| Peer-Reviewed

Impact of Talent Management on Employee's Pay and Compensations

Received: 2 March 2023     Accepted: 24 March 2023     Published: 27 June 2023
Views:       Downloads:
Abstract

As part of a policy to attract skilled workers to the 21st century, talent management has been implemented and addressed in the entire total rewards system. There is a need to integrate talent pool (resources) and succession pools effectively into the total rewards system in the implementation of talent management. Therefore, the aim is to study the experience of foreign and domestic organizations implementing talent management in conjunction with the total rewards system, and to study the importance of hiring highly skilled employees with retein and engagement, properly evaluating and rewarding them, and opportunities to be productive. Many methodologies were used in the report and are described below. These include: “9 grid boxes for talent management and talent identification”, CIPD (Chartered Institute of Personnel and Development) Professional Map, Professional Standards V2.4 Skills Dictionary, “Skill Matrix” (2020), Balanced Scorecard (BSC), Mercer CED (Cullen Egan Dell), Will Tower Watson, AIHR-total rewards system, Decision No. 15 of the National Tripartite Committee on Labor and Social Consent, November 3, 2014, The methods of 100 ILO conventions were used. Result is a In order to integrate the Total rewards system with Talent management, it was concluded that it needs to be effectively implemented in accordance with the business characteristics of each organization and the position, diversity and generational characteristics of employees. Conclution is a Developed a methodology to study and evaluate the talent management of major Mongolian organization. Based on this, the ability to use talents and skills to reward employees of the organization is identified.

Published in Journal of Human Resource Management (Volume 11, Issue 2)
DOI 10.11648/j.jhrm.20231102.15
Page(s) 70-77
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Talent Management, Talent Employee, Succession Planning, Skill Matrix Dictionary, Skill Matrix, Job Evaluation, Compensation, Total Rewards System

References
[1] Purevdagva Kh., Batkhurel. G., et all (2021). Human resource management. 2nd edition. Ulaanbaatar: Mongolian Univeristy of Science and Technology. pp 357-386.
[2] Mongolian government (2019). VISION – 2050. Long-term development policy of Mongolia. Ulaanbaatar.: pp 196.
[3] Fariza Hanim Rusly, Aidi Ahmi, Yurita Yakimin Abdul Talib, Khairina Rosli (2019). Global Perspective on Payroll System Patent and Research: A Bibliometric Performance. International Journal of Recent Technology and Engineering (IJRTE)., Volume-8, Issue-2S2. pp 148-157.
[4] Preeti Khatri, Shikha Gupta, Kapil Gulati, Santosh Chauhan (2010). Talent Management in HR. Journal of Management and Strategy. Volume. 1, No. 1:, pp 39-46.
[5] Crystal Hoole, Gabi Hots (2016). The impact of a total reward system of work engagement. SA Journal of Industrial Psychology 42 (1).
[6] Nizam, Engr. Md. Eanamul Haque, Ali Mahmud Nishad, Asharaf Ahmed and Md. Jubayer Ahmed. (2022) A Study of Developing Skill Matrix System for Ready Made Garments Industries of Bangladesh. Journal of Textile Science & Engineering. Volume 12, Issue 6., 491.
[7] Musaddag Elrayah * and Yahdih Semlali. Sustainable (2023). Total Reward Strategies for Talented Employees’ Sustainable Performance, Satisfaction, and Motivation: Evidence from the Educational Sector. Sustainability, 15, 1605.
[8] Edward Elgar (2002). Keynes, Uncertainty and the Global Economy., Beyond Keynes, Volume Two. USA., pp 6-19.
[9] Robert E. Lewis, Robert J. Heckman (2006). Talent management: A critical review. Human Resource Management Review. Volume 16, Issue 2, pp 139-154.
[10] Randall S. Schuler, Susan E. Jackson, Ibraiz Tarique (2011). Global talent management and global talent challenges: Strategic opportunities for IHRM. Journal of World Business.: Volume 46, Issue 4, pp 506-516.
[11] Elizabeth G. Chambers, Mark Foulon, Helen Handfield-Jones, Steven M. Hankin, and Edward G. Michaels (1998). The war for Talent., The McKinsey Quarterly. Number 3: pp 44-57.
[12] Swaminathan Mani, Mridula Mishra (2020). Non-monetary levers to enhance employee engagement in organizations–“GREAT” model of motivation during the Covid-19 crisis. In Strategic HR Review; Emerald Publishing Limited: Bingley, UK, Volume 19, Issue 4. Pp 171-175.
[13] Ayush A (2018). A study of total rewards system in university. A dissertation for the degree of Doctor of Education. Ulaanbaatar, Mongolia., pp 42.
[14] A. Dayana Amala Jothi. A. Savarimuthu (2022). Talent Management in Academics: A Conceptual Analysis.: Journal of Positive School Psychology., Volume 6, No. 4, pp 9796 –9802.
[15] Mohammed Al Haziazi (2021). Development of Framework for Talent Management in the Global Context. Open Journal of Business and Management. Volume 9, No 4, pp 1771-1781.
[16] Azzam A. Abou-Moghli (2019). The Influence of Compensation Management Strategy on Talent Retention: Exploring the Mediating Role of Structural Capital. International Business Research; Volume 12, No. 3; pp 166-173.
[17] Najameddin Sadeg Tumi & Ali Nawari Hasan & Jamshed Khalid, (2022). Impact of Compensation, Job Enrichment and Enlargement, and Training on Employee Motivation. Business Perspectives and Research., Volume 10. Issue 1, pp 121-139.
[18] Josua Tarigan, Jordan Cahya, Albert Valentine, Saarce Hatane, Ferry Jie (2022), Total reward system, job satisfaction and employee productivity on company financial performance: evidence from Indonesian Generation Z workers. Journal of Asia Business Studies. Journal of Asia Business Studies. Volume 16. Issue 6, pp 1041-1065.
Cite This Article
  • APA Style

    Narantsatsral Yura, Ayush Andryei, Delgernasan Mishig. (2023). Impact of Talent Management on Employee's Pay and Compensations. Journal of Human Resource Management, 11(2), 70-77. https://doi.org/10.11648/j.jhrm.20231102.15

    Copy | Download

    ACS Style

    Narantsatsral Yura; Ayush Andryei; Delgernasan Mishig. Impact of Talent Management on Employee's Pay and Compensations. J. Hum. Resour. Manag. 2023, 11(2), 70-77. doi: 10.11648/j.jhrm.20231102.15

    Copy | Download

    AMA Style

    Narantsatsral Yura, Ayush Andryei, Delgernasan Mishig. Impact of Talent Management on Employee's Pay and Compensations. J Hum Resour Manag. 2023;11(2):70-77. doi: 10.11648/j.jhrm.20231102.15

    Copy | Download

  • @article{10.11648/j.jhrm.20231102.15,
      author = {Narantsatsral Yura and Ayush Andryei and Delgernasan Mishig},
      title = {Impact of Talent Management on Employee's Pay and Compensations},
      journal = {Journal of Human Resource Management},
      volume = {11},
      number = {2},
      pages = {70-77},
      doi = {10.11648/j.jhrm.20231102.15},
      url = {https://doi.org/10.11648/j.jhrm.20231102.15},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20231102.15},
      abstract = {As part of a policy to attract skilled workers to the 21st century, talent management has been implemented and addressed in the entire total rewards system. There is a need to integrate talent pool (resources) and succession pools effectively into the total rewards system in the implementation of talent management. Therefore, the aim is to study the experience of foreign and domestic organizations implementing talent management in conjunction with the total rewards system, and to study the importance of hiring highly skilled employees with retein and engagement, properly evaluating and rewarding them, and opportunities to be productive. Many methodologies were used in the report and are described below. These include: “9 grid boxes for talent management and talent identification”, CIPD (Chartered Institute of Personnel and Development) Professional Map, Professional Standards V2.4 Skills Dictionary, “Skill Matrix” (2020), Balanced Scorecard (BSC), Mercer CED (Cullen Egan Dell), Will Tower Watson, AIHR-total rewards system, Decision No. 15 of the National Tripartite Committee on Labor and Social Consent, November 3, 2014, The methods of 100 ILO conventions were used. Result is a In order to integrate the Total rewards system with Talent management, it was concluded that it needs to be effectively implemented in accordance with the business characteristics of each organization and the position, diversity and generational characteristics of employees. Conclution is a Developed a methodology to study and evaluate the talent management of major Mongolian organization. Based on this, the ability to use talents and skills to reward employees of the organization is identified.},
     year = {2023}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - Impact of Talent Management on Employee's Pay and Compensations
    AU  - Narantsatsral Yura
    AU  - Ayush Andryei
    AU  - Delgernasan Mishig
    Y1  - 2023/06/27
    PY  - 2023
    N1  - https://doi.org/10.11648/j.jhrm.20231102.15
    DO  - 10.11648/j.jhrm.20231102.15
    T2  - Journal of Human Resource Management
    JF  - Journal of Human Resource Management
    JO  - Journal of Human Resource Management
    SP  - 70
    EP  - 77
    PB  - Science Publishing Group
    SN  - 2331-0715
    UR  - https://doi.org/10.11648/j.jhrm.20231102.15
    AB  - As part of a policy to attract skilled workers to the 21st century, talent management has been implemented and addressed in the entire total rewards system. There is a need to integrate talent pool (resources) and succession pools effectively into the total rewards system in the implementation of talent management. Therefore, the aim is to study the experience of foreign and domestic organizations implementing talent management in conjunction with the total rewards system, and to study the importance of hiring highly skilled employees with retein and engagement, properly evaluating and rewarding them, and opportunities to be productive. Many methodologies were used in the report and are described below. These include: “9 grid boxes for talent management and talent identification”, CIPD (Chartered Institute of Personnel and Development) Professional Map, Professional Standards V2.4 Skills Dictionary, “Skill Matrix” (2020), Balanced Scorecard (BSC), Mercer CED (Cullen Egan Dell), Will Tower Watson, AIHR-total rewards system, Decision No. 15 of the National Tripartite Committee on Labor and Social Consent, November 3, 2014, The methods of 100 ILO conventions were used. Result is a In order to integrate the Total rewards system with Talent management, it was concluded that it needs to be effectively implemented in accordance with the business characteristics of each organization and the position, diversity and generational characteristics of employees. Conclution is a Developed a methodology to study and evaluate the talent management of major Mongolian organization. Based on this, the ability to use talents and skills to reward employees of the organization is identified.
    VL  - 11
    IS  - 2
    ER  - 

    Copy | Download

Author Information
  • Graduate School of Business, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia

  • School of Business Administration and Humanities, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia

  • School of Mechanical Engineering and Transportation, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia

  • Sections