Talent Management Strategy

ASSIGNMENT #3

Introduction

Talent management refers to a company’s commitment to the recruitment, hiring, retention, and development of the most talented and superior employees in an organization. It is a business strategy aimed at enabling the organization to retain the most talented and skilled employees and thus gain a competitive advantage. The creation and implementation of a talent management strategy in a company help in ensuring sufficient preparedness for competition in the dynamic global business environment as well as enabling a company to be better prepared for new opportunities in the industry. Talent strategy is critical in allowing organizations to jump on new opportunities in the market before the rest of the players can. This is possible through the firm’s ability to become proactive, identify skills to be developed in employees and nurture those talents at the lowest cost through focus on key development areas as well as the improvements in a firm’s recruitment process through the identification of high-quality candidates.

Talent Management Strategy

The talent management strategy to be adopted by a company composed of 200 employees and 20 identified leaders is the creation of highly-skilled internal talent pools to motivate employees and develop leaders out of the available pool in the company. The company should strive to establish the available workforce by developing competencies in them. The company’s management should develop a deeper strategic insight into their employees and use the knowledge obtained regarding their staff to allow the control of the company to proactively put the workforce in place to effectively respond to the urgent marketplace needs with regards to the human resource aspect of the company.

The talent management strategy in this company will be founded on the ability of the company’s management to train and develop leadership among the existing employees to prepare them for any changes that may occur as far as the human resource management issues of the company are concerned. The training and development of the available staff will reduce the risk associated with leadership void that may result from the company’s lack of viable candidates to fill various leadership positions in the firm. The firm will concentrate on the development of internal talent starting with the 20 individuals who have been identified as leaders. The strategy will allow the company to have in place ready talent to take up any human resource positions that may arise as the company develops and extends its operations.

It will be critical for the company to ensure successful talent management through the creation of talent pools to ensure a consistent internal source as well as a valuable piece of succession planning process in the cases of transition of leadership (Christensen & Rog, 2008). The creation of talent pools in the organization will make it easier for the company to develop a desirable set of skills in the broader category of employees and therefore ensure enhanced performance across all the levels and functions of the company. The internal development of talent pools internally ensures the presence of experienced, trained employees ready to assume leadership roles in the organization when the need arises.

The development of talent pools in the company, it is critical for the management to ensure the free flow of information essential for adequate training and development of the available staff to meet the future human resource needs of the company. The management of the company must also develop a collaborative atmosphere among employees by aligning the metrics of success within the firm (Silzer & Dowell, 2009). To encourage collaboration among staff and enhance the talent development in the company should provide the necessary tools and equipment as well as a conducive working environment. The company should, therefore, have unlimited access to employee information such as employee experiences, special skills, interest and language abilities among others to support collaboration and consequently successful management of talents.

Components of Talent Management

Attracting

Talent management starts with the company’s ability to attract the right talent in its human resources. In the recruitment of staff, the control of a company should not only evaluate the individual’s skills and experience. The company should consider other attributes of employees that makes them fit for a particular job within the company.

Performance Management

Once a company has attracted the right employees to the organization, the management should establish performance management policies to enhance talent development and motivation of staff. The development of employee skills is critical in providing them with an opportunity for growth as dissatisfaction among employees is associated with higher rates of employee turnovers. It is essential to identify the areas needed for growth for individual employees to ensure that these areas are addressed by the development plan put in place. The management of the company should provide mentorship programs for employees through various programs such as training, seminars, workshops, and courses to ensure talent development (Cheese, Thomas, & Craig, 2007). Employee motivation is part of performance management. Employee motivation is critical in keeping a company’s staff engaged and committed to the performance of the various duties in the company and thus ensuring company profitability and achievement of organizational goals. Higher levels of employee motivation are associated with better company results and reduced rates of turnover than the employees who experience low levels of motivation.

Retaining

It is critical that the management of a company ensures higher levels of employee retention. This step would reduce the costs to the company associated with the recruitment and training of staff. To ensure employee retention, the management of a company needs to take proactive measures to ensure the retention of employees such as holding staying interviews. Additionally, the control of the company may hold one-on-one meetings with employees to determine the expectations of employees and make necessary adjustments to meet those interests to reduce the rates of employee turnovers.

Talent Management as a Source of Competitive Advantage

Competitive advantage refers to the leverage that business has over its competitors. It forms the reason behind the brand loyalty to the firm’s products and services, why customers prefer the firm over its competitors in the market and consequently leads to increased profitability of the organization over the competitor’s performance. Sustainable competitive advantage refers to the ability of a company to maintain a leadership position in the industry over extended periods of time and which positively affects the firm’s image, valuation and its future earning potential.

A firm can achieve a competitive advantage through cost and differentiation strategies. The creation of highly skilled employees continually in an organization is an essential activity in the differentiation of a firm’s human resource practices and therefore gaining a competitive advantage in the industry. It is critical for an organization to continuously improve its human resource through talent management and thus contributing significantly to the improvement of the business value and increased chances of the company reaching and attaining its established goals and objectives. An organization should develop a competitive advantage through the establishment of excellent human resource practices through the differentiation of its human resource capabilities in the industry (Noe et al., 2006). Empowerment of the human resource function of an organization plays a critical role in achieving an organization’s overall strategy as well as providing a link between talent management processes and policy. The organization needs to project its talent management strategy as a differentiating strategic capability that can afford the company a real and substantial competitive advantage. Human resources is a primary source of a company’s strategic advantage hence efficient talent management strategy is critical in differentiating a company’s activities from those of the other players in the industry and therefore affording a competitive edge of the firm.

To become a source of strategic advantage for a company, human resource processes through talent management should in overall create strategic value for the company by ensuring that the talent management process adds value to the overall human resource practices and expertise in the company. The talent management strategy should be unique to the company and with the ability to contribute significantly to the achievement of an organization’s strategic goals. Additionally, the talent management strategic advantage should be quantifiable regarding its overall contribution to the accomplishment of an organization’s objectives. The talent management of a company should also possess the characteristics of being inimitable and not easily substitutable to ensure that the company remains at the top of the industry based on the differentiation of its human resource practices.

Talent Management for a Growing Organization

As the organization grows and doubles in a period of 5 to 6 years, its human resource needs changes significantly. It is likely that the number of staff available and well prepared to handle any human resource needs for the growing organization may not be sufficient to meet these needs as they arise. As such, the management of the company must evaluate the human resource needs in time to allow for necessary adjustments to adequately meet the human resource needs of the firm (Cappelli, 2008). Among the considerations to be made by the company include the ability of the available team to take up critical leadership roles, whether to acquire talent externally among others.

The company, therefore, has to develop a talent development plan through the involvement of various specialists to ensure that the human resource needs of the company are adequately meet even as the company expands its operations. The company may need to involve the services of the training and development specialists to develop the learning plans and build capabilities within the existing staff to meet the company’s human resource needs (McCauley & Wakefield, 2006). The staffing and recruitment specialists will come in handy in the establishment of sourcing plans to attract and bring external talent to cover the shortage created by insufficient internal staff. The talent specialist will contribute to the talent management process of the company by putting in place processes to enable individuals in the company to continuously hence their capabilities and job performance. Additionally, the talent management plan will include compensation plans put in place to ensure a reward and recognition policy that attracts and ensure staff retentions and consequently cost control in the human resource sector of the company. Additionally, the compensation and recognition plan seeks to create favorable behaviors and performance among the employees in an organization.

References

Cappelli, P. (2008). Talent management for the twenty-first century. Harvard business review, 86(3), 74.

Cheese, P., Thomas, R. J., & Craig, E. (2007). The talent powered organization: Strategies for globalization, talent management and high performance. Kogan Page Publishers.

Christensen Hughes, J., & Rog, E. (2008). Talent management: A strategy for improving employee recruitment, retention and engagement within hospitality organizations. International Journal of Contemporary Hospitality Management, 20(7), 743-757.

McCauley, C., & Wakefield, M. (2006). Talent management in the 21st century: Help your company find, develop, and keep its strongest workers. The Journal for Quality and Participation, 29(4), 4.

Noe, R., Hollenbeck, J., Gerhart, B., & Wright, P. (2006). Human Resources Management: Gaining a Competitive Advantage, Tenth Global Edition. McGraw-Hill Education.

Silzer, R., & Dowell, B. E. (Eds.). (2009). Strategy-driven talent management: A leadership imperative (Vol. 28). John wiley &

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Performance evaluation is a critical process in the effective management of an organization. The evaluation process assigns numeric values of a quantity and quality to the duties performed by employees. An appropriate implementation of performance appraisal provides a quantitative data with regards to job performance……..

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