Employees are the most vital resource in every organization. Companies that acknowledge the significance of workers have established different talent management initiatives to give rise to highly competent employees with the ability to provide impeccable services. OCBC is not an exception. It is one of the most successful banks worldwide, owing to its sound business policies and effective strategy to talent management. One of the core priorities of the bank is nurturing its employees to reach their highest potentials. Talent management is the key to reducing the rates of staff turnover, as well as maintaining, loyal, determined, and productive personnel.
OCBC’s Unique Approach to Talent Management and Development
OCBC motivates its’ workers to take full control of their careers through a programme which takes place for three years, known as the ‘Career Best Programme, ’Additionally, the bank has recently developed the OCBC learning-3, a programme that is targeted at refining the skills of the employees (Dailey, 2015). In its attempt to distinguish itself from other companies and become a center for excellence, OCBC has also developed a learning academy known as “The Learning Space @ OCBC,” to ensure that the workers receive the necessary training in their respective fields. Virtual learning has also been introduced to ensure that workers access the required education at the time when it is convenient for them. The company is expected to become very successful in a few years to come since it gives its maximum attention to its employees, the most critical resource every company has.
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A Comparison of OCBC’s Approach to Talent Management and Development with Approaches employed by Other Organizations
OCBC’s talent management strategy is both similar and different from the talent management strategy that is used in the Florida Department of Health. Notably, the Florida Department of health has organized classes which employees are required to attend for talent management and development. The classes are divided accordingly, and each employee enrolls into the class that they are best suited (Florida Department of Health, 2015). The classes are also aimed at perfecting various areas of expertise, which is similar to the programs provided by OCBC to their employees. According to Dailey (2015), the Best Career Programme, OCBC Learning-3, and the Learning Space @ OCBC are also aimed at refining the skills of the staffs at OCBC bank. Notably, the two organizations have also employed virtual learning to ensure that the employees access the required learning content at a time that is most convenient for them.
As a medical institution, learning is critical to impart new knowledge since the medical field is a dynamic one. Hence, employees at the Florida Department of Health are subjected and exposed to vast and continuous learning, for the acquisition of skills that are critical for the provision of quality services to the organization's patients (Florida Department of Health, 2015). Nonetheless, the main difference between the talent management approaches that are employed in these organizations is that the Florida Department of Health has applied a system that provides the HR department with worker statistics, informing the department on the areas that each employee is weakest, as well those which they are most reliable. Hence, employees receive more training in the areas which they are not proficient, and they are provided tasks in their sturdiest areas to strengthen them. OCBC bank has no such system. Hence, employees receive training in all areas. It is crucial for such a system to be adopted for the best organizational outcomes.
How OCBC’s Approach has been a Primary Contributor to the Firm’s Success
OCBC’s approach is attributed to its talent management approach. Undeniably, when the needs of the employees are prioritized, staffs acquire an intense sense of belonging. Concurrently, the levels of loyalty in the teams augment, and they become more dedicated to the organization and its cause. Without a doubt, the key to success is the maintenance of happy workers. Highly satisfied employees perform their tasks flawlessly, are highly productive, and promote profit maximization. OCBC’s staffs provide exceptional services to their customers, which has strengthened the company’s brand, attracting more customers. The company has been able to maintain motivated employees by issuing training. The bank’s talent management strategy has also given workers an opportunity to fulfill their career aspirations, which is one of the dominant characteristics of an effective Human resource department. Generally, the company success is attributed to its talent management approach.
The Extent to Which the OCBC Approach to Talent Management and Development Fits Other Organizations or Industries
OCBC’s approach to talent management is comparable to the strategies used by other organizations and industries. Notably, other companies in different industries have developed programs aimed at nurturing the talents of their employees. For instance, the First Merit bank ensures that its employees undergo extensive training in their lines of specialty, to amplify the quality of services offered. Each company, regardless of whatever industry it is under, is composed of employees, who are vital corporate assets. Hence, continuous training and talent management initiatives are at the top of every firm’s priorities (Dailey, 2015). One of the main problems experienced by companies in their attempt to nurture their employees is their reluctance to change and the lack of adaptability to new transformations in the business environment. Change management is therefore required, to ensure that the staffs easily adapt changes.
OCBC is one of the most exceptional banks in contemporary society. The firm ensures that its staffs access continuous training to nurture and develop their talents and abilities. It is also characterized by overly-competent and loyal employees who work hard to ensure that the corporate goals are attained at the required time. Employee training and talent development should hence be at the forefront of a corporation’s priorities since it is a significant driver of success.
References
Dailey, K., (2015). OCBC Bank Case Study: An Analysis. The Dailey Grind. Retrieved from https://grinddaileyissues.com/2015/01/27/1649/
Florida Department of Health (2015). Agency workforce development implementation plan. Florida Health. Retrieved from
http://www.astho.org/Accreditation-and-Performance/Workforce-Development- %28WFD%29-Advisory-Committee/Toolkit/WFDPlanExampleFlorida/
