How to implement a talent management strategy within a local bank

Abstract

The concept of Talent Management Strategy was first introduced to me at the University of Malta which sparked an interest in me to learn more how this strategy fitted in the local scenario. From the lectures at University, I learnt that this is a vital part of any organisation and since I work within a financial institution I wanted to know how this strategy works within the banking system. However I was left astonished to find that only a few banks knew the term and actually use a Talent Management Strategy - this is a process to attract, recruit, develop and retain the right people for the right job who show skills and capabilities to grow within the institution. In all, I managed to conduct three indepth interviews with Human Resources representatives from three different local banks that use a Talent Management Strategy. After interviewing the three participants I noticed that although all three banks used a Talent Management Strategy, none of them used the method I found in literature books. I realised that the banks adapted and used a method that was best suitable for their bank. I suggest that the first step is to involve all the stakeholders and educate everyone about the importance of a Talent Management Strategy due to the intense competition in the local market and the small amount of talent within the local industry. After having the full approval of top management the implementation process will be easier and quicker. With this strategy in place and used effectively and efficiently, employees feel valued and appreciated. This can be one way of counteracting staff turnover rates, however with this does not necessarily mean that employees will not look at other opportunities that arise.