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1.1 Background of the study
The need to enhance the effectiveness of the business organization lies in the heart of the management of the firm, there are several resources to achieve this which include money men and the machine of these resources the most important is men. Over the years men working in the business organization have been accorded various values, they were once referred to as the factor of production at another time they were called the human recourse of the firm.Talent in general terms refers to the capabilities, skills or the art, a person possess in a particular field. It also refers to those people who have high potential, scarce knowledge and skill or who can successfully bring about transformation and change in the organization. Such individuals are usually sought after in the market and their contributions to the business add direct value to its strategic or competitive positioning. According to Leigh Branham, Vice-President, consulting service at Right Management Consultants and author of the book says, Keeping People Who Keep You in Business‖, a talent is not rare and precious. Everyone has talent too many to possibly name all. Talent is behavior; things we do more easily than the next person. We speak of natural born talent‖ but those with a gift, knack, ability or flair for something can refine and develop that talent through experience(Gebelein, 2006). Talent, however, cannot be taught. As someone once said, “you can teach a turkey to climb a tree, but it is easier to hire a squirrel.” Talent Management in an Organization, refers to those special steps an organization adopts to recruit, develop and retain its pool of top talent. The steps adopted should normally be creative and should not project bureaucracy. Talent Management also denotes a deliberate approach taken 10 up by an organization to attract, develop and retain people with the aptitude and abilities to meet not only the current requirements but also future organizational needs. As business searches for new and/or better means of achieving competitive advantage, the capacity of every functional area to improve organizational performance is under scrutiny. As a result talent management strives to develop and retain high potential employees, and thus provide organizations with managerial talent source and competitive human resource advantage which impact organization performance. The logic behind talent management is based on the fact that businesses are run by people. Processes, technology and capital are important but it is people who make the decisions. It‘s people who create value by using these corporate assets to create products an organization has, the better it will perform. This is the rationale behind talent management to attract, develop and utilize the best brains to get superior business results. The future of most businesses is reliant on the acquisition, development and retention of talented people to create the leadership capacity and talent required to implement new strategies so as to meet current and future business needs(Albion & Gagliardi, 2007).It on this view the researcher wants to investigate the impact of talent management on organizational performance.
1.2 STATEMENT OF THE PROBLEM
Talent Management is beneficial to both the organization and the employees. In these days of highly competitive world, where change is the only constant factor, it is important for an organization to develop the most important resource of all the Human Resource. In this globalized world, it is only the Human Resource that can provide an organization the competitive edge because under the new trade agreements, technology can be easily transferred from one country to another and there is no dearth for sources of cheap finance. But it is the talented workforce that is very hard to find. The biggest problem is how to retain the present workforce and stop them from quitting?
1.3 OBJECTIVE OF THE STUDY
The objectives of the study are;
1. To ascertain the impact of talent management on organizational performance
2. To ascertain whether employee talent is profitable to the organization
3. To ascertain the relationship between talent management and organizational performance
4. To ascertain whether it is hard to find talented workforce that require management
1.4 RESEARCH HYPOTHESES
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: there is no impact of talent management on organizational performance
H1: there is impact of talent management on organizational performance
H02: there is no relationship between talent management and organizational performance
H2:there is relationship between talent management and organizational performance
1.5 SIGNIFICANCE OF THE STUDY
This study will be of significance to students of different higher of learning as it would enlighten them and the entire nation. Finally, this study will also help to serve as literature (reference source) to the public, individuals and corporate bodies into what to carry out on further research on impact of talent management on organizational performance
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study covers the impact of talent management on organizational performance. The researcher encounters some constrain which limited the scope of the study;
a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 DEFINITION OF TERMS
TALENT:A Talent (or gift, or aptitude) is the skill that someone naturally has to do something that is hard. It is an ability that someone is born with. People say they are "born with a talent". It is a high degree of ability or of aptitude.
MANAGEMENT: Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources
ORGANIZATION PERFORMANCE:Organizational performance comprises the actual output or results of an organization as measured against its intended outputs (or goals and objectives)
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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