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Impact of talent management practices on employees’ performance in private sector bank

Impact of talent management practices on employees’ performance in private sector bank
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The present study attempts to examine the impact of talent management practices on employees’ performance in selected private sector banks. Primary data has been collected through pre-tested structured questionnaire.

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Impact of talent management practices on employees’ performance in private sector bank

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Nội dung Text: Impact of talent management practices on employees’ performance in private sector bank

  1. International Journal of Management (IJM)
    Volume 9, Issue 1, Jan–Feb 2018, pp. 16–21, Article ID: IJM_09_01_004
    Available online at
    http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=9&IType=1
    Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    IMPACT OF TALENT MANAGEMENT
    PRACTICES ON EMPLOYEES’ PERFORMANCE
    IN PRIVATE SECTOR BANK
    Hitu
    Research Scholar, Institute of Management Studies and Research
    Maharshi Dayanand University Rohtak.

    Satyawan Baroda
    Professor, Institute of Management Studies and Research,
    Maharshi Dayanand University Rohtak.

    ABSTRACT
    The present study attempts to examine the impact of talent management practices
    on employees’ performance in selected private sector banks. Primary data has been
    collected through pre-tested structured questionnaire. For the purpose of data
    collection, a sample of 102 employees working in the private sector banks of Haryana
    is taken on the basis of judgement sampling. The collected data is analyzed with the
    help of factor analysis. The finding indicates that talent management practices have
    direct impact on employee motivation, employee creativity, and employee satisfaction
    and employee competency. The study recommends that there should be healthy and
    stress free working environment, career progression opportunity, regular training,
    welcome employees’ innovative idea and transparent proper promotion policy for the
    management of talent in the organization.
    Key words: Talent, Employee, Performance, Banks, Factor
    Cite this Article: Hitu and Satyawan Baroda, Impact of Talent Management Practices
    on Employees’ Performance in Private Sector Bank. International Journal of
    Management, 9 (1), 2018, pp. 16–21.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=9&IType=1

    1. INTRODUCTION
    Talent management is new and important concepts in the Human Resource Management.
    Talent management is recognizing employees’ personal skills, abilities and offering him a
    suitable job. It is primary responsibility of Human Resource Management is to employ right
    talent at right place. It increases the productivity of the organization. Thus talent management
    is an important for both the organization and employees. It increases productivity of the
    organization and develop the personal skill of employees.

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  2. Impact of Talent Management Practices on Employees’ Performance in Private Sector Bank

    Indian financial system have been changed since 1990’s (Herd et. all 2011). Since there
    economic and financial sector reforms have reinforce the Indian economy and transformed
    banks and financial institution in the country. Because of that lot of opportunity in the
    banking sector been emerged for youth. This has lead to the talent crunch. Need for recruiting
    and retaining talent in the banking sector emerged.
    Talent is the sum of a person’s abilities his or her intrinsic gifts, skills, knowledge,
    experience, intelligence, judgment, attitude, character and drive. It also includes his or her
    ability to learn and grow (Beechler and Woodward)[1].
    Talent Management in organizations is not just limited to attracting the best people from
    the industry but it is a continuous process that involves sourcing, hiring, developing, retaining
    and promoting them while meeting the organization requirements simultaneously. For
    instance, if an organization wants the best talent of its competitor to work with, it needs to
    attract that person and offer him something that is far beyond his imagination. Only hiring
    him does not solve the purpose but getting the things done from him is the main task.
    Therefore, it can be said that talent management is a full-blown process that not only controls
    the entry of an employee but also his or her exit. Talent is defined as a natural ability which is
    separate from learned knowledge or skills and can be further developed and enhanced with
    practice and learning. Talent is accredited to those individuals that have the potential to make
    a positive impact on ‘organizational performance either through their immediate contribution
    or in the longer term by demonstrating the highest levels of potential’. Talent, in the context
    of the workplace, provides a distinction between those individuals that have the potential to
    make a difference, and the rest of the workforce. Those identified as talented are usually
    linked with leadership and managerial, technical or specialist positions. Thus, talent serves to
    refer to those limited number of people who possess the highest quality of managerial and
    leadership skills who take the organization to the next level (Garg and Rani)[2].
    To achieve success in business, the most important thing is to recognize the talent that can
    accompany you in achieving your goal. Attracting them to work for you and strategically
    fitting them at a right place in your organization is the next step. It is to be remembered that
    placing a candidate at a wrong place can multiply your problems regardless of the
    qualifications, skills, abilities and competency of that person. How brilliant he or she may be,
    but introducing them at a wrong appointment defeats the sole purpose. The process of talent
    management is incomplete if you’re unable to fit the best talent of the industry at the place
    where he or she should be. Some organizations may find the whole process very unethical
    especially who are at the giving end (who loses their high-worth employee). But in this cut-
    throat competition, where survival is a big question mark, the whole concept sounds fair.
    Every organization requires the best talent to survive and remain ahead in competition. Talent
    is the most important factor that drives an organization and takes it to a higher level, and
    therefore, cannot be compromised at all. It won’t be an exaggeration saying that talent
    management is a never-ending war for talent.

    2. REVIEW OF LITERATURE
    The various articles on different aspects of talent management practices appeared in
    journals/magazines are restrictive in nature and do not give a comprehensive picture. Heinen
    and Neill (2004)[3] stated that managing the talent is difficult and time-consuming, but very
    rewarding. Senior management might have the best intentions for developing people but
    failed to invest the time and resources needed to realize the benefits. Organizations with long-
    term and sustained success are those that focus on growth and achievement by attracting and
    retaining the best talent. They concluded that the talent management is business task not a

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  3. Hitu and Satyawan Baroda

    human resource or administrative task. They gave more preference to ‘A’ grade employees
    and focused on developing talent pools and career path as also tried to create a balance
    between organization and individual needs. They also introduced talent review session
    annually for high potential professionals to review the talent policies.
    Blackman and Kennedy (2005)[4] discussed the possibility of growing tension between
    employee progression and capability development which emerged as a result of talent
    management strategies. They focused on potential problems with the implementation of talent
    management systems which emerge through overly fast promotion, reduction in development
    effectiveness, feelings of inequity by those not recognized as ‘talented’ staff and lack of
    support within the organization. They also discussed the solution for retention of talented
    people which are succession planning, career development, good salary and work life balance.
    Lewis and Heckmen (2006)[5] identified three distinct strains of thought regarding talent
    management. First and foremost are those who consider talent management as substitute of
    HRM. They also limited their focus to particular HR practices such as recruitment, selection,
    leadership development and succession planning. A second perspective emphasized on
    development of talent pool focusing on projecting employee/staffing needs and managing the
    progression of employees through positions. The main focus is on understanding of internal
    workforce. The third perspective focused on management of talented people.
    Beechler and Woodward (2009)[6]described the rapid, complex and pervasive changes
    that will continue to impact labour and talent both in terms of quality and quantity. Global
    demographic and economic forces to the increasing mobility of people and organizations, the
    business environment is more demanding and complex. There are knowledge-driven industry
    transformations as well as cultural changes within businesses and in individuals’ views on
    career life cycles. These require higher cognitive capabilities, extensive relationship
    management, leadership skills and new human resource, development and career processes.
    There is a much wider diversity in culture, gender, working generations and modes of
    employment than ever before. These can be sources of advantage to be leveraged or conflict
    to be managed. Despite today’s global financial circumstances, the capacity of organizations
    to attract, develop, motivate and retain talent will remain a critical strategic issue for the 21st
    century’s knowledge economies.
    Kumari and Bahuguna (2012)[7] described that demand for oil and gas is constantly
    increasing and on the other hand, there are work force related issues. Such a scenario has put
    oil and gas companies into war for talent. The objective of this study was to examine the
    impact of talent management on employee creativity, motivation, career and competency
    development. They used ‘Multiple regressions’ method for analysis the collected data. Basic
    problems of oil and gas sector are lack of awareness amongst people about the importance and
    attractiveness of the sector, declining interest of the people towards science and technology,
    high degree of risk associated, lack of institutions offering specialized courses specific to oil
    and gas industry. The key human resource challenges faced by the industry are bulk
    retirement, attrition, attracting talent and inadequate supply of talent from institutes. The
    results of the study illustrated that talent management is directly and positively associated
    with employee engagement.
    Chauhan and Bhatt (2015)[8] discussed about liberalization of the Insurance sector has
    allowed the foreign players to enter the market with their Indian partners. Most of the foreign
    insurers have joined within the local market. India offers immense possibilities to foreign
    insurers since it is the world’s most populous country having over a billion people. Private and
    Foreign entrants in the insurance industry made others difficult to retain their market. Talent

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  4. Impact of Talent Management Practices on Employees’ Performance in Private Sector Bank

    management refers to the process of developing and integrating new workers, developing and
    keeping current workers and attracting highly skilled workers to work for company. The
    objective of current study is to identify factors which are affecting talent management
    activities. Talent management system not only helps to retain the intellectual assets, but also
    maintains and sustains the employees. The foregoing review of literature reveals that there is
    no academic research conducted in private banking sector to examine the impact of talent
    management practices on employees’ performance. Therefore, the present study is undertaken
    to fill the gap in the literature.

    3. OBJECTIVES OF THE STUDY
    The present study is conducted to identify the impact of talent management practices on
    employees’ performance in private sector banks in Haryana.

    4. DATA COLLECTION AND DATA ANALYSIS
    To achieve the objective of the study, a sample of 102 respondents is taken on the basis of
    judgment sampling. The primary data has been collected through pre-tested structured
    questionnaire from the employees of Kotak Mahindra Bank, Axis Bank, IndusInd Bank,
    ICICI Bank and HDFC Bank. The collected data are analyzed with the help of factor analysis.

    5. RESULTS AND DISCUSSIONS
    KMO i.e. Kaiser-Meyer-Olkin test measures the adequacy of the sample. KMO is also known
    as data validation test. If the test indicates the result that is higher than 0.50 than the sample
    data is adequate enough to carry out the factor analysis. KMO and Bartlett’s Test is 0.782
    which is greater than 0.50, Therefore factor analysis can be carried out (Table-1). Factors of
    talent management with factor loading and communalities (Table 2) shows the six factors that
    have been extracted using varimax rotation method. Factor 1 has 8 statements, Factor 2 has 5
    statements, Factor 3 has 4 statements, Factor 4 has 2 statements, Factors 5 has 2 statements
    and Factor 6 has 2 statements. For the purpose of analysis, finally 6factors have been labeled,
    which had a factor loading greater than or equal to 0.50 percent. Total percent of variance is
    61.081.

    Factor 1: Employees’ Motivation
    Factor 1 ‘Employee Motivation’ includes eight statements that helps in increasing the
    motivation level of employee such as other benefits and perks apart from salary, career
    progression linked to performance, recognition/ praise for talented work, encourage to
    identify and update their talents, technical and soft skills training, meaningful pay
    differentiation to high performers through both base and variable pay, fair treatment of
    employee on basis of target achieved and healthy and cooperative work environment. It
    accounts for 17.804 percent of total variance.

    Factor 2: Employees’ Satisfaction
    Factor 2‘Employees’ Satisfaction’ includes five statements such as salary differentiation
    linked with achievable targets, clear picture of skills needed for individual progression,
    supportive environment to have a balance between work and personal life, developing
    collaborative skills and customer service skills through changing the behaviour of individuals.
    It accounts for 11.956 percent of total variance.

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  5. Hitu and Satyawan Baroda

    Factor 3: Employees’ Creativity
    Factor 3 ‘Employees’ Creativity’ includes four statements like higher salary than competitor
    provides for same job, encourage to innovate and learn from mistakes, competitive work
    environment to prove himself/herself and learning opportunity by challenging task. It
    accounts for 9.471 percent of the total variance.

    Factor 4: Employees’ Competency
    Factor 4 ‘Employees’ Competency’ helps the employees to enhance his/her competency. It
    includes the statements like application and sharing of knowledge and leadership quality to
    encourage people to achieve target. It accounts to 7.792 percent of the total variance.

    Factor 5: Employees’ Efficiency
    Factor 5 ‘Employees’ Efficiency’ includes two statements such as regular and constructive
    feedback and reducing the work load of employee to reduce stress. It accounts to 7.648
    percent of total variance.

    Factor 6: Employees’ Development
    Factor 6 ‘Employee Development’ includes two statements such as linking of promotion
    policy to performance and experience and develop collaborative skill. It accounts to 6.411
    percent of total variance.

    6. CONCLUSIONS AND POLICY IMPLICATIONS
    The results of the study illustrated that talent management practices have direct impact on
    employee motivation, employee satisfaction, employee creativity, and employee development
    and employee competency in the selected banks. Employee performance improves by using
    right talent management practices. Employees feel highly motivated through talent
    management practices of other benefits than apart from salary and healthy and cooperative
    work environment. The finding revealed that activity which provides high satisfaction to
    employee is meaningful salary differentiation linked with achievable target and collaborative
    skills. Employee competency improves through leadership quality to encourage people to
    achieve the target. Based on the analysis, it is recommended that there should be healthy and
    stress free working environment for his employees, opportunity for career progression, regular
    training regarding new technology and complete knowledge of his routine work to employee
    leads to better performance in banks. Banks should welcome new and innovative ideas of the
    employees. Challenging and achievable task should be given to the employees, which will
    help them to increase their creativity and innovative thinking. Regular promotion in the
    organization is required by every employee, but promotion policy should be transparent and
    based on performance and experience. Pay differentiation should be visible to each employee
    otherwise it will create grievances and feeling of dissatisfaction among them in future. The
    feelings of dissatisfaction reduce the efficiency of employees and affect the goodwill of banks
    badly. Highly talented employee always provides a competitive advantage to the organization.

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  6. Impact of Talent Management Practices on Employees’ Performance in Private Sector Bank

    Table 1:KMO and Bartlett’s Test

    Kaiser-Meyer-Olkin Measure 0.782
    of Sampling Adequacy.

    Bartlett’s Test of Sphericity

    Approx. Chi-Square 958.817

    Df 276

    Sig. 000

    Source: Survey

    REFERENCES
    [1] Rajiv Kumar Tyagi and Dr. Daleep Parimoo, Capability Building in Indian Solar Power
    Industry for Talent Management and Retention. International Journal of Marketing and
    Human Resource Management, 8(2), 2017, pp. 21–37.
    [2] Dr. A. Shameem Changing Landscape of Talent Management International Journal of
    Mechanical Engineering and Technology, 8(5), 2017, pp 762-766
    [3] Dr. Hani J. Irtaimeh, Dr. Zeyad F. Al-Azzam and Dr. Amineh A. Khaddam, Exploring the
    Impact of Talent Management Strategies and Service Quality on Beneficiaries Satisfaction
    in Jordan Healthcare Sector: Provider Point of View. International Journal of
    Management, 7(7), 2016, pp. 23–38
    [4] Dr. Hani Jaza’a Irtaimeh, The Mediating Role of Service Quality in the Relationship
    between Talent Management Strategies and Patients’ Satisfaction of Jordan Healthcare
    Sector. International Journal of Management, 7(7), 2016, pp. 39–52.
    [5] M. Surya Kumar and Dr. N. Shani. Strategic Talent Management, International Journal of
    Management (IJM) , 3(3), 2012, pp. 100 – 104

    http://www.iaeme.com/IJM/index.asp 21 editor@iaeme.com

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