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Abilities means talents, special skills, or aptitudes. In particular, the term is used to describe the ability of workers in business. The performance of organizations depends on individual information, skills, and personality traits as much as on technology and capital investments.
When writing about ability, sometimes people are referring to aptitude, intelligence, knowledge, skill, power, or capabilities. Let’s first review each of these items in turn before reviewing their effects on economic performance.
Aptitude is a constituent of an ability to do a particular type of job at a certain level, which may also be described as “talent.” Aptitudes can be physical or mental. The congenital nature of aptitude is opposed to the idea of success, which supposes cognition or skill obtained by way of learning.
Intelligence is defined in many different ways, such as a person’s capacity for logical reasoning, abstract thinking, understanding, self-consciousness, memory, communication, learning, emotional cognition, creativity, or problem solving. It may also be generally defined as the ability not only to comprehend knowledge but also to use it for practical purposes.
Knowledge may be defined as proficiency, mindfulness or comprehension of facts, or cognition, which is obtained by way of experience or training and by perceiving, discovering, or learning. Knowledge may indicate to the theoretical or practical understanding of a subject.
Skill is the ability to perform a task with prespecified outcomes, often within a given time, energy, or both. To put it another way, it is possessing the ability. Skills may often be distinguished as domain-general and domain-specific skills. For example, domain-general skills include general talents such as time management, teamwork, leadership, and self-motivation, whereas domain-specific talents would be applicable only to a particular task. Skills usually need certain environmental stimuli and situations to specify the level of skill being shown and used.
Power is the ability to do or act—the competence to do or complete successfully any assignment.
Capability is the potential for improvement or use of a particular skill or ability.
Talent is difficult to define. The ability to do something without much effort or perform a task effortlessly may be loosely defined as talent. Talent is innate and thereby difficult to generate through training.
Ed Michaels, Helen Handfield-Jones, and Beth Axelrod (2001) refer to talent as “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” (p. xii, Preface).
Talent also refers to a group of individual characteristics that help improve one’s ability to achieve expertise rapidly. These characteristics allow one to enhance one’s abilities at a much faster rate than others in the same circle and with the same level of expertise, skills, and so on. Talent enables one to adapt one’s skills to training and development in one’s specialized field. Talent exists when strong genetics and a desire to excel in practice come together to create superior ability for a specific activity. Talent depends on using one’s genetic makeup combined with hard work to produce exemplary work.
According to a yearlong study conducted in 2001 by Michaels and his team from McKinsey & Co.—a study involving 77 companies and almost 6,000 managers and executives—the most significant resource in the coming years will be talent: intelligent, advanced businesspersons who are technologically literate, globally astute, and operationally agile.
Talents and abilities need to be managed for organizations to maximize their benefits. The important stages of talent management include the hiring, growth, promotion, and retention of talented workers. Does the organization have the right mix of talent to meet current and future goals? Trying to maintain the right talent mix becomes especially difficult when the most talented workers are highly sought after. According to Audrey B. Smith, Richard S. Wellins, and Matthew J. Paese, this requires planning that is flexible enough to meet the quickly changing market conditions.
It is an accepted fact that talent is more significant than resources, strategy, or R&D (research and development). Think about the capital of competitive advantage that organizations have. Resources are available for smart ideas and smart projects. Strategies are transparent: Even when you have a good strategy, others may copy it. And technology is rapidly developing today. Furthermore, management of talent is a “forwardlooking” function. According to Josh Bersin, not only should talent management enhance your company’s flexibility and productivity, but it must also give you the knowledge and tools to plan for development, change, income, and critical new output and service effort.
To meet the business challenges of tomorrow, companies need to have a talented human resources department. According to Richard Olsen, “a company’s traditional department-oriented staffing and recruiting process needs to be converted to an enterprise wide human talent attraction and retention effort” (as cited in Lewis & Heckman, 2006, p. 144).
Talent management is the science of using human resource planning to enhance the value of business and help organizations attain their targets. Companies increasingly set their sights on talent management. Organizations work hard to hire talent; moving from reactive to proactive, trying to obtain a competitive advantage, their need for human resources drives talent management. Strategies of talent management are focused on five primary areas: (1) attracting, (2) selecting, (3) engaging, (4) developing, and (5) retaining workers. Although wages and interests initially allure workers, organizations with a top-tier leadership aim at retaining and improving their talent base.
According to scholars, the talent marketplace is a worker training and development strategy that is set in place within a company. It has been found to be most useful for organizations where the most productive managers may select and handpick the projects and assignments that are ideal for certain workers. An ideal setting is where productivity is worker-centric and duty is described as “judgment-based work,” for example, a law firm. The point of activating a talent marketplace within a department is to harness and link a person’s particular talents with the duty at hand. Examples of organizations that apply the talent marketplace strategy are American Express and IBM.
Global Talent Management
Management of global talent is the main challenge for multinational sectors today. There has been some recent study in this area by Elaine Farndale, Hugh Scullion, and Paul Sparrow (2010), who define global talent management as “the strategic integration of resourcing and development at the international level, which involves the proactive identification and development and strategic deployment of high-performing and high-potential strategic employees on a global scale” (p. 162).
Global talent management and its many potential challenges may be investigated in the matter of international human resource management, an area that has achieved tremendous advancements in research and practice during the past 20 years. During that time, some challenges have been faced in international human resource management with regard to increased global economic development, extensive worldwide communication, speedy transfer of new technology, developing trade, and emigration of large numbers of people, according to Ibraiz Tarique and Randall S. Schuler.
According to Farndale, Scullion, and Sparrow, a significant aspect of international human resource management in recent years is maximizing the ability of individual workers as a unique capital of competitive advantage. How to manage the global talent effectually is a significant area for future research. For example, Karen Roberts, Ellen Ernst Kossek, and Cynthia Ozeki describe primary global talent management challenges in the context of international human resource management as (a) conveniently obtaining the right talent in the right numbers where they are needed, (b) spreading current information and practices throughout the multinational enterprise regardless of where they originate, and (c) defining and growing talent on a worldwide basis. In a similar way, according to Farndale and colleagues, multinational enterprises have faced some challenges in attracting, retaining, and developing the managerial talent essential for their global units.
- Bersin, Josh. Talent Management: What Is It? Why Now? (2006). http://www.bersin.com/Blog/post/TalentManagement–What-is-it–Why-Now.aspx
- Farndale, Elaine, Hugh Scullion, and Paul Sparrow. “The Role of the Corporate HR Function in Global Talent Management.” Journal of World Business, v.45/2 (2010).
- Lewis, Robert and Robert J. Heckman. “Talent Management: A Critical Review.” Human Resource Management Review, v.16/2 (2006).
- Michaels, Ed, Helen Handfield-Jones, and Beth Axelrod. The War for Talent. Watertown, MA: Harvard Business School Press, 2001.
- Roberts, Karen, Ellen Ernst Kossek, and Cynthia “Managing the Global Workforce: Challenges and Strategies.” Academy of Management Executive, v.12/4 (1998).
- Smith, Audrey B., Richard Wellins, and Matthew J. Paese. The CEO’s Guide to Talent Management: A Practical Approach. Pittsburgh, PA: Development Dimensions International, 2008.
- Tarique, Ibraiz and Randall Schuler. “Global Talent Management: Literature Review, Integrative Framework, and Suggestions for Further Research.” Journal of World Business, v.45/2 (2010).