Template of the Talent Management Plan-myassignmenthelp.com

Question: Write about theTemplate of the Talent Management Plan. Answer: Talent management is a productive weapon that becomes more productive with Millennial. Talent management is a long and continuous process that contains recruitment of suitable candidates as its primary function. It further nurtures the selected candidates to groom them as professional (James Sunday Kehinde PhD 2012). The future of banking industry is expected to face few challenges of which Big Data management is the one challenge (Kaisler et al., 2013). Big Data can enhance the efficiency of banks in knowing the insights of customers. It can also raise the standard of their customer service. However, banking sectors have always lacked in innovation and creativity. This has kept them away from digitalisation (Cunningham 2013). Additionally, banking sectors are largely occupied with Baby-Boomers who loves to continue with the traditional form of data management (Gursoy, Chi and Karadag 2013). HSBC is not any different bank. The bank has challenge in front of it to recruit the maximum possible Millennial and retain them by incepting talent management plan. This is because there is a need for banks to go digitalise. The main purpose of this assignment is to analyse the challenges, which the HSBC Australia or the other banking companies might face in future. Some of the identified challenges are transforming the office culture, motivating the Millennial for banking jobs, recruiting the talented Millennial and retaining the hired professional (Martins, Oliveira and Popovi? 2014). Office culture is still more traditional, which is largely occupied by Baby-Boomers. Problem is not specific to generation but it is specifically with the use of creative process. Data management is a key to enrich the customer service standard in banking sector. This can only be resolved by hiring fresh talented Millennials. Millennials are well versed with update form of technology, which is the need of present and future banks. Big Data management needs an entire team of technical background. The shifting of office culture can be attained if HSBC Australia and other banking companies hire sufficient numbers of talented Millennials. This would fill up the required number of talented professional for conducting different tasks related to Big Data management. Managing Big data requires many activities such as capturing data, storage, data analysis, sharing, visualisation, updating and few others. It provides many more tasks, which need a team of dedicated professional for handling th e tasks. Professionals need to be well versed with different and updated form of technologies. This is only possible if different banks consider the selection of talented graduate professionals (Gursoy, Chi and Karadag 2013). Suggestion would be to recruit talented graduate Millennials. Banking companies like HSBC need to invest healthy sum on various modes of drives. This would provide the most needed workforce to the HSBC Australia. The solution has been identified to counter the future challenges for banking sector; however, it is yet problematic for banking companies like HSBC because Millennials have less flavour for banking jobs. They have more passion for some other industries such as IT, Travel Tours, Forest Adventures, Media and Photography. These are some most sought options, which Millennial prefer. It is a stiff challenge for HSBC Australia and other banking companies to drive the interest of Millennial back to the banking sector. It is challenging but quite feasible. Suggestion would be to introduce the Big Data management. Additionally, they need to reshape their culture, which means including some important concerns for Millennials. Work life balance is one such aspect that Millennials prefer the most. They in fact search for their choice of jobs. At the same time, they are also involved in shuffling with different jobs. This is highly evident that banking sectors need to shift their culture to a s tate, which is highly feasible to Millennials. Their retention is only possible if they get opportunities to explore their creativity and if they get work life balance in their organisation (McAfee and Brynjolfsson 2012). Recruiting the Millennials in the HSBC bank of Australia or the other banking companies is the one potential solution to counter the identified future challenge. Banking sector needs more Millennials who are expertise of managing different tasks related to Big Data. Recruitment is itself a challenge not only for the banking industry but for the other industries as well. There are shortages of talented graduate professionals. In such situation, it is difficult for the Human Resource to get the required numbers of talented professionals. The world is heading towards the era of digitalisation; however, they have to hold back because of shortages of professionals. Competition is higher because many other companies are hunting for the same. It then becomes crucial for the HSBC Australia that it smartly conducts the recruitment process. There must be some innovativeness incepted in the recruitment process, so that, it gets more interviewee responding to the job advertisements. Suggestion w ould be to advertise the recruitment advertisement with some attractive and innovative benefits. Innovative benefits would include the emphasis on work life balance, which is rare with many recruitment processes. Additionally, they can also provide flexible shift timings, which is another concern for the Millennials. Flexible shift timings would also consider the selection made by Millennials. Unlike many other recruitment processes, emphasising on the work life balance and flexible shift timings might certainly attract huge drives (Bowsher 2015). Retention is perhaps the biggest challenge for the banking companies like HSBC Australia. Millennials are very inconsistent with their jobs. They shuffle with different jobs quite frequently. They tend to persist in this state until they get their choice of jobs. Retention is a threat to the HSBC Australia. This is also problematic because the recruitment of Millennials would bring them closer to Baby-Boomers. Cultural conflicts are bound to happen. Baby-Boomers are less innovative; however, Millennials on the other hand are highly innovative. Millennials might not get proper support of Baby-Boomers in the bank. In such situations talent management plan appears to be the solo effective option to dislodge the challenge (Holden et al. 2012). Suggestion would be to conduct the talent management plan. Talent management plan is a continuous process, which is required to incept on a regular basis. It needs high investments from the HSBC Company on the training and development plan. Trainin g would acquaint the hired professionals with the required input in the bank. Development is required immensely to groom the hired professionals on a regular basis. This is highly needed for HSBC Australia because Millennials are highly addicted with job shuffling. Attrition with Millennials is comparatively higher, which is added challenge to the banking sector (Lim and Epperly 2013). There is no other option than to retain the hired Millennials. HSBC can adopt few organisational changes to accommodate the Millennials in it. Millennials are less adaptable in nature, which is why it is necessary that banking companies pay high attention to keep them motivated. This is indeed much difficult to keep them motivated. However, company can consider some changes such as working nature of the workplace in order to keep Millennials connected to the companys objectives. Working nature may include flexible shift time, work life balance, cooperating environment on experimenting with new thought s etc. These three concerns have troubled the banking sectors in past. Nevertheless, this would be a challenge for the HSBC Australia if they consider the mentioned changes. Work life balance and flexible shift time are in the hand of company; however, they do not have any direct control on constructing a cooperative environment for experimenting with creative things (Costello 2013). This is problematic as well because this would produce generational conflicts at the workplace. In such case, development program might fix the issue. Both Millennials and Baby-Boomers need a continuous development program in order to be aligned with the organisational objective. Talent management plan can help the banking companies like HSBC Australia produce a counter to the identified challenges. However, it cannot do any miracle. Productivity of the talent management plan depends hugely on their personal desire and understanding. Development plan can show ways for development but it can never produce development into workforce until they desire. There are ways for banking sectors to counter the loss of challenge that lies ahead; however, it entirely depends on its workforce and their level of acquaintance with the incepted change. Work life balance, flexible shift time and opportunities to do creative things are the three most demandable things for Millennials. Of all the demands, getting cooperative environment from Baby-Boomers is perhaps the biggest challenge that HSBC can face after considering all the recommended suggestions in this essay. 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