Talent Management Strategy - Research Paper Example

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This paper focuses an organization’s talent management strategy to determine how a small to mid-sized companies manage to identify organizational talent needs, recruit desired pool of human capital, select the best people, develop and train them to maximize their potential, and retain the best employees to create competitive human resource edge for competitors. …
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Talent Management Strategy
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Download file to see previous pages The paper also identifies how an organization must tailor its talent management strategy over time to respond to the dynamics of a business environment and also to the changing organizational structural and strategic requirements. The organization under this paper’s consideration is hypothetical small service driven company, with a total of 200 employees out of which 20 are leaders. The company provides business consultancy services to organizations, and is hypothetically named as ABC consultants. Discussion Talent management is the core function of Human Resource Planning and Execution (Henry, 1995). It is a process of designing strategy for identifying an organization’s human capital requirements in pursue of business goals and objectives in the long run. Since human capital is the most fickle resource that an organization possesses, therefore, an organization faces a scarcity of talent in the market which gives birth to talent competition and rivalry (Price, 2007). Talent management transcends beyond the borders of human resource function to a holistic integration of framework for organizational values and cultural fit, competency and capability fit, and structural system fit. In order to formulate a talent management strategy for ABC Company in a manner that it serves as a competitive edge, it is crucial to first uncover the logic behind. Research has shown that for the past years the business organizations have witnessed and have embraced the fact that organizational talent has been the key driver of business value to the organization. There are two reasons for this, first is that the technological advancement has enabled and equipped businesses to acquire and replicate any and every organizational resource edge, systems, processes, marketing mix, technology etc; but only the human resource has been the vital intangible asset that cannot be replicated or acquired by the industry rivals. Secondly, human resource has been deemed as the ultimate deliverers of value to the customers and the only key sources for execution of strategies as planned and conceived by the business objectives. Thus especially for organizations which are operating globally, it’s crucial for them to sustain a consistent human resource body in diverse talent environment and manage it locally and internationally (Salaman, Storey, and Billsberry, 2005). Therefore, the power has eventually been shifted from organizations to employees and this has mandated organizations to link and integrate talent strategy with business processes, systems, technology and objectives. For designing an integrated TMS, the ABC firm must align its objectives and talent; it involves matching the organizational competencies with individual capabilities. Determination of organization’s current and future competencies along the side of organizational talent help identifies the need for fresh talent or development of existing talent to alleviate potential. This creates a company-wide mindset for developing talent focused strategies that internalize social, market and organizational changes (Ford, Harding, and Stoyanova, 2010). Once a match has been established between talent and organizational objectives, the nest step in TM process is to develop a retention strategy for retaining the most promising experienced and knowledgeable talent leaders. At ABC firm 10% of the total work force is leading talent personnel which are prime targets of ABC’s succession management, development programs and retention strategy. But ABC must determine the leadership potential amongst the rest by assessing their engagement in organizational affairs, current performance, ...Download file to see next pagesRead More
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