Analyze the key concepts related to the talent pools and the talent review process.
With the same talent management strategy in mind from Assignment 3, ATTACHED, write a six to eight (6-8) page paper in which you:
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The specific course learning outcomes associated with this assignment are:
Talent management strategy entails the entire process of recruitment to retain the employees. The processes involved in talent management are staff recruitment process, employee retention, performance appraisal, feedback, planning and development of a good organizational culture which supports talent development (Silzer & Dowell, 2010).
Formulate a talent management strategy to encompass the entire talent requirements of the organization.
Planning of talent management strategy starts with the alignment of organizational objectives, initiatives and goals with the staffing needs. Thus, talent management begins with aligning the business processes by allocating the right employees to the positions in which they qualify and where they can maximize on their abilities. This happens with employee recruitment whereby the company advertises the job offer then shortlists the applicants who qualify and are selected on the most suitable for the position. Since the hiring process is expensive, if a company aims to have the employee for long-term, they should also have a plan for personal development and corporate growth. This enables the employees to gain more knowledge and skills based on the type of job for which they are hired.
The approaches to personal development can entail coaching, mentoring sessions, training camps and having leaders who are role models. First, coaching can be done to train the staff on new processes and skills that will enable them to perform better in the event of outsourcing and will ensure the company can perform internal outsourcing of personnel. Secondly, the firm can put into place mentoring sessions which can be used to provide feedback to employees on their performance. This will help to improve performance in the areas most needed. In addition, good leadership is a way of enhancing corporate growth for the employees since the leaders act as role models. Therefore organizations must ensure that they have leaders who can be emulated by staff who are the potential future leaders of the company. The performance plan is also an important element of talent management strategy. Performance analysis helps to acknowledge and formulate solutions for poor performance of staff by nurturing a constructive discussion between the leaders and employees on the areas of performance. A review should be done monthly or quarterly based on the set target. This encourages employees to perform better in the suggested areas of improvement (Bickham, 2016).
Another component of talent management strategy is planning. This can include Human Resource planning, objective planning and strategic planning. Planning of goals is mainly aimed at ensuring that organizational resources are utilized maximally to increase revenue and to attain the strategic long-term goals. Through employee involvement in organizational planning, employees are able to set personal goals which are in line with the company’s goals. This helps to reduce conflict of interest in the workplace as employees are aware that attainment of corporate goals will drive them to achieve personal growth.
Finally, to maintain a talent management strategy the organization must have a diverse group of people. Diversity is accomplished by understanding the personnel capabilities, experiences, educational levels, skills and capacities. This will provide a clear insight to the critical gaps that should be worked on to ensure individual capacities align with the organizational goals. Diversity can be fostered by creating a learning workplace environment where staff and leaders are able to learn from each other to embrace diverse perspectives.
Determine the key components of talent management, including identifying, assessing, and developing talent.
In talent management, the employees strive to add value to the organization through business processes which involve sales, innovation and direct participation in serving the customers. Organizations should always seek to employ people who add value to their firm in order to meet their goals and to survive in the dynamic business environment. However, they also need to ensure that their staff is retained while recruiting new employees in an effort to safeguard business continuity. For this reason, organizations must ensure that they have integrated processes in place for training, retaining, and supporting their staff (Wellins, Smith & Erker, 2015). It is therefore, important to include identifying, assessing and talent development in the talent management process. The process starts with identification. This is when staff is recruited for shortlisting for a vacant position within the organization. In staff recruitment the Human Resource Manager must assess the outstanding skills that the candidate possesses which is determined by their resumes. Once a candidate has been identified they are then contacted for an interview wherein an assessment is done to determine if the candidate is a good fit for the company. The assessment may be in the form of one on one questions, situation analysis, or behavioral and personal testing.
The six components of talent management are strategic staff planning, talent training, acquisition and retention, performance analysis, employee motivation, career development and advancement, and succession planning (Silzer & Dowell, 2010). To begin with, the organization must develop employee planning by identifying the job requirements and the qualified personnel assigned to the role. Next, an organization must incorporate talent retention and acquisition. This is accomplished by hiring a diverse workforce with various talent and then cultivating the talent throughout the organization. Talent cultivation within the organization can be done through employee loyalty and motivation. The third component is performance management which allocates the right person and the characteristics of having the right person fit for the role. This helps to ensure that the business is able to attain its strategies through employee motivation, resulting in job satisfaction. The fourth component of motivation and learning allows staff the ability to acquire more skills which in turn enables them to gain more experience and knowledge while increasing growth impacts in the organization. The component of career development is in line with talent retention (Tan & Crowell, 2015). Because of the high cost of recruitment and training of new staff, it would benefit the organization to hire from within. With this, the organization can groom its current employees to be potential leaders giving staff the opportunity to experience career development which is also important to succession planning. Lastly, the component of succession planning requires the awareness of what talent already exists within the organization and to align long-term goals with current talent. When seeking to fill an open position, staff from within can be considered and placed into the role with the knowledge of how well performance has been demonstrated.
Examine how the talent management process is a strategy for a competitive advantage for your organization.
To compete in a dynamic environment requires the organization to have a competitive advantage over its competitors and employees are among the competitive advantage companies can have since skills cannot be imitated or duplicated (Bickham, 2016). Connecting the right staff with the right skills for a particular position requires the organization to have a good strategic talent management plan to ensure it recruits the right fit and assigns them to the right position all while retaining them in the organization.
Having the appropriate personnel supports the organization in gaining a clear understanding of their current state in the competitive market, identify the talent gaps and then to come up with the required actions to minimize them. By bridging the gaps, the organization is able to achieve a commanding competitive advantage given they are able to tap into their talent during the achievement of the organizational goals and objectives. In addition, a good talent management strategy helps in employee retention as organizations are able to treat their employees as their most important asset. Hence, through talent management strategy practices, there exist a low turnover rate given that employees do not portray self-interest, and so they are not outsourced by competitors (Silzer, Rob & Dowell, 2003). Therefore, organizations possess a competitive advantage by having systems put into place to empower employees through employee engagement, employee appraisal and employee satisfaction (DePaul, 2016).
In summary, for organizations that aim at achieving a competitive advantage, they should focus on implementing talent management strategies that enhances continuous performance through their employees. They can improve on employee performance by continuously engaging them in learning processes, mentorship programs, and cross-training programs and by training staff on leadership skills to qualify them to have the competencies for succession planning. Moreover, they should direct their training programs to a talent pool that meets the current and future needs of the business. There should also be an understanding of the strategic intention of the organization now and in the future before implementing any strategic capabilities.
Assess how the talent management strategy should change with the anticipation of the organization doubling in five to six (5-6) years.
Organizational strategies now solemnly rely on how compatible the human program and the talent management plan exists. Talent management is imperative to leadership since it has become extremely difficult for any organization to be successful without incorporating talent into its business model (Silzer & Dowell, 2010). With the anticipation to double in size, leadership is paramount for continued growth pattern. As organizations aim to position themselves for expansion and growth this will require good leaders who can be emulated as role models
and employees who have diverse talent and skill. Thus, talent management remains important since continuous talent replacement could hinder the achieved efforts. Furthermore, because employees are an organization’s primary asset, they are the principal agents of success in any organization. As a result, the talent management team should come up with a good talent management plan to ensure a solid foundation for business growth.
In the next 5-6 years, the assumption is that the marketplace will have a shortage of the high profile talented candidates due to the increasing demand for a talented workforce in the business setup (Tan & Crowell, 2015). With this, the talent management plan should aim at improving on their talent management practices to develop and nurture their internal workforce for future roles in the firm. In doing so, the organization will be able to build a good succession plan which fosters growth of the organization offering the staff a better view of what the company wants to achieve in the future in comparison to its current state.
References
Bickham, T. (2016). ATD Talent Management Handbook. Alexandria, VA: ATD Press
DePaul, G. (2016). Nine Practices of 21st Century Leadership: A guide for inspiring creativity,
innovation, and engagement. Boca Raton, FL: CRC Press, Taylor & Francis Group
Silzer, R., & Dowell, B. (2010). Strategy-driven talent management: A leadership imperative.
San Francisco: Jossey-Bass
Tan, W., & Crowell, B. (2015). Organizations and managers must reassess how they view career
Development, Association for Talent Development
Wellins, R., Smith, A., & Erker, S. (2015). Nine Best Practices for effective talent management
(White paper). Development Dimensions International Inc. Retrieved from
http://www.ddiworld.com/DDIWorld/media/white-papers
TALENT MANAGEMENT STRATEGY
