Question:
Discuss about the Implementation of the Talent Management in DBS Group.
Talent management signifies the capability and commitments of the company to recruit the people. According to Church et al. (2016), the talent management process is associated with the method of developing the superior and most talented people in the organisation as per the suitability of the job role. The human resource management is responsible for developing and implementing the talent management program within an organisation (Al Ariss, Cascio and Paauwe 2014). In other words, talent management is compared to one of the most useful business strategies that drive the organisation towards success.
The study would discuss the implementation of the talent management in DBS group, which is the renowned banking company in Singapore. The component of talent management will be described in this report. Furthermore, the study will also develop the ideas about the effects of such process on both the organisation and the individuals.
DBS Banking Group is one of the leading financial service providers in Asia. Headquarter of DBS Group is in Singapore and eventually the company extended the presence in Southwest Asia, Greater China, and South Asia (Dbs.com 2017). The effective governance policies in the company are committed to protect stakeholders’ interests. The company is even focusing on promoting the long-term sustainability by improving the corporate governance. It is important to mention that the human resource management of DBS Group is specifically focusing on hiring people on the basis of their talents. The human resource department develops the sense of purpose to provide the beneficial training session and encourage the employees to set the aim higher (Farndale et al. 2014). This approach is the key to build the high performance in this competitive business scenario. The talent management concept has been introduced in this company to provide positive work experience by facilitating the rewards and recognition and maintaining the work-life balance. The company is looking forward to avail the opportunity of hiring the suitable candidates who will be efficient enough in accomplishing the pre-determined business goals (Dbs.com 2017). The major focus of the company is to develop the digital revolution by embracing the digital technologies like mobile, social, and media services. The human resource management is concentrating on developing the talent management program by providing the relevant training and development sessions to the interns. The study will thus keep the focus on the rationale for developing the talent management process by identifying the key components.
In current times, the enormous development in the banking industry is increasing the competition level. It is notable that the banking industry is profoundly creating effects on the emerging technologies to satisfy the changing demands of the customers (Cerdin and Brewster 2014). The future of DBS Group depends on the business capability of harnessing the digital revolution. In addition to this, the company realizes the needs of re-imagining the role of the bank performance for offering the remarkable customer experience. In order to achieve such goals, the company has listed the strategic priorities that are as follows:
The human resource management has been playing the most significant role in helping the bank to execute such determined priorities. It has been observed that developing the talent management program is quite beneficial for the company to accomplish such business goals (Cappelli and Keller 2014). Hence, the human resource department has recognized the need to develop this program by identifying the useful components of talent management. The further study will provide the idea about the major components of Talent Management and its impact on organisation as well as the individuals.
According to Farndale et al. (2014), talent management is a widely concerned aspect that has the linking with the business communication. The human resource department recognizes the four major components related to the conceptual form of talent management. These four components are described further:
Attracting
The human resource management requires identifying the major capabilities of the company to attract the new talents (Reiche, Mendenhall and Stahl 2016). The job interests arouse when there is the scope of growth in professional life. In DBS Group, the company is developing the talent management program by ensuring the availability of the numerous opportunities to grow in the professional career. The emergence of the advanced technological methods is attractive enough for the candidates to develop their career goals in this reliable and reputed banking firm.
Developing
The employee motivation and development are the major concerns of the performance management of an organisation (Collings, Scullion and Vaiman 2015). The improvement of the employees’ skills and efficiency is the most required component for the company. The human resource department is concerned about such requirements and accordingly it has developed the relevant training session for the talented candidates to develop their skills and professional efficiency.
Retaining
The facilities and job suitability are the major factors that can be helpful enough in retaining the employees (Farndale et al. 2014). Especially, while introducing the new process or develop the technological method in an organisation, the human resource management needs to take the hands-on approach to retain the employees. The DBS Group is developing the talent management program to accomplish the business by engaging the most suitable candidates and retaining them with proper training facilities.
Motivation
The employee motivation is the major component for ensuring the talent management program by the human resource department (Sawyer 2017). It is the primary job of the HRD to keep the employees engaged and committed towards the organisation by providing the adequate motivational facilities. In DBS Group, the human resource department is much concerned about the employee welfare and engagement purposes. The company is much concerned about maintaining work-life balance, providing the beneficial training session, and meeting the needs of the employees to keep the happy and motivated.
The banking industry has been growing fast and the talent management process contributes to such development (Kim et al. 2014). DBS group is promoting the interns by providing the effective training session. In current scenario, the company is focusing on the development of digital revolution. Promoting the mobile marketing, social media development, and effective business communication through digital sources are the major factors to be considered in this program. The interns associated with the bank are following such promotional marketing through digital revolution that can be beneficial for achieving the business goals.
The talent management program signifies the development of the digital revolution within DBS Group. The human resource department is concentrating on developing the training session to train the interns about the social media usage for the marketing purposes. The business promotion through telecommunication, mobile marketing, and social data development signifies the improved technological assessment. If the interns receive such opportunity to improve their skills in such digital marketing, it would be beneficial for the bank to generate more talents in future. The company is even focusing on promoting the long-term sustainability by improving the corporate governance (Farndale et al. 2014). It is important to mention that the human resource management of DBS Group is specifically focusing on hiring people on the basis of their talents. In fact, it is necessary to understand the current competition in the business market. Accordingly, the organisation can increase the productivity by engaging the suitable talents in the organisational functionalities. In addition to this, such strategic approach is quite beneficial for the future development and strengthened competitive edge of the company
Conclusion
Talent management is one of the most suitable strategic approaches that help in securing the competitive edge of the company in current business environment. Being the reputed financial service provider, BDS Group has developed the talent management program to improve the professional and personal skills of the interns. It is to be indicated that the development of the human resource department has recognized the need to develop this program by identifying the useful components of talent management. In DBS Group, the company is developing the talent management program by ensuring the availability of the numerous opportunities to grow in the professional career. The effective governance policies in the company are committed to protect stakeholders’ interests. The DBS Group is developing the talent management program to accomplish the business by engaging the most suitable candidates. Promoting the mobile marketing, social media development, and effective business communication through digital sources are the major factors to be considered in this program. If the interns receive such opportunity to improve their skills in such digital marketing, it would be beneficial for the bank to generate more talents in future.
References
Al Ariss, A., Cascio, W.F. and Paauwe, J., 2014. Talent management: Current theories and future research directions. Journal of World Business, 49(2), pp.173-179.
Cappelli, P. and Keller, J.R., 2014. Talent management: Conceptual approaches and practical challenges. Annu. Rev. Organ. Psychol. Organ. Behav., 1(1), pp.305-331.
Cerdin, J.L. and Brewster, C., 2014. Talent management and expatriation: Bridging two streams of research and practice. Journal of World Business, 49(2), pp.245-252.
Church, A.H., Fleck, C.R., Foster, G.C., Levine, R.C., Lopez, F.J. and Rotolo, C.T., 2016. Does Purpose Matter? The Stability of Personality Assessments in Organization Development and Talent Management Applications Over Time. The Journal of Applied Behavioral Science, 52(4), pp.450-481.
Collings, D.G., Scullion, H. and Vaiman, V., 2015. Talent management: Progress and prospects.
Dbs.com, 2017. About DBS Bank – Asia’s Safest Bank – Singapore’s Bank of Choice | DBS Bank. [online] Dbs.com. Available at: <https://www.dbs.com/about-us/default.page> [Accessed 29 Jul. 2017].
Dbs.com, 2017. Careers at DBS | DBS Bank. [online] Dbs.com. Available at: <https://www.dbs.com/careers/default.page> [Accessed 29 Jul. 2017].
Farndale, E., Pai, A., Sparrow, P. and Scullion, H., 2014. Balancing individual and organizational goals in global talent management: A mutual-benefits perspective. Journal of World Business, 49(2), pp.204-214.
Farndale, E., Pai, A., Sparrow, P. and Scullion, H., 2014. Balancing individual and organizational goals in global talent management: A mutual-benefits perspective. Journal of World Business, 49(2), pp.204-214.
Kim, Y., Williams, R., Rothwell, W.J. and Penaloza, P., 2014. A strategic model for technical talent management: A model based on a qualitative case study. Performance Improvement Quarterly, 26(4), pp.93-121.
Reiche, B.S., Mendenhall, M.E. and Stahl, G.K. eds., 2016. Readings and cases in international human resource management. Taylor & Francis.
Sawyer, K., 2017. Keeping It Real: The Impact of HRD Internships on the Development of HRD Professionals. Advances in Developing Human Resources, 19(2), pp.176-189
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