TALENT MANAGEMENT STRATEGIES FOR GEN Y

Abstract

With talent management (TM) becoming an area of growing concern in the literature, the purpose of this paper is to investigate TM strategies for Gen Y which has specific traits, needs and expectations and it is vital for those organizations who understand to attract and retain them. The paper is based on an extensive analysis of existing literature and identifies the unique features of Gen Y employees to develop strategies to manage them for better results at workplace. It is found that just an innovative thought process and empathetic understanding shall help organizations manage better. The paper further elaborates on TM strategies of Gen Y through consolidated framework that contributes to the existing literature. It is argued that the inter-relationship between the increasing trend to develop talent management strategies, combined with skills shortages and the attitudes of ‘Generation Y’ employees, leads to the outcomes being, potentially a reduction, rather an increase, in organizational capability. A qualitative case study is used to demonstrate this potential relationship and develop an agenda for future research. The environment for most organizations today is global, complex, dynamic, highly competitive, and extremely volatile, and is likely to remain so for years to come. In addition to these external conditions, most organizations are also facing several global challenges including those related to: talent flow; the managing of two generations of employees, viz., older or mature workers and younger workers; and a shortage of needed competencies. One major result of these challenges for organizations is that they have to be global and that they have to be systematic in managing their human capital if they wish to have any hope of gaining and sustaining a competitive advantage in the years ahead. Many human resource practitioners and consultants (HR professionals) are now recognizing this, especially those that operate globally, the multinational enterprises. Academics are also showing a strong interest as evidenced by their work in the new area referred to as “global talent management”. In this article we review that academic work and attempt to organize that literature by creating an integrative framework for understanding and advancing further research in global talent management. To guide this research our framework highlights several selected challenges in global talent management, and several drivers of those challenges. It also highlights the potential role of IHRM activities in addressing those selected challenges. A discussion of possible criteria of global talent management effectiveness completes the framework. Hopefully this integrative framework may guide further academic research on global talent management and might also inform the work of HR professionals.