Talent Management Strategy - Essay Example

TALENT MANAGEMENT STRATEGY of the of the Introduction This research paper would focus on various dimensions of talent management strategy. Talent management refers to efficiently dealing with human capital and setting up a plan in order to address those needs. The approach has gained significance in recent times due to increased competition in both profit and non-profit sector. Strategic planning of human resources can be considered as one of the dimensions of talent management strategy. This strategy enables a firm to align team members efficiently with organizational goals and objectives. Product oriented organization has been envisioned for this research paper in order to formulate specific talent management process. Business value can be improved with the support of talent management process and it contributes towards competitive advantage of an organization. Talent management strategy comprises of recruitment, performance appraisal, employee retention, training and development, etc. In this paper all possible components of talent management shall be highlighted about the envisioned product-driven organization. Talent management strategy The product driven organization would encompass 200 employees and amongst them 20 will be organizational leaders. Talent management strategy is usually developed to enhance productivity level of employees. This strategy shall be highly beneficial for the organization since it will help to retain employees and increase level of employee satisfaction. Talent requirements of the firm would comprise of aligning employees with common workplace goals in order to improve upon overall performance. HR executives are the ones responsible to develop talent management strategy so as to acquire, recruit and retain talented team members within organizational system. Talent management strategy will reflect upon transparency amongst team members. Communication channels needs to be managed appropriately so that information is passed on efficiently from team leaders to employees. Information should be divided into smaller segments in order to reach right people at right time. Availability of experience and knowledge facilitates creation of talented pool within an organization. Pay for performance culture would form the basis of talent management strategy. This would enable the firm to enhance performance level of individual team members as well as an entire group. Talent management strategy will firstly encompass applicant management where appropriate individuals shall be hired on board who can accomplish set goals or tasks (Scott-Jackson and Tajer, 2005). The strategy will focus on collaborative work approach so that all team members can gain from one another. Knowledge and experience flow initiates positive workplace environment. Employees shall be provided flexibility in terms of gaining knowledge from other departmental members. Pay for performance culture is an innovative strategy of talent management since it eradicates any form of biasness from the system. To be more precise, on the basis of this strategy, managers can easily identify those employees who should be rewarded and even focus on those employees who would need further training and development. Key components of talent management Every organization has a commitment towards offering world class services to society. This form of service or superior product quality is guaranteed through developing a highly productive employee base. Increased performance level results into exceptional offerings by an organization. The major elements of talent management strategy are centered towards acquisition, assessing and further development of employees. Applicant management or acquiring talent is the first step of talent management process. Applicants would be viewed from job perspective and series of tests or interviews will be conducted in order to evaluate their talent. Low volume and high volume job positions will encompass separate strategies to attract applicants. Psychometric tests and group discussion shall be conducted prior to final interview being scheduled with selected candidates. Assessing or performance management forms another essential component of talent management strategy. This would be associated with supporting and motivating employees so that they perform well and accomplish strategic goals or objectives. Planned performance reviews will be scheduled for the team, twice in a particular year. This would be a platform to nurture best talent in the organization. Performance based pay culture will initiate rewarding best performers and providing them with new set of challenges. Learning management is all about employee development in order to retain team members for longer time period. Learning programs shall be structured in such manner that employees can improve upon their competencies which will be necessary in future accomplishment of goals. Personalized learning maps are a creative mechanism to develop employee skills in context of current and future job responsibilities (Price, 2007). Compensation management can be regarded as an important component of talent management strategy. This will motivate employees to perform well and explore maximum benefits. Compensation will be closely knitted with providing minimum wages along with rewarding best talent. Succession planning is also a part of talent management strategy where team members are well prepared for new job roles. This is an opportunity for employees in terms of achieving higher position in the organization. Talent management strategy as a competitive advantage HR processes helps in developing competitive advantage for organizations. Differentiating capabilities can be achieved with the support of strategic planning of human resources. In this product oriented organization, talent management strategy can be viewed as a medium to sustain market position for long run. Human resources are a source of competitive advantage for an organization since it is rare, inimitable, high strategic value, cannot be substituted and appropriable. Employees are the ones who would be responsible for developing superior quality products for end customers. On the basis of talent management, team leaders can acquire and retain best talent within organizational system. Theory of planned behavior as stated in figure 2 is strongly correlated with talent management process. Figure 1: Planned Behavior Theory (Source: Silzer and Dowell, 2009) This theoretical framework states that one’s behavior is highly dependent on one’s intention to exhibit such behavior. Intention has been viewed as the central component of this theory. It helps in regulating one’s behavior. Talent management triggers this form of intention. Behavioral aspect of employees in this organization can be controlled only when team leaders taken into consideration individual interests. The mechanism of talent management facilitates development of positive behavior which is essential for achieving high performance standards. An effective talent management strategy reduces costs associated with hiring new individuals on board. It is clearly evident for a new organization it is essential to retain best talents as it has direct impact on organizational productivity. Product strategy can be imitated by other players but it is difficult to imitate human resource planning strategy (Berger, 2004). Performance level of employees would denote success or failure of an organization. Competitive advantage shall be provided by talent management strategy in terms of strong employee base, increased trust level, collaborative work approach and retention of talented team members. Change in talent management strategy In the next five to six years time span, the organization would double on its employee base. This will initiate certain changes within talent management strategy. The current strategy focuses mainly on talent development and retention. However with extended employee base, focus will shift towards allocating right job responsibilities to right people. The talent management strategy in coming years should encompass 360 degree feedback. This aspect will ensure that biased decisions are not being taken within organizational system. The feedback form would be reviewed by HR heads in order to reward top performers of the firm. Extended employee base shall also demand for job rotation process. This is a cost-effective process, whereby expertise or skills of one department is transferred to other departmental members. Job rotation process shall also eliminate any form of additional costs that is required during hiring individuals when a team member leaves the organization. Talent management process in later years will not only be inclined towards rewarding top performers but shall also comprise of making team members multi-talented (Bamberger and Meshoulam, 2000). In future time period, group performance will be encouraged more in comparison to individual performance. This is simply because as organizations become larger there are additional responsibilities along with increased customer expectations. All these aspects can be addressed well with proper human resource planning and encouraging more of team work. External agencies might also be appointed for conducting recruitment process or for application management. Larger firms also encourage internal recruitment process. This process will support internal promotion of team members and motivate employees to perform well. On the other hand, compensation management will also witness change in context of setting higher challenges and developing a complete performance based work culture. The frequency of performance review in future years would also increase in order to handle wide base of employees. Conclusion As per the research study, talent management strategy plays an integral role in strategic planning of workforce. The product oriented organization currently encompasses an employee base of 200 individuals. These individuals can be managed efficiently only through developing an appropriate talent management strategy. In current scenario, talent management is not only associated with hiring individuals but is also related with development or retention of employees. Talent management strategy encompasses certain key components such as applicant management, performance management, succession planning, etc. All these components are collaborated so that employee productivity can be increased. This study clearly demonstrates the relationship between behavior change theory and talent management framework. Employees of the envisioned organization can be motivated only when their performance is well recognized. References Bamberger, P. and Meshoulam, I. (2000). Human resource management strategy. CA: Sage. Berger. (2004). The talent management handbook. London: Tata McGraw-Hill Education. Price, A. (2007). Human resource management in a business context. London: Cengage Learning EMEA. Scott-Jackson, W. B. andTajer, R. (2005). Getting the basics right: A guide to measuring the value of your workforce. London: Chartered Management Institute. Silzer, R. and Dowell, B. E. (2009). Strategy-driven talent management: a leadership imperative. 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