Topic > Human Resources and the Competition for Talent - 1567

In today's competitive workforce, talent is not only incremental, but also scarce. War for talent, a term coined by Steven Hankin of McKinsey & Company, refers to the competitive landscape of managing the talent of qualified, valuable employees. Talent management is defined as “the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes to attract, develop, retain and utilize people with the skills and aptitudes required to meet current business needs and future” (Lockwood, 2006). . This paper talks about the challenges faced by organizations and how organizations use strategic human resources to overcome concerns about attracting, recruiting and retaining talented employees. Some human resources executives have stated that “the greatest challenge in workforce management is creating or maintaining their companies' ability to compete for top talent” (Jones & Keene, 2005). Furthermore, attracting and recruiting talented employees is no longer enough: organizations must implement an effective policy to retain these employees. The strategies discussed in this document are supported by real-time case studies to add further accreditation. The research drawn from these case studies is both empirical and theoretical in nature. LITERATURE REVIEW Although there are several aspects related to the war for talent, this research briefly examines some of the strategies widely used by organizations to overcome the challenges they face:1 . Teleworking2. Voluntary Payroll Deduction (VPD)3. Employee Engagement TELECOMMUNICATIONS Recent studies show that one of the top concerns raised by employees is work-life balance. Telecommuting may not work for all types of businesses...... middle of paper ......gallup.com/consulting/File/126806/MetaAnalysis_Q12_WhitePaper_2009.pdfHarter, JK, Schmidt, FL, Killham, EA, & Agrawal , S.T. (2009). Meta-analysis: The relationship between work engagement and organizational outcomes. Retrieved February 13, 2014, from www.gallup.com/consulting/File/126806/MetaAnalysis_Q12_WhitePaper_2009.pdfJones, D. K., & Keene, L. (2005). Vero Solutions Inc. Retrieved from http://verosolutionsinc.com/wp-content/themes/twentyten/files/AberdeenGroup.pdfLockwood, N. R. (2006). Talent management: Drivers for organizational success. (SHRM Research) Retrieved from the Society for Human Resource Management: http://www.shrm.org/research/articles/articles/documents/0606rquartpdf.pdfThe Gallup Organization. (1998). Employee engagement = business success. Retrieved February 12, 2014, from www.bcpublicservica.caVoluntary Benefits . (2002). 9.