In this chapter, the research conclusions are presented first, and then the recommendations are presented in the last section.
Conclusions
TM: A Series of Integrated People Management Actions for Talented Employees
Most of talents are regarded as the potential successors of some important positions; therefore, they must have capability to show the continuing good performance in their daily job to prove their capacity. For some companies, performance is just like a basic threshold. A real talent needs to have the potential, aspiration, good adaptability of change, leadership, etc. Some FDI companies ask their talent to have mobility due to the companies’ strategic needs. In order to effectively manage these talents and maximize their value, a series of people management actions including the succession planning and development plan are implemented. A successful TM practice needs good cooperation and strong commitment between HR, line managers, and high level managers. In order to effectively integrate each party and each function inside of HR, a specific integrator, account service system, and regular and formal talent management meetings are respectively used in different companies. The whole TM system is presented as figure 5.1.
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Effectively Aligning with Business Strategies
The most important thing in TM is to align it with business strategies. The similar methods for FDI companies and local companies are to make it directly one of business strategies and goals or expand the business strategies to form the talent strategies. Acquiring the support from high level managers can also ensure the TM planner or executor not depart from business strategies. The participation of high level managers in the specific talent management meeting is also regarded as a good chance to link TM and business strategies closely. FDI companies also strongly request their talents to follow companies’ business value in daily life. Local companies take advantage of the balanced scorecard and KPI setting to link with business.
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The Roles of High Level Managers, Line Managers, and HR
No matter in FDI or local companies, the support or drive of high level managers are very critical, so being a good supporter and driver in TM is the main role in TM for high level managers. In FDI companies high level managers also need to be a communicator between line managers and HR and use their rich experiences in identifying talents. Keeping challenging the TM executors also ensures TM is on the right direction. In local companies, a good relationship between talents and high level managers is established through the role of mentor.
Line managers are the ones who know the talents the best, so the main job for line managers in TM are to identify talents, understand their needs and motivation like a good friend, and assist the talent in development.
HR is the facilitator of the whole TM process in which HR need to keep communicating with stakeholders and let them know the importance of TM clearly.
Besides, HR is responsible for monitoring and tracking talents’ development trend and providing necessary help or resources when line managers need.
Talent Management Planning and Identification
The first step to do the planning is to understand the current internal and external talent situation, a wealth information and data are needed. Most of FDI companies have a global standardized TM platform which can help executor to not only acquire needed information but also can remind them what they should do for their talents.
Besides, it also can help FDI companies to mobilize the talents worldwide. Local companies usually use several HR systems together to integrate the information.
Some local companies are working on establishing a skill inventory system which can help companies to search the talents with needed skills level and be the foundation of IDP.
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Most of planning works of FDI companies have been done by headquarters.
Local branches only need to adjust them to meet local situation, and link to global strategies. The business strategies and TM planning should be linked closely and then according to it to do the anticipation of talent needs. FDI companies advocate that it should identify the critical positions first, and then understand what kind of skills or capability they are required. The way to anticipate talents needs by positions is similar to the successor planning. The situation of labor market should be carefully considered since some kinds of talents are difficult to find. Some local companies do the anticipation based on their total headcount plan and past experiences. Some of the local companies also anticipate by position; besides, the development of new products and expansion of new branches are also considered.
In order to use resources efficiently, most of the companies has talent segments practices. They segment the employees to talents and non-talents or use 3x3 grids to segment employees to nine categories according to their performance and potential.
The evaluation of potential mostly rely on a standardized behavior guideline established by headquarter and discussions to judge whether the employees have potential or not. Besides, in some companies, assessment center, 360 degree feedback and peer review are implemented in identifying potential.
A special talent management meeting is held in most of the companies. They use this meeting to identify talents, calibrate the identification results and discuss talent issues.
Building up Employer Branding to Attract Talents
Building up good employer brand is regarded the best way to attract talents. The first thing companies should do is to understand what kinds of images existing in people’s mind, and then decide what image companies want to leave in people’s mind.
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In FDI companies, they think development opportunities, corporate social responsibility, winner of famous award, successful stories, leading place in industry can be the effectively attract talents. In local company, they think a clear slogan, good HR policy, CSR, leading place in industry, successful stories, winner in famous award, identical culture, and companies’ value can attract talents.
FDI companies usually channels such as campus recruiting, interview, external lecture, network with professors, social media, social network site to deliver the information. The difference in local company is that some of them rely on employees’
personal network and hold event to attract talents.
Talent Development
Talent development basically divided to four kinds including career development, on the job experience, learning from others, and classroom training. All of these rely on the implementation of IDP. In FDI companies, they implement some career relevant courses and arrange career talks with experts for talents, and provide dual ladder for them to choose their career. In local companies, some of the companies arrange external career consultants for talents.
On the job experiences is the most effective way for talents to be developed. FDI companies purposely arrange project assignment, rotation, deputy of supervisor, oversea experience and critical experience for their talented employees. Local companies usually develop talent through project assignment and rotation.
20% development occurs in learning from others. FDI local companies has similar practices including assigning mentors, arranging exposure and engagement opportunities, talking with senior manager and 360 degree feedback to talents.
Classroom training is regarded as a way with less effectiveness in FDI companies. They basically use it to deliver general concept and knowledge. Some of
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them specially have leadership courses for talents. They also cooperate with famous university and send their talents to study in EMBA. In local companies, some regard action learning as the key talent development method. And also arrange some courses in university.
Talent Retention
In talent retention, FDI companies request the line managers and HR to irregularly chat with talents in order to know their retention drivers. There are three main retention drivers in both FDI and local companies in this research including fair compensation package, great career development, opportunities to engage with high level managers. Companies also can retain talents through establishing their identification to company. The concrete methods in FDI companies are to deliver successful stories, praising them in public and provide optional working style. In local companies, the future prospect of company, good working environment, company culture can effectively enhance their identification. Moreover, complete HR policies, great leadership, and fairly treated by companies are also regarded as important factors which can retain talents.
Measures of TM
For overall TM practices, the business performance is regarded as the best indicator to TM measurement since the final purpose for TM is to create good business outcomes. Besides, the readiness of TM to be the successor of critical positions and performance of talents are also important indicators in both parties of the companies.
For the measures of talent attraction, FDI and local companies calculate the numbers of participants or appliers in job fair, campus recruitment as the indicators of
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attractiveness. Besides, internal and external questionnaire survey, business magazine’s evaluation and numbers of exposure in media can also measure the attractiveness of the company and TM practices.
The measures of talent development mainly rely on the feedback from talents.
Using 360 degree feedback to know their behavior transfer from a series of development actions is implemented in FDI companies. In local companies, the direct feedback from talents, satisfaction survey, and finishing percentage of IDP are used to measure the outcome of talent development.
The measures of talent retention mainly focus on the turnover rate of critical talents in FDI and local companies. Satisfaction survey also can be a way to understand if the effort which put in retention works or not. A local company measures their talent retention for three levels including newcomers, formal employees and talents since the company regard all the employees as talents.
Recommendations for FDI Companies
Most of the FDI companies have rich resources, tools, and system from headquarters to do talent management. Therefore, the recommendation for FDI companies focus on the flexibility to local situation.
Establish a Complete Communication Channel
In order to establish talent mindset in whole company, FDI companies should establish an open channel which can help talent management executor to deliver the relevant information to all the employees and make sure the information is direct and correct.
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Make TM More Humanized
Companies should make the whole process more humanized and then it can enhance the willingness of stakeholders to put effort into it. In this regard, HR or the executor should make the works as flexible as they can and get the whole support from all the stakeholders.
Glocalize TM Strategies and Practices
Since most of TM planning and strategies are done by headquarters, how to make it closely attach the local situation will be a challenge. TM executors should consider and have deep understanding of business culture, local talents’ characteristics, needs, and the situation of labor market, and then link it to the global strategies by regularly checking and monitoring. Finally, develop a more appropriate way to implement TM in Taiwan.
Be Patient
Most of FDI companies are very performance-oriented. However, the development of a mature talent is time-consuming. TM executor should try to educate the stakeholders to be patient in TM and talent development process.
Recommendations for Local Companies
Most of the local companies are still at the beginning stage in talent management;
therefore, they should make it standard and become a complete system. In this regard, the following are several recommendations for the local companies.
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Establish Standardized TM System and Process
A standardized TM system and process can ensure the whole system consistently well implemented. If all the works become a system, stakeholders will spontaneously involve in the system and keep pushing it move forward.
Keep Educating Line Managers’ TM Awareness
Line managers played an important role in developing talents. In order to form the awareness to TM of line managers, TM executors should arrange regular sessions or activities to deliver the importance of TM and provide methods to line manager.
TM executor is also suggested to keep engaging with line managers to know their concerns, needs, and problems in TM and try to reach consensus together.
Benchmarking
Since in some local companies’ TM is not that formalize, local companies should try to collect the information of benchmark companies outside. And then find out the most appropriate way to implement TM according to what benchmark companies do.
Finally, adjust the practices to fit in their own organizations cultures.
Multiple Developing Methods
Since every talent have different characteristics and needs, the way to develop them should be more flexible through providing multiple and person-fit methods to each talent and then keep evaluating and monitoring the development results.
Ongoing Innovation in TM
Different from FDI companies in Taiwan which have endless ideas from headquarters. TM executors and other stakeholders in local companies should keep
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learning, thinking, and innovating TM practices. In this regard, the commitment of TM stakeholders needs to be established.
Recommendations for Future Studies
In this research, one of the purposes is to explore the overall system and practices of TM for the companies in Taiwan. An overall structure and content of TM has already identified. Future research can focus on the details in each factors, methods, problems or phenomena, and then develop the multiple solutions.
Companies in different background will have different TM practices. This research mainly used nationality to segment target companies. Future studies can use industry, organizational life cycle, or the size of companies to segment and then do the comparison.
Finally, in this research, researcher explored it through HR’s perspectives. Future research can explore it from different perspectives such as the talents, line managers, or high level managers.
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