Making A BusinessCase Talent Management - Case Study Example

Section/# Talent Development It has come to the attention of our department that a key opportunity that our university could exploit to make it a more a more effective, profitable, and dynamic force for higher education within the given marketplace is to focus on ways of retaining, attracting, and developing talent within the organization. The umbrella term for this is necessarily referred to as talent management. As such, this brief recommendation will seek to provide a brief overview of what specifically talent management entails, benefits of putting such a system into place within the current context of the university, and means by which other universities are utilizing talent management as a way to define their human resource capabilities to the highest possible extent.

Firstly, with regards to what talent management necessarily engenders, it is a practice that fits hand in glove with the university’s stated mission of providing excellence in education and research both to its students, faculty, the community at large, and various other shareholders. Furthermore, talent management is a way to seek to develop some of the existing resources that the university may hold and be completely unaware of. In this way of consideration, one should also consider the potential savings that could be realized through implementing a thorough and well defined talent management policy.

For instance, the economic realities of the current system indicate that the cost of new hires is on average several percentage points above the salaries of existing employees that the university retains. Using simple logic, one can quickly infer that merely developing some of the talent potential that exists within the university itself can be a means of greatly reducing the costs of potential new hires. However, such a means of implementation will not work unless the employees in question are retained.

This is another unique factor that talent management offers the firm or organization that seeks to put it into practice. Whereas a lack of a talent management process necessarily leads to a rather high turnover rate, a well established talent management policy allows for the human resources of the university to be appreciated and developed in a way that only encourages their continued employment with the organization. This win-win situation is one in which costs are held law, turnover is reduced, and employees are able to develop a sense of accomplishment and appreciation within the system itself.

Similarly, a litany of studies, to include one performed by the Harvard Business Review, have pointed to the fact that successful talent management programs have a key synergy that they can add to any firm or organization that seeks to put them into place (Dewhurst et al 2013). It is with these thoughts in mind that we request a review of the proposed initiative as a means of strengthening the professional integrity of our organization while at the same time reducing costs and increasing employee satisfaction and development.

Moreover, the level of benefit as compared to the total level of overall costs associated with the implementation of such a plan are minimal and further add to the benefits of pursuing such a course of action.As a means of addressing the drawbacks that the university currently faces with respect to implementing such a plan, the first of these relates to the fact that 50% of the current workforce at the university is eligible for retirement. In such a way, seeking to develop the talent pool within such a reality is highly difficult.

However, with respect to the fact that most mid-to senior level staff members are filled from external candidates, this is actually a net positive with relation to seeking to develop a talent development program as a means to reduce this overall figure. Moreover, although the payoffs of instituting such a program are not immediate, seeking to set one up and draw upon the fruits of its progress will necessarily mean that the level of expense that the university is faced with will decrease the longer the program functions.

ReferenceDewhurst, M., Hancock, B., & Ellsworth, D. (2013). Redesigning Knowledge Work. Harvard Business Review, 91(1), 58-64.