hard to find talented workforce that require management
1.4
RESEARCH HYPOTHESES
For the successful completion of the study, the
following research hypotheses were formulated by the researcher;
H0:
there
is no impact of talent management on organizational performance
H1:
there
is impact of talent management on organizational performance
H02:
there is no relationship between talent management and organizational
performance
H2:there
is relationship between talent management and organizational performance
1.5
SIGNIFICANCE OF THE STUDY
This
study will be of significance to students of different higher of learning as it
would enlighten them and the entire nation. Finally, this study will also help
to serve as literature (reference source) to the public, individuals and
corporate bodies into what to carry out on further research on impact of talent
management on organizational performance
1.6 SCOPE AND LIMITATION OF
THE STUDY
The
scope of the study covers the impact of talent management on organizational
performance. The researcher encounters some constrain which limited the scope
of the study;
a) AVAILABILITY
OF RESEARCH MATERIAL: The research
material available to the researcher is insufficient, thereby limiting the
study
b) TIME:
The time frame allocated to the study does not enhance wider coverage as the
researcher has to combine other academic activities and examinations with the
study.
c)
Organizational privacy: Limited Access to the selected
auditing firm makes it difficult to get all the necessary and required
information concerning the activities.
1.7
DEFINITION OF TERMS
TALENT:A Talent (or gift,
or aptitude) is the skill that someone naturally has to do something that is
hard. It is an ability that someone is born with. People say they are
“born with a talent“. It is a
high degree of ability or of aptitude.
MANAGEMENT: Management includes the activities of setting the strategy of an
organization and coordinating the efforts of its employees (or of volunteers)
to accomplish its objectives through the application of available resources,
such as financial, natural, technological, and human resources
ORGANIZATION PERFORMANCE:Organizational performance comprises the actual output or results of an organization as measured against
its intended outputs (or goals and objectives)
1.8 ORGANIZATION OF THE STUDY
This
research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which
consist of the (overview, of the study), historical background, statement of
problem, objectives of the study, research hypotheses, significance of the
study, scope and limitation of the study, definition of terms and historical
background of the study. Chapter two highlights the theoretical framework on
which the study is based, thus the review of related literature. Chapter three
deals on the research design and methodology adopted in the study. Chapter four
concentrate on the data collection and analysis and presentation of
finding. Chapter five gives summary,
conclusion, and recommendations made of the study
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