Formulating Talent Management Strategy to Encompass the Entire Talent Requirements - Assignment Example

Talent Management

Formulate a talent management strategy to encompass the entire talent requirements of the organization.

The challenging economic situations have forced a large number of companies to devise strategies that will allow them to manage talent in a more effective manner, even though hardship does not serve as the only source of motivation. For example, in the case of those countries that are still emerging from the recent financial crisis, they have been forced to reevaluate their strategies in order to cope with the pre-crisis environment. However, other organizations are operating in countries, such as China, where the recession did not have a similar influence. Here, companies have realized that the strategies of managing talent have failed to keep at par with growth (Hay Group, 2016).

For any company, it is vital to note that no single size fits the all talent solution. Whatever a situation a company is going through, only one thing is certain. Getting the ideal strategy for managing talent is not an easy process mostly because notable companies stipulate that they have sufficient quality internal candidates who are capable of filling certain positions, although they seem to lose focus on the future. Here, one of the major challenges that results from managing talent effectively is because no single solution fits all the management strategies. Here, each program that an organization looks for should be tailored to address the talent needs of a given organization. Therefore, identifying the ideal place for starting to manage talent serves as the major source of success (Hay Group, 2016).

In the case of the organization, the ideal program for managing talent needs to start with strategy. Understanding where the businesses are going as well as the manner in which it is organized, thereby serving as the ideal way of understanding the future demands for the leaders and the employees. This would then provide an opportunity for implementing an ideal strategy for managing talent (Hodgson, 2014).

In case the company is incapable of linking management of talent to strategy, it would not be in a position to understand the skills it would require in future. This would make the company end up with a generic pool of leaders showing high potential while they would also lack the ideal skills for the roles that it would be required to address. This kind of failure to hold the future requirements for talent would affect the ability of the organization when it comes to reacting to the changing conditions in the marketplace. In case they are left unchecked, they would threaten the long-term survival of the company (Lagunas, 2012).

The major area of emphasis that the organization should consider understanding its strategy and model of operation, hence allow it to start scoping out the form and number of roles that it would need in order for it to deliver its strategy in an effective manner. During this point as well as by considering the additional roles that may be required, it should also consider reviewing the prevailing roles as well as see if or not it would be possible to redesign them to facilitate in maximizing their efficiency. This kind of work mostly revolves around understanding the needed roles as well as assess if the company has the ideal people who possess the ideal skills for handling the diverse operations of the organization in an effective manner.

While performing the assessment, the organization needs to ensure that it understands its objectives in a clear manner while refraining from only caring about present abilities of the people, as well as the competencies and skills that would be needed to ensure that the future roles are successful. Here, understanding the future requirements for the roles would facilitate in dictating if the organization is aiming to advance talent internally, bring in outside hires, or partner with other organizations, hence make it possible to get the ideal individuals on board (Loew, 2013).

Determine the key components of talent management, including identifying, assessing, and developing talent.

A large number of companies usually have talent that portrays considerable potential, which is capable of transforming business, although a limited number of organizational leaders believe they possess sufficient leadership pipelines. To address these kinds of issues, the major areas of emphasis that organizations focus on revolves around growing their talent internally. In this case, understanding ways of identifying, assessing, developing, and engaging high potential candidates are capable of adopting leadership positions that are characterized by greater responsibility and scope (Cantoria, 2011). Indeed, high potential talent plays a vital role with respect to allowing a business to transform and realize notable growth. Here, a business needs to ensure that it lays emphasis on various components, which can allow a business to witness considerable growth (Lagunas, 2012).

Planning Ahead

Planning would serve as one of the major areas that would provide the organization with an opportunity for foreseeing the potential gaps in skills as well as make sure that talent can be accessed easily to facilitating in fulfilling the roles. This is especially essential in the case of management duties since the company would manage to look into its present employee base, thus allow it determine the individuals who are capable of showing potential for emerging as the future leaders of the company (Hay Group, 2016). Furthermore, it is vital to evaluate this from the perspective of employees mostly because, in diverse instances, they may not be in a position to realize that they may be suited effectively in addressing certain senior positions. This way, they would be forced ask their employers on the ideal ways they can handle those roles. Therefore, by introducing high potential programs, they would play a crucial role in terms of reflecting the strengths they can portray in leadership as well as the areas they would require developing further (Lagunas, 2012).

Seek Senior Stakeholder Input

Even though learning professionals are usually endowed with the duty of designing as well as implementing programs for development, they should understand that these serve as essential processes that drive companies to realize the benefits that allow them to gain active participation of major stakeholders before as well as after the program. Here, it becomes essential to note that the individuals running the enterprise would make sure that you realize their perspectives while ensuring that they rhyme with the ones of the organization, which would make it possible for the company in delivering the results that the company requires. This usually serves as an ideal opportunity, although it needs centralized efforts as well as a number of conversations, which lay emphasis on the business needs as opposed to initiating discussions affiliated with competencies (Cantoria, 2011).

Programs Implementation

After the identification of individuals portraying high potential, it is essential to lay considerable emphasis on those initiatives that would allow the organization to direct them to senior roles. In this case, it would be ideal to consider adopting a simulation tool, which would make it possible for the employees to encounter customized daily life, which is attributed to a leader. Here, for instance, an employee may be offered an email inbox having emails from diverse requests from clients and colleagues, after which they would be urged to prioritize them. These would play a vital role with respect to identifying the strengths that individuals portray as well as the areas they would require developments (Loew, 2013).

Measuring Programs’ Impact

By relying on the diverse sources of data and activities, it is vital for the organization to ensure that it undertakes analytical reporting, which would assist in demonstrating the key strengths and areas of development, which can be extrapolated from the program. It would also be crucial to evaluate the manner in which development affects the company and the organization. The other benefit that would be realized in this case would be the one associated with the influence of the programs, which would assist in proving their worth as conversations take place around cuts in budget, particularly when development and learning appear to first in the event of cutting back on the spending on government (Hodgson, 2014).

Examine how the talent management process is a strategy for a competitive advantage for your organization.

In the present competitive organizational environment, having a huge talent pool serves as one of the major areas of allowing an organization to gain competitive advantage. Within an organization, it is challenging to for an organization to develop competitiveness in case it lacks sufficient strategies for managing talent. In this case, it is appropriate for the management of the organization to devise ways of managing talent in an effective manner for them to retain a pool of qualified employees who are capable of boosting the growth of the business (Cantoria, 2011). Without sufficient talent management in organizations today, they are incapable of coping with the diverse changes taking place in the business environment, thus leading them to deteriorate in performance or even go out of business, leaving the ones with effective strategies for managing talent to excel in the marketplace. In my organization, therefore, the development of effective strategies for managing talent would facilitate in boosting its competitive advantage, as talented employees have the potential of introducing creativity within the organization while at the same time introduce innovative ways of growing the business (Lagunas, 2012). Therefore, with effective strategies for managing talent in the organization, it would gain a competitive advantage in terms of both introducing creative ways of undertaking its operations while identifying effective strategies for implementing effective strategies for coping with the diverse changes taking place in its area of operation (Hodgson, 2014).

Assess how the talent management strategy should change with the anticipation of the organization doubling in five to six (5-6) years

In the coming five to six years, the company should embark on changing its talent management strategy to ensure that it copes with the growth it witnesses. As the organization doubles in size, it would be forced to cope with a larger talent pool, which would require sufficient management tactics that would rhyme with the changing operations of the company. The talent management initiatives should be geared towards addressing the unique needs of employees to ensure that they handle the roles assigned to them more effectively while ensuring that they cope with the changes taking place in the business environment more effectively. This way, the company would be in a position to cope with the diverse changes that would become apparent in the marketplace in the coming years (Hodgson, 2014).