Unit 10

Question 1

Define talent.

Answer 1

A group of individuals with potential and skills to uniquely contribute to an organisation and its success.

Question 2

Define talent management.

Answer 2

A strategy implemented to attract and retain talent to ensure a sustainable organisation.

Question 3

Discuss the 3 approaches to talent
management.

Answer 3

The resource-based approach - Developing talent through talent acquisition is crucial to gain a competitive advantage.
The object approach - knowledge (information), skills (learnt through education), abilities (applying skills)
The subject approach - focusing on identifying and developing talent as employees.

Question 4

Discuss the 3 benefits that talent
management provides when it is used as an
Organisational strategy.

Answer 4

Attracting and retaining the best employees in the ‘war for talent’: Having & investing in strategic talent management attracts the most talented employees & increases their commitment to the organisation.
Reduced employee turnover: VERY COSTLY. Voluntary turnover - employees leave through retirement or resignation. Involuntary turnover - employee asked to leave due to misconduct.
Development of a high-performance culture: Investing in talent management increases employee engagement.

Question 5

Study the calculations of employee turnover.

Answer 5

Unit 10, page 16.

Question 6

List the reasons for employee turnover.

Answer 6

Inadequate pay
Unfair labour practices
Lack of promotions
Lack of support

Question 7

Discuss the five steps in talent management
process.

Answer 7

Unit 10, page 19.

Question 8

Explain the seven factors that are critical for
retaining talent.

Answer 8

Unit 10, page 23.