The disparity between current and required innovative talent management strategies at a selected insurance company in Cape Town

Abstract

Talent management is not a new concept in the field of human resource management but, increasingly, organisations need to prepare for fast-paced change in how they attract, recruit, motivate, develop and retain top talent. With the fourth industrial revolution shifting the world of work in a technological, digital and data-driven direction, organisations need to ensure that their human capital policies have a talent strategy and agenda that is future fit for the new world of work. If this is not the case, it becomes imperative to identify what the discrepancies between current and required innovative talent management strategies are. This study was undertaken at a financial services organisation based in Cape Town, South Africa, and was guided by the research question: “How are the current talent management practices lacking in terms of recruiting, developing and retaining newly-identified, scarce-skilled employees?” The study aimed to identify the gaps in the current talent management process, with specific reference to their impact on recruiting, developing and retaining newly-identified, scarce-skilled employees. In addition, the study aimed to produce recommendations for practical improvement in how the organisation conducts its talent management practices as it navigates the new digital world of work. The study employed a qualitative research methodology, utilising a semi-structured interview guide to interview a sample of the human resource community at the financial institution. The findings were analysed and interpreted using inductive and thematic analysis. The findings indicated that there were gaps in the current talent management process. These pertained mainly to how to attract and recruit those with scarce skills, the relevant training offered to develop or enhance scarce and critical skills, and the mechanisms that are actually important for the retention of this new-age type of employee. Practical recommendations are made for moving to a more innovative approach to managing scarce and critical talent. The research is significant in that it contributes to an existing body of knowledge. It will assist the human capital fraternity with understanding and embracing the fact that the talent landscape has shifted. This requires of an organisation a more innovative approach in order to remain a forerunner in the industry concerned, by capitalising on the organisation’s most valuable resource, its employees.