Prelims
Talent Management in Small Advanced Economies
ISBN: 978-1-78973-450-8, eISBN: 978-1-78973-449-2
Publication date: 16 September 2019
Citation
Michailova, S. and Ott, D.L. (2019), "Prelims", Talent Management in Small Advanced Economies (Talent Management), Emerald Publishing Limited, Leeds, pp. i-xvii. https://doi.org/10.1108/978-1-78973-449-220191001
Publisher
:Emerald Publishing Limited
Copyright © 2019 Emerald Publishing Limited
Half Title
TALENT MANAGEMENT IN SMALL ADVANCED ECONOMIES
Series Page
Talent Management
Edited by Professor Vlad Vaiman, California Lutheran University, US and Professor David Collings, DCU Business School, Ireland
Talent Management is one of the fastest growing areas of research in the areas of Human Resource Management and Organisational Behaviour, bridging core management areas, including HRM, Organisational Psychology, and Strategy and International Business. The series, Talent Management, brings together emerging theoretical approaches and real-world practitioner perspectives from across a range of subjects in the field of contemporary talent management including talent management in developing markets, critical approach to talent management, and developing markets and talent analytics. The books within the series provide interdisciplinary perspectives on talent from across disciplinary divides and introduce new and innovative issues and topics in this area in greater depth.
Title Page
TALENT MANAGEMENT IN SMALL ADVANCED ECONOMIES
SNEJINA MICHAILOVA
The University of Auckland Business School, New Zealand
DANA L. OTT
Otago Business School, University of Otago, New Zealand
United Kingdom – North America – Japan – India – Malaysia – China
Copyright Page
Emerald Publishing Limited
Howard House, Wagon Lane, Bingley BD16 1WA, UK
First edition 2019
Copyright © 2019 Emerald Publishing Limited
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British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-1-78973-450-8 (Print)
ISBN: 978-1-78973-449-2 (Online)
ISBN: 978-1-78973-451-5 (Epub)
Dedication
To our families
Contents
List of Figures and Tables | ix |
List of Abbreviations | xi |
List of Contributors | xiii |
Foreword | xv |
Acknowledgment | xvii |
Introduction | 1 |
Chapter 1 Talent, Talent Management, and Why They Matter | 7 |
What or Who is Talent? | 7 |
Talent as a What (Object) | 8 |
Talent as a Who (Subject) | 12 |
Talent as Positions | 13 |
What is Talent Management? | 14 |
Attracting Talent | 17 |
Developing Talent | 19 |
Retaining Talent | 20 |
Why does Talent Management Matter? | 22 |
Talent Management Versus Human Resource Management | 23 |
Talent Management in Practice | 24 |
Chapter 2 Talent Management Decisions | 33 |
Utilize an Exclusive or an Inclusive Talent Management Approach? |
33 |
The Exclusive-inclusive Divide | 34 |
The Exclusive-inclusive Continuum | 35 |
Philosophies and Frameworks Associated With Exclusive and Inclusive Talent Management Approaches | 36 |
Make or Buy Talent? | 39 |
To Tell or Not to Tell Employees that They are (Not) Considered Talent? | 42 |
The Importance of the Psychological Contract | 43 |
The Importance of Ethical and Cultural Considerations | 47 |
So, Should Managers Tell or Not Tell? | 48 |
Chapter 3 Talent Management in Small Advanced Economies | 51 |
What Is Macro-talent Management? | 52 |
What Are Small Advanced Economies? | 54 |
How Are They Different from Large Advanced Economies? | 56 |
What Challenges Do They Face and What Are Their Strengths? | 58 |
What Are Small Advanced Economies and Their Companies Doing in the Talent Management Space? | 59 |
Talent Management in Switzerland | 60 |
Talent Management in Singapore | 63 |
Talent Management in Norway | 65 |
What Can Small Advanced Economies and Their Companies Do in the Talent Management Space? | 67 |
Talent Management in SMEs and Micro-firms | 70 |
Talent Management in Companies with Global Mobility Activities | 72 |
Chapter 4 Talent Management in New Zealand | 77 |
What Are New Zealand’s Talent Management Challenges? | 79 |
The Business and Talent Environment | 79 |
The Talent Management Challenges | 81 |
What Are Suitable Solutions to New Zealand’s Talent Management Challenges? | 82 |
Get Talent Flowing in and Keep it Staying | 83 |
Stop Talent Leaving | 87 |
Conclusion | 97 |
References | 99 |
Index | 111 |
List of Figures and Tables
Figures | ||
Figure 1. | Typology of TM on the Exclusive-inclusive Continuum. | 36 |
Figure 2. | Talent Philosophies and Frameworks Drawing from the Exclusive-inclusive Continuum. | 38 |
Tables | ||
Table 1. | Questions to Determine the Make or Buy Trade-off. | 41 |
Table 2. | Advanced Economies According to the UN (2018) and IMF (2018). | 55 |
Table 3. | Large Advanced Economies, Small Advanced Economies, and Micro-advanced Economies According to Our Classification Criteria. | 57 |
Table 4. | TM Activities, Driving Phenomena, TM Challenges, and Suitable Solutions for New Zealand Businesses. | 84 |
List of Abbreviations
BMI | Business Monitor International |
CEO | Chief Executive Officer |
DIY | Do it Yourself |
EU | European Union |
EVP | Employer Value Proposition |
F&P | Fisher & Paykel |
GCC | Gulf Cooperation Council |
GDP | Gross Domestic Product |
GTCI | Global Talent Competitiveness Index |
GTM | Global Talent Management |
HiPo | High Potential |
HRM | Human Resource Management |
IHRM | International Human Resource Management |
IMD | Institute for Management Development |
IMF | International Monetary Fund |
MNE | Multinational Enterprise |
MTM | Macro-Talent Management |
NZ$ | New Zealand Dollar |
OECD | Organisation for Economic Co-operation and Development |
OEXPA | Expatriate Ordinance |
ROI | Return on Investment |
SAP | Systeme, Andwendungen, Produkte in der Datenverarbeitung (Systems, Applications, Products in Data Processing) |
SME | Small and Medium Enterprise |
STEM | Science, Technology, Engineering, and Math |
TM | Talent Management |
UK | United Kingdom |
UN | United Nations |
US$ | United States Dollar |
WTO | World Trade Organization |
List of Contributors
Ian Craig | Associate Director, Talent & Recruitment, The University of Auckland, New Zealand |
Kerr Inkson | Professor Emeritus, The University of Auckland, New Zealand |
Bridget Romanes | Principal, MOBILE Relocation Experts, New Zealand |
Foreword
Talent Management is a new series of books edited and authored by some of the best and most renowned researchers in the field of talent management. As its name suggests, this Emerald series focuses on talent management, one of the fastest growing areas of research in the areas of business and management. As a topic it bridges a number of core management areas, including HRM, Organisational Psychology, Strategy, and International Business. The series features monographs and edited collections exploring both research and practical perspectives on contemporary talent management. The main aim of the series is to provide a forum for the publication of novel perspectives on talent and talent management from across disciplinary divides. It also provides the opportunity to explore new and innovative issues and topics in this area in greater depth.
In general, this Emerald series, Talent Management, is intended to serve the growing market of global scholars and practitioners who are seeking a deeper and broader understanding of the role and importance of talent management in organizations. The series will focus on key areas of talent management practice as well as analyses at national, regional, and city levels. With this in mind, all books in the series will provide a thorough review of existing research and multiple examples of companies around the world, wherever applicable. Given the nature of the subject at hand, the authors and editors of the books to be commissioned will be global in their scope and the leading scholars in their respective areas. They bring exceptional knowledge of and expertise in the issues of talent management they address, and in some instances, the authors are the forerunners of their topics. It makes us feel very fortunate to have such a distinguished group of academics involved in this series.
The inaugural book in the series is dedicated to talent management in small advanced economies and illustrated by an example of one such economy, New Zealand. The book is appropriately titled Talent Management in Small Advanced Economies, and it consists of four large sections, or chapters, with the main themes in the chapters intentionally formulated as questions. The first chapter addresses three critical questions – what is talent, what is talent management, and why do they matter. The second chapter is devoted to talent management decisions and decision-making, while the third one explores issues related to talent management in organizations located in small advanced economies. The fourth, and final, chapter focuses on talent management in New Zealand, and the authors provide an in-depth analysis of a number of challenges touched upon in the preceding three chapters and offer a few recommendations for dealing with these challenges in the context of that country.
It goes without saying that the publisher and editor are vital partners in making this series possible. In particular, we want to express our sincere gratitude for the work of our series editor, Niall Kennedy. He has been very encouraging of the Talent Management series and instrumental in providing the necessary support to us and the authors and editors in the series. We also would like to thank the editorial assistant, Sophie Darling, for all her help in making this series a success. Together we are all very excited about the Talent Management series and hope you find an opportunity to use and benefit from Talent Management in Small Advanced Economies, as well as all other upcoming books in the series!
Vlad Vaiman, School of Management, California Lutheran University, USA
David G. Collings, DCU Business School, Dublin City University, Ireland
May 2019
Acknowledgment
We acknowledge funding received from The University of Auckland Foundation (project ID #3713309) to conduct a research project on Talent Management.