Not only financial and technological sources are not considered as the only merit of organizations, but also having talented and capable people can compensate lack or defects of other sources. Due to extreme competitive atmosphere of business, development of talent management is one of the most important factors of business and keeping competitive advantage in organizations, so that talented people can bring many values for organization and leads to grow and flourish of organization. (Sweem, 2009)

It can be said that the organizations would be successful which they provide opportunities for their staffs in order to flourish their potential talents and their abilities would be reached to the fullest extent, it means that peoples’ talents having been identified and provided suitable context for correct use of these talents. (Shaemi et. al. 2013) In other words, organizations should be aware of the necessity to provide the opportunity of growth and flourishing its talents. (Abili & Movafaqi 2010). Yet, few organizations emphasize human capital and most of them invest on modern technologies, planning systems and operating software, while modern organizations  consider their progress depending on investing in staff  and try to direct their staff’s talent(Sweem, 2009)

According to Fegley (2006), due to extreme competition and lack of staff with high capability and skill, finding and keeping talented staff is counted as important priorities of today’s organizations. In this regard, organizations should be able to identify their talented people, provide necessary training and experience for them and maintain their valuable staff in long term. (Sokanaya, 2009). Nowadays, developing and keeping talent has been turned into one of the biggest challenges and organizations, whether private or public, consider this issue more difficult than it was before. (Sayers, 2007). The problems of maintaining talented staff in all organizations have been increased since the last decade. Currently, managing talented people and avoiding their immigration are the problematic issues facing organizations. (Cappelli, 2008). According to McDonnell (2011), talent management is one of the most important factors guarantees sustainable organizational success. Talented people, as source of sustainable competitive advantage, have a very important role in achievement of organizational goals and obtaining and keeping competitive merit. So, development and maintenance of them are of particular importance. Therefore, it can be said that banking system can achieve to its goal successfully if it uses all its capacity. The organizations that fail to provide the development contexts and maintenance of talents, both they lose their current talents and they will face lack of competent and qualified people for filling organizational posts in future. It can decrease and influence greatly on the rate of organization share of sale market in long-term. In this regard, considering development and maintenance of talents for banks are of great importance. In the following some of them have been mentioned.

Avoidance of egression of explicit and tacit knowledge: Development and maintenance of talents cause keep the people having important role in the success of organization and avoid egression of their knowledge. In other words, when a talented employee exits from an organization, he takes his explicit and tacit knowledge too. Not only it is detriment to the organization, but also it is possible that rival organizations absorb him and they would improve their condition in this way.

Cost savings:

Purposeful maintenance of staff is an effective attempt of cost- usefulness, because when a competent and efficient leaves the organization for any reason, in addition to experience, capabilities and valuable capital removed from the organization by losing him, also various costs of reabsorption of alternative one, the cost arising from leaving new applied employee, justifying and training costs of new employee,  coordinating them with necessities, expectations, values and culture of the organization and the cost of opportunity to fill the vacancy related to the people’s desertion would be imposed on the organization.

Better achievement of work purposes and maintenance of competitive merit:

When necessary training have been given to talented people and their skills and capabilities would have been developed, by using different strategies of knowledge, not only it is followed by maintaining better of talents, but also it causes achieve work purposes well. In other words, people are equipped with essential knowledge and skill to accomplish the task in their jobs and it causes to do the job duties well and as a result the organization achieves its goal with more effectiveness. Repetition of this task leads to keep competitive advantage and improve the organization status among competitors.

In general, it can be said that if banks look for long-term success, they should develop their talents by using suitable approaches and they should not hesitate any efforts. In this way, the bank can achieve to their goals with more effectiveness in today’s competitive era. Development and maintenance of talents in bank avoids exiting explicit and tacit knowledge from organization, it causes save cost, work purposes will accomplish well and as a result in this way Bank Shahr has taken step in order to achieve competitive advantage.

Sources:

Abili, Khodayar, Movafaqi Hassan, (2010) human resources management (emphasizing modern approaches), Tehran, Industrial management organization pub.

Shaemi, Ali, Allameh, Seyyed Mohsen, Asgari, Mahboubeh, (2013), talent management strategy and its relation with emotional intelligence of staff, the quarterly journal of management studies, (improvement and development), 22nd year, No. 70, pages:47-75

Cappelli, P. (2008). Talent management for the 21st century. Harvard Business Review, 86(3), 74–81, 133.

Fegley, S. (2006).Talent Management Survey Report, SHRM Research, Alexandria, VA.

McDonnell, A. (2011). Still Fighting the "War for Talent"? Bridging the Science versus Practice Gap. Journal of Business and Psychology, 26(2), 169–173

Sayers, R. (2007). The right staff from X to Y Generational change and professional development in future academic libraries. Library Management, 28 (8/9): 474-487.

Sukanya, M. (2009). Talent Management Strategies and Challenges in the Competitive Era. PhD thesis, Research and Development Cell, Jawaharlal Nehru Technological University, Hyderabad.

Sweem, S. L. (2009). Leveraging employee engagement through a talent management strategy: Optimizing human capital through human resources and organization development strategy in a field study. Benedictine University, Retrieved from http://gradworks.umi.com/33/49/3349408.htm   

Place of publication: Banker website

Date of publication: June 14, 2015

News ID: 110480