Term Paper on "Talent Shortage Attracting and Retaining People"

/>I. Introduction

II. Purpose of the Study

III. Research Questions

IV. Significance of the Study

V. Methodology

VI. Literature Review

VII. Findings of the Study

VIII. Recommendations for Future Research

Bibliography

MEETING the DEMAND for TALENT in the WORKFORCE in the MIDDLE EAST: HUMAN RESOURCE'S ROLE in ATTRACTION and RETENTION of TOP TALENT

RESEARCH PROPOSAL

I. INTRODUCTION

Presently the countries in the Middle East are facing new challenges in terms of attracting and retaining talented employees due to many changes wrought by globalization and a talent-shortage in the workforce both in present and future terms. Research reveals that the looming shortage in talent in the modern workforce is viewed as vital as battle logistics in any war that is fought and this is evidenced in the titles assigned to articles and reports reviewing this subject.

II. PURPOSE of the STUDY

The purpose of this study to is to ascertain the processes and methods that Human Resources will be required to utilize in attracting and retaining top-talent in today's Middle Eastern organization.

III. RESEARCH QUESTIONS

Are organizations in the Middle East prepared to deal with the present and coming shortage of talent in the workforce?

What has been done to address the talent-shortage in the Middle East?

What may be done by organizations to address the talent-shortage in the Middle East?

Are there structural barriers present in Middle East organizations that worsen the talent-shortage problem?

IV. SIGNIFICANCE of the STUDY

The importance of this study is the knowledge that the research will add to this area of study due to the critical nature of talent attraction and retention in the Middle East organization at this time and in the near future as well.

V. METHODOLOGY

The methodology in this study will be of a qualitative nature and will be conducted through an extensive review of current peer-reviewed, academic literature and as well will be through the qualitative method of a survey/questionnaire which will serve to inform the researcher of what is important to individuals who are considered to be 'top-talent' in today's workforce, specifically participants will be a sampling of college-graduates or those who are nearing the completion of their college degree.

VI. LITERATURE REVIEW recent article entitled: "The War for Talent" states the fact that with the economies in the Persian Gulf growing at such as fast rate, "...a war is being raged throughout the region's corporate corridors for attracting suitable candidates and seeking employment and retaining current employees with jaw-dropping compensation packages." (Iran International, 2007) the situation is said to have been created due to the "...stunning pace of economic growth" which has effectively created "a situation in which all companies are vying to maintain their valued employees that have valuable knowledge and functional sophistication." (Iran International, 2007) This has resulted in an impact on the labor market and in what is termed to be: "...an alarming upsurge in salary levels." (Iran International, 2007) These salary increases however, are primarily at the lower level skills particularly those that are noted to be in the 25 to 50% range with higher level skills employee salary growing within the normal 10 to 12% range over the past decade. Competition for skilled labor is stated to be: "...intense as countries push ahead with ambitious economic development plans..." And this is a time of great opportunities for executives "to shape company decisions and have a tangible impact as compared to larger firms." (Iran International, 2007) One factor spoken of in this same report is what is termed to be: "...the sub-continental pull." (Iran International, 2007) One point made in this report is that if companies are to retain employees they must join the movement of offering "timely career opportunities" as well as becoming "much more responsive with their policies towards remuneration and reward in order to attack and retain the most talented professionals." (Ibid) the report concludes by stating that companies need to put talent management and employee development at the top of their corporate priority. The problems are expected to be in occurrence "as expatriates decide to move out of the Persian Gulf region or as local talent fails to increase talent supply." (Ibid)

The report entitled: "Preparing for the Next Battle in the War for Talent" states the fact that: "Data indicate that the demand for workers soon will dwarf the available supply; within a few short years, experts predict a global talent gap of nearly 23 million as a result of a "perfect storm" of converging factors. This conundrum will encompass all levels of talent regardless of industry or location." (Kelly, Marquez, and Russell, 2006) the work of Kelly, Marquez, and Russell stats that there are "four major trends reshaping the global workforce which are:

Aging populations;

Widening Skills Gap;

Increasing Diversity; and Changing Priorities. (2006)

There are several factors stated to be that which contributes to the "idea of a developing skills gap in the U.S. And Europe" (Kelly, Marquez, and Russell, 2006) Those factors are stated to be as follows:

Efficiency 'purges' of the 1990s and the dot-com boom/bust era that dislocated layers of middle managers;

Increased international competition;

Decreased visa issuance - once the largest importer of talent, today the U.S. issues only 65,000 visas annually, down from 195,00;

Lower math and science scores - the U.S. continues to lag behind the rest of the world in science and math education; thus, the skills shortage among engineers, scientists and information technologists likely will be felt most strongly in the U.S. (Kelly, Marquez, and Russell, 2005)

Over the next ten years predictions state that Europe and North American will produce and educate only 3% of the world's entering labor force, while Asia will account for approximately 75%." (Kelly, Marquez, and Russell, 2006) the younger generation of talent is stated to place: "greater importance on trust, respect, pride, and ethics, while blind company loyalty is part of a bygone era. In the search for higher meaning, many talented workers are more inclined to join smaller companies or enter into entrepreneurial situations." (Kelly, Marquez, and Russell, 2006) According to these authors: "Best in class organizations support retention programs that range from knowledge-based training (including cognitive, creative, reasoning, problem solving, communication and collaboration) and alternative work arrangements to positive work environments that can attract both the younger and older generations of talent." (2006) Key is stated to be Human Resources executives that are "cross-culturally competent." (Kelly, Marquez, and Russell, 2006) the HR Executive for the next decade will have the following characteristics:

Strong business acumen -- speak the language of business;

Strategic problem-solving skills -- creative;

Cross-culturally competent;

Capable of influencing top decision makers;

Credible and trustworthy across all levels of the organization;

Far-sighted and proactive talent development expertise;

leadership skills -- unafraid of leading change;

Unassailable judgment. (Kelly, Marquez, and Russell, 2006)

Petro and Petty (2007) in the work entitled: "The Looming Leadership Talent Wars and What Organizations Need to Do to Secure Their Future" states that the: "...recruitment, retention and development of talented workers are significant issues for all organizations in this increasingly global and knowledge-based economy." (Petro and Petty, 2007) Stated as four implications of a leadership talent shortage for organizations are those as follows:

1. "The ability to execute complex strategies in a fast-moving, global marketplace will be compromised by a shortage of knowledge workers and experienced leaders;

2. An investment in the retention of talented leaders will become table stakes in this emerging "sellers" market for experienced professionals;

3. Younger, less-experienced workers will assume leadership responsibilities… READ MORE