MU0017 – TALENT MANAGEMENT AND EMPLOYEE RETENTION

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ASSIGNMENT

DRIVE	FALL  2015
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDHRMN (SEM 2)
SUBJECT CODE & NAME	MU0017 – TALENT MANAGEMENT AND EMPLOYEE RETENTION
BK ID	B1869
Credit and Max. Marks	4 credits; 60 marks

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1 Explain the key elements of Talent Management System.

Answer :  : Most researchers today stress the importance of talent management. Strategic meaning of talent management comes from the fact that success in international business depends most importantly on the quality of top executive talent and how effectively this critical resource is developed and managed. To manage talent in a maximum way would be like having a crystal ball that prevents what will happen in the future to avoid mistakes. There is, however, no such tool and that is why talent management is so important. Management literature has for many years been dominated by talent management and there are many different aspects of this, but one suggests that there are two key dimensions that need careful consideration; these are those of "focus" and "fit".

2. Explain the importance of Talent Management Process. Describe the stages of Talent Management Process.

Answer :  Talent management involves individual and organisational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organisation culture.

Importance of talent management

Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives.

Organisations that formally decide to "manage their talent" undertake a strategic analysis of their current HR processes. This is to ensure

3 What are the responsibilities undertaken by an HR to ensure compliance to regulations? Explain the steps involved in ensuring safe work environments

Answer :  The human resources (HR) function is at the center of most employers’ efforts to identify, hire and retain the people the organization needs to execute its strategy and achieve its goals.  But the HR function is a key player within the organization’s compliance structure as well.

There are numerous laws and regulations governing the employment relationship that HR professionals must understand and navigate in order to help ensure their organizations avoid costly fines and other penalties, including the potential harm to the organization’s reputation.

In many organizations, the HR function also manages the various compensation and benefit programs, which are heavily regulated as well.  For private-sector organizations this means complying with the Employee Retirement Income Security Act’s (ERISA) reporting, disclosure, and fiduciary requirements, among other

4. Explain the key Compensation principles. What do you mean by Total rewards? Describe the elements of Total rewards.

Answer :  Compensation practices at large financial institutions were a key contributing factor to the global financial crisis. The FSB Principles for Sound Compensation Practices and their Implementation Standards (Principles and Standards, P&S) were developed to align compensation with prudent risk-taking, particularly at significant financial institutions.

The Principles require compensation practices in the financial industry to align employees' incentives with the long-term profitability of the firm. The Principles call for effective governance of compensation, and for compensation to be adjusted for all types of risk, to be symmetric with risk outcomes, and to be sensitive to the time horizon of risks. The Principles are intended to apply to all significant financial institutions but are especially critical for large, systemically important firms.

5. Explain the concept of Talent Acquisition .Explain the talent acquisition strategies.

Answer : As customers continue to request services that offer more value than simply HR administrative relief, more time is spent on evaluating and stepping up to deliver –strategic human capital management (HCM).

Talent acquisition strategies :

Support

The most essential element in ensuring your company has an ideal customer experience is support. A superior vendor will offer a product expert to work directly with you to ensure that the first, critical phase (software implementation) is handled professionally, on time, and to your satisfaction. After implementation, a team member (

6 Write short notes on:

a)Workforce Analysis

Answer : Having identified organizational priorities, the next step focuses on the roles and capabilities needed for the department to be successful.

•             Identification of Critical Roles

The leadership team identifies the key job functions and job roles that will be the initial focus of the talent review discussions.

Depending on the need, a talent review

b)Talent Review

Answer : Having set the organizational context, management teams can proceed wtih a review of "talent" in the organization.

The type and emphasis of a talent review can vary depending on the department's need.

Talent review examples include:

Talent Inventory focuses on the current performance and future potential of a selected employee group.

The goal is to get a collective perspective of strengths, needs and development opportunities for specific employees, and to identify the organization's "talent pool." Readiness for key assignments or future jobs is considered.

Dear students get fully solved assignments

Send your semester & Specialization name to our mail id :

  “ help.mbaassignments@gmail.com ”

or

Call us at : 08263069601

(Prefer mailing. Call in emergency )