10th April, 2008QUESTION ONE: To what extent does the approach to Talent Management at Standard Chartered Bank display features of SHRM? (15 marks)The standard chartered bank approach to talent management displays the features of Society for Human Resources Management. Just like the Society for human resource management which uses hard data to drive its process the standard chartered bank human resource team knew that the process of talent management in that financial institution can only be achieved through availability of hard data. The need to avail any figures and facts was the main feature of the principles it adopted in order to initiate any proposed talent management activities.
The next feature is the establishments of a talent management programme that which functions on the foundation of a detailed information. This information contained in its data files is about the word wide workforce that is analyzed office by office, team by team from all the continents where the bank has its operations. The information is very crucial because it helps mangers in defining the type of employees under them in order to for them to channel resources to help where necessary.
(Dyer and Reeves, 1995). This is the case with the society for human resource management which advocates for the fact that resources should be allocated to employees who seem to lag behind in order to make them move in the same speed with others. This should be done through training those employees. The SHRM similarly believes that talent management is an important issue that faces many human resource managers in their workforce. In its pursuit to accomplish a comprehensive talent management, the financial institution applies the principle of the SHRM of defining as talented employee as an individual who have the capacity to bring about a significant difference both to the current and the future performance of an institution.
Five key areas are addressed by both the financial as well as the SHRM in the quest for the need to have an inclusive talent management program. These are, attracting talent, developing, spotlighting talent, averaging talent and strengthening talented organization. The issue of attracting talents is one of the most challenging features of any organization.
From the SHRM view, many application letters as well as resumes can be received but getting the people with the right talents who can perform to their best abilities becomes a hurdle that faces many companies. Standard chartered bank applies this principle in its recruitment of employees in order to get the right people for then right positions. The bank does this through its three principles that underpin the banks talent programs. The first is the fact that a great business can only come about or achieved through having great managers who are able to construct staff engagement.
The second is that when people play to their strength without limiting their potentials they are able to produce the best performance. The bank capitalizes on the SHRM feature of developing its own people through creating both internal local pipelines which enables it to gain or have a continuous talent supply. As observed by the society for human resource management thee is not always adequate supply of human resource and organizations should strive to have a pool of well trained employees in which it can draw from.
The feature of the SHRM of spotlighting talents is also ma common feature that the bank applies in its day to day operations. This is because financial institution puts into consideration the issue of categorizing its employees in order to get the best ways of giving incentives rewards for the employees’ performances. As a result the bank is able to spotlight different talents that its employees have and manage these talents by putting them into right positions where the employee can perform best.
This is achieved through the banks initiative of classifying employees from the junior ranks to the highest ranks so as to get the annual data about each employee in all its branches in different countries. The banks human resource managers use the SHRM principle of helping the employees bring out their full talents abilities through inspiring and motivating them as well as helping them uncover their hidden talents. They also cultivate on this SHRM feature in offering information on the company’s challenges and stimulate them to use their talent to overcome the challenges in the organization.
Based on the SHRM feature of minimizing attrition of employees the bank’s talent management revolves around career planning, staff engagement and personal development. Another feature of SHRM that is applied by the bank is the need to enable people in the company to operate on the foundations of their strengths rather than focusing so much on their weakness. According to SHRM this slowly erodes away the low self esteem and instills confidence in the employees which trickles down to improved performances.
To better understand the employees in the company SHRM advocates for continuous communication and interviews between the human resource mangers and their employees. In connection to this the standard bank holds online strengths finder test which helps the managers identify five key attributes in their employees as well as uncovering different talents hidden inside them. SHRM is therefore a key contributor to standard chartered bank features of talent management because most of the features applied by the bank are drawn from SHRM.