Prelims

Snejina Michailova (The University of Auckland Business School, New Zealand)
Dana L. Ott (Otago Business School, University of Otago, New Zealand)

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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No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. Any opinions expressed in the chapters are those of the authors. Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters' suitability and application and disclaims any warranties, express or implied, to their use.

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.