Its global operations and competitive financial industry necessitate the firm to enhance its talent management to recruit, develop and retain highly skilled workforce especially in positions such as the Credit Risk officer (CRO), Chief Financial Officer (CFO) and the Chief Executive Officer (CEO). According to Hughes and Rog (2008), talented could be noted in individuals when they can manage to achieve noticeable results using their abilities to execute the assigned roles in the organization. Considering the roles played by the CEO, CRO and CFO in the New Zealand Bank, it can be indicated that their roles play a significant role in the success of the company.
Apart from exercising their assigned job-related duties in the firm, the individuals also contribute significantly to leading other employees while aiming at achieving the strategic objectives of the business. It could, therefore, be suggested that the positions of the CFO, CEO and the CRO in New Zealand bank are considered as talent for the roles that the individuals play to the success of the of the bank hence increasing its competitiveness over their competitors in the market (Anthony 2011).
The argument that was proposed by the McKinsey experts suggested that talents are the brightest and best workers in the firm and they contribute to ten percent to twenty percent of the total workforce. They are hence the most valuable asset of the business. They could be linked to ensuring or contributing to more than three-quarters of the success of the enterprise.
The New Zealand bank operates in a very competitive financial environment where it faces intense competition from major players such as the Commonwealth Bank and the National Australia Bank that have a huge capital base and established brand name hence loyal customers that could offer referrals to the firms.
To overcome the challenges, the talent management is inevitable especially concerning the primary positions that contribute significantly to the success of the bank in a competitive environment. Hoffman (2010) asserts that a talented employee is an individual with potential for further promotion in the organization a leader or a potential leader that focuses on the future.
The CFO, CRO and CEO are talents since the individuals aim at ensuring a strategic balance between performance and potential. Also, the individuals are viewed to demonstrate their prominent achievements, abilities and growth potential when executing their roles in the firm. The positions could hence be considered as being essential to the New Zealand bank because they differentially contribute to the organization’s competitive advantage (Lux 2013).