Economy Business Owners
Business owners are beginning to question the fact whether talented workers represent more of an asset to their companies than money and technology. Realistically speaking, money and technology are both easily attainable and tangible. On the other hand, human talent, also known as an intellectual asset, is an intangible object that can be difficult to attract in today's growing economy. This is where the process of influencing human talent is introduced. Human resource management serves as a cornerstone of any type of business. It is more than just a sector to an organization; it is the building blocks of success that every business strives for at some point in its life cycle to perfect. Possessing a team of managers that can comfortably assess an individual's knowledge, skills, abilities and other characteristics, that are being placed in a certain field of the business where their talent will be more advantageous to the organization's overall performance is in brief context, what human resource management is all about. If a human resource team has a commanding capability to engage, recruit and utilize talented registrants into an organization, then it also has the capabilities to attain success with a business in the marketplace against competitors. Human resource managers understand human behaviour and can assess talent appropriately to construct a savvy yet effective workforce to accomplish not only organizational objectives but also self rewarding goals for individual workers in business. Although human resource management is aimed more pre-dominantly at making a business more prosperous in the marketplace against its competitors, what is often foreshadowed are the practices developed to appraise employees and motivate themselves to perform above what is expected. In essence, managing human talent is a two way street with handfuls of opportunities and benefits for both employees and employers if the measures are right. Simply put, if you want to run a successful business, you better plan on acquiring a productive human resource team that can get the job done.
When exploring through fundamental practices of human resources, it is evident that the management of human talent is a difficult task to perform. Each practice itself serves an importance to a business, but it is after several practices are performed when a business begins to thrive. An important practice that has affected organizations in Canada and in other multicultural societies is diversity management. Diversity management is an essential strategy used to promote better workplace environments and co worker relationships. Its main purpose is to promote unity between employees, and disregard all individual dissimilarities. This is the background of diversity management.
Demographic changes have been affecting both the mainstream of Canadian culture and society, but also creating more challenges for businesses trying to compete in the marketplace for consumer dominance. Analytically examining the influences of diverse changes in the workplace and of society will help businesses understand its significance and importance for success. In order to compensate for demographic transitions, it has become a necessity for businesses to also make drastic changes to their workforce. Executive VP at RBC, Charles Coffey, claims that diversity in the workforce has almost become a compulsory measure to induct, for the sake of survival.
Some may believe we are diversifying and evolving our workforce to better suit the needs of consumers, we are only beginning to accept everyone regardless of their status or group. Based on the fifth Canadian edition of Managing Human Resources, diversity management is referred to as "the optimization of an organization's multicultural workforce in order to reach business objectives". It is an independent practice used to embrace and accommodate different groups of workers by their age, gender, ethnicity, background and education. Not only is this form of management used to maximize work potential, but it also forms mutual companionship amongst co-workers. Diversifying the workforce may seem like a simple strategy to ensue, it is contrarily an unmeasureable process that could take time to complete based on a business' approach. Human Resource managers now not only have to manage a gender-free, multicultural organization free of bias, but also remain as work efficient as possible. New changes that are made to the structure of an organization may also requires changes to policies and/or procedures which are continually being adjusted based on new demographics. There are five main benefits for human resource managers to consider diversity management - better utilization or talent, increased marketplace understanding, enhanced creativity, increased quality of team problem solving and breadth of understanding in leadership position. Each benefit will be thoroughly investigated to understand its true essence to an organization and how these improvements collectively form, to enhance the success of a business.
By definition, the word talent is described as "a special natural ability or aptitude" (Dictionairy.com) or "a capacity for achievement or success" (Dictionairy.com). Talent is an intangible gift found in only a sparse number of human beings. Diversifying a workplace by employing people of different age, gender, race, background and education often brings new, 'unheard of' talent to an organization. Not only will it promote a healthier business atmosphere, but it will also put a business at a competitive advantage against other rivaling companies. Derived from a human resource software suite in the late 1990's, specialist David Watkins was the first individual to introduce 'talent management'. Talent management highly focuses on improving both current and new worker performance, and also the process of acquiring new, intellectually skilled workers to work for a business. Companies such as American Express have implemented talent management strategies that have produced better leadership competencies. Their talent strategic goal as a business is primarily focused on developing and improving leadership traits in current employees and evaluating potential employees through leadership programs.