The Application of Talent Management Strategies - Case Study Example

Talent Management Strategy Introduction The notion of talent management is principally regarded as one of the prime constituents in the segment of corporate training and Human Resources (HR) of any business organization (Bersin, 2006). In precise, it can be affirmed that this particular element, i.e. talent management, is often noted to be a significant driver towards attaining greater organizational success in the long run (Lockwood, 2006). It will be vital to mention that managing talent is increasingly becoming complex in this present day context, as compared to the earlier years due to the persistence of varied crucial factors. These factors entail increased level of globalization, gaining momentum of internationalization, adoption as well as execution of pioneering technological advancements and prevalence of extreme business market competition among others (Gupta & et al., 2010; Berger & Berger, n.d.). Thus, the business organizations belonging to this modern day context often embrace the strategy of talent management with the aim of managing talent efficiently. It is worth mentioning in this regards that the strategy will support the modern business organizations in managing talent by various ways. For instance, these ways may encompass accelerating employees’ advancement in terms of recognizing opportunities for their respective career growth, assessing the internal talent pools and disseminating proper knowledge regarding any specific subject to other organizational members (Government of New Brunswick, 2014; Meyer, 2005). With this concern, the essay intends to analyze and discuss about the application of talent management strategies in one of the worldwide animal health companies, named Zoetis. Various significant aspects, including the competitive philosophy as well as strategy of the company, the benefits that might be gained by the company in terms of using varied approaches towards enhancing the procedure of talent discovery and the likely outcomes, will be correspondingly discussed in this essay. A Brief Overview of the Company (Zoetis) Zoetis is regarded as one of the foremost animal health companies, which has been much committed towards serving the customers and their respective businesses in an efficient manner. The company holds maximum experience in the field of delivering quality vaccines and medicines that are readily complimented by varied diagnostic products. Specially mentioning, the competitive philosophy of the company can be determined as enhancing the output of the farms by providing new as well as quality vaccines and drugs to the veterinarians. The company is also involved in adopting and utilizing effective strategies in order to compete with its major rivals and attain a superior competitive position as compared to others operating in the similar field (1Zoetis, 2014). These strategies can be measured in the form of conducting wider research and development, which in turn, promotes innovation towards developing solutions relating to animal health, performing purposeful strategic partnerships and most vitally, developing its worldwide manufacturing as well as supply chain procedures (2 Zoetis, 2014). A Comprehensive Analysis of the Company (Zoetis) After acquiring a brief idea about the competitive philosophy and the strategies of Zoetis, it can be affirmed that the company might face certain problems or adverse situations while performing its varied operational functions. These problems may include rising number of diseases, increasing level of feed costs, limited labor accessibility and most crucially, having difficulties in sufficing the need of becoming highly efficient in the respective industry wherein it operates. Apart from these adverse situations or problems, Zoetis may also face extreme business market competition in future with the market players who already exist in the same market domain (Zoetis, 2013). By taking into concern these problems or adverse conditions, it can be ascertained that the company needs to employ varied effective strategies, like incorporating talent management in its operational procedure, so that the intended operations of the company are conducted efficiently, acquiring better support from the employees. The approach of Zoetis towards talent discovery can be mainly assessed by taking into concern the notion of ‘Enterprise Talent Acquisition’, which is viewed to be a core element of Enterprise HR and Talent Management & Organization Capability Strategy of the company (JOFDAV, 2014). It is worth mentioning in this similar concern that the company needs to conduct certain significant activities or require developing strategies in the above stated approach to become more efficient in finding and retaining top-notch talents. These activities or changes can be measured in the form of integrating quality solutions of talent management, comprehending the special facets that motivate every team member of the company, providing greater value to the ideas presented by the team members and utilizing the accessible resources associated with recruiting among others (Blakely, 2012). It will be vital to mention that in order to improve the talent discovery procedure, Zoetis may emerge with several ideas. These ideas may encompass generating greater communication between the managers and the subordinates, focusing upon evaluating the strengths of the employees linked with their respective individual performances and forming a benevolent organizational culture wherein the employees will feel much confident in presenting their viewpoints towards the attainment of organizational success (Hunt, 2014). Besides, the other ideas may entail maintaining overall employees’ commitment and framing an efficient Employment Value Proposition (EVP), which will aid in accessing numerous high-performing as well as passive candidates and attracting employees towards the organization in the form of providing them with such approaches like EVP and other related factors (Hatum, 2010). It is obvious that Zoetis will reap several significant benefits by improving its talent discovery procedure conducting the above stated activities in an effective manner. In this regard, the benefits that can be attained by the company include attracting as well as retaining critical talents, developing the performances of executive talents and most importantly, driving workforce performance among others. The likely outcomes of attaining the aforesaid benefits can also be represented as developing entire operational along with organizational performance, strengthening competitive position and sustaining in this competitive landscape. To avail the best results by incorporating the aforesaid activities, the company should focus on making relevant decisions, assessing the likely benefits or the outcomes in a periodic manner and taking appropriate measures to eradicate any sort of risks, which might arise from such likely results that may be either positive or negative (Oakes & Galagan, 2011; Deb, 2005). A Discussion of Varied Concepts and Methodologies Relating to Zoetis Training and Development Opportunities In its past performances, Zoetis has remained much committed towards delivering wider and effective opportunities linked with training and development to its employees in the form of supporting specialized-skills training and conducting wide researches about any particular subject matter. It is worth mentioning in this similar context that the company has been providing broader training and development based opportunities for its employees by developing International Veterinary Collaboration for China (IVCC) training programs. It is anticipated that the development of this kind of program will certainly aid the dairy farmers to develop milk quality and raise the productivity level of the same at large. Specially mentioning, Zoetis has been designing as well as offering training and development based prospects for its employees by taking into concern the requirements of the industrial needs and mitigating the preferences of the customers therefore (Zoetis Inc., 2014). Talent Discovery The notion of Enterprise Talent Acquisition is fundamentally regarded as one of the effectual talent discovery procedures of Zoetis, which plays an imperative role in supporting the company towards accomplishing its predetermined business targets in the long run. It can be apparently observed that the aforesaid procedure relating to talent discovery of the company is accountable for implementing as well as developing the strategies or mechanisms of Talent Acquisition and On-boarding, belonging to the company. It is projected that the development in the philosophies of Talent Acquisition and On-boarding will certainly support the company towards performing varied HR related functions collaboratively, and utilizing the accessible resources relating to the same, more efficiently (JOFDAV, 2014). Diversity After acquiring a brief idea about the competitive philosophy and strategies adopted by Zoetis to compete with its major business rivals, it can be identified that the practice of maintaining diversity of the company is reflected in its supply base. This can be justified with reference to the fact that the company predominantly realizes providing greater value towards diversity in its supply base, as this operational aspect assists in securing the business of Zoetis by a considerable extent. In this similar perspective, it can be affirmed that the supplier diversity effort of the company ensures the diverse suppliers to provide the company with several significant benefits in a fair manner. By maintaining and valuing diversity within the company, Zoetis mainly focuses on engaging with diverse suppliers who belong to distinct backgrounds (3 Zoetis, 2014). Talent Management As previously mentioned, the idea of talent management often acts as a chief driver of organizational success by supporting the companies to retain the existing talents and attract the newer as well as developed ones in this competitive business setting (Elegbe, 2012; Cross, 2007). In this similar context, the talent management approach of Zoetis can be apparently noted to take the shape of developing the talents of the employees associated with the company with the aim of supporting the producers as well as the veterinarians who desire to maintain their respective livestock in a more productive and healthy manner. In addition, Zoetis is also noted to train its personnel for bringing out varied solutions in addressing and mitigating any sort of risk, which might emerge during the activities performed with the producers and the veterinarians (Alaix, 2014). Demographics Specially mentioning, the issue concerning changing demographics is often identified to be taken into concern by the organizations of this present day context in order to develop their respective talent management strategies towards the attainment of predetermined business targets. In general, changing demographics denote that the retirement age of a greater proportion of workers are approaching, wherein the requirement of employing top-notch talents to complete the unfinished works conducted by the approaching retirement workers becomes much apparent. In the circumstance of prioritizing the issue of changing demographics, it can be affirmed that retaining and incorporating the correct mix of people will certainly enable Zoetis to attain its predetermined business targets. In precise, it can be affirmed that the above-discussed factors will certainly act as a critical success factor for the company to address the issue of changing demographics efficiently (Halogen Software Inc., 2014). Retention Based on the understanding derived from varied researches, it can be identified that retention, in the context of talent management strategy, is vital to be taken into concern by the organizations of this modern day context, specifically for two particular reasons. These reasons encompass turnover to be considered as quite expensive whereby the top performers or the top-notch talents eventually drive business performance at large. Notably, the constrained financial situations eventually trigger the need for the companies to retain their respective existing talents. Accordingly, it can be affirmed that the retention strategy in the context of talent management, not only supports the companies to control increased level of costs but also aids them in enhancing overall productivity at large (Hanif & Yunfei, 2013; Oracle, 2012). In this similar context, it can be apparently observed that Zoetis tends to provide long-term incentives and other monetary as well as non-monetary benefits for retaining its employees for a longer period, which can prove highly beneficial to achieve the determined target (Morningstar, n.d.). International Strategic HR Apart from providing the employees with long-term incentives for retaining them over a long period, Zoetis is also viewed to formulate and utilize effectual international HR policies for managing its workforce and subsequently, mitigating the issue of the above stated changing demographics. In this similar concern, the policies framed by the company can be determined as structuring the employee benefit along with compensation programs as per the needs of the prevailing demographic conditions and developing certain wellness strategies like the Healthy Zoetis Program (4Zoetis, 2014). Succession Planning In the background of developing effective policies of talent management, the succession planning of Zoetis can be apparently recognized as promoting the aspect of R&D while delivering appropriate solutions to the producers as well as veterinarians. This particular segment is identified to pay utmost attention on developing vaccines, bio-devices, genetics, medicines and diagnostics among others, which eventually attract the employees attached with the company to make deliberate efforts in delivering quality services to the customers (5Zoetis, 2014). Competency Modeling When emphasizing talent management approach, the notion of competency modeling is regarded as the procedure of examining and illustrating the range of skills, knowledge and expertise prevailing within a specific business organization (Jackson & et al., 2011; Heneman & Greenberger, 2002). It is worth mentioning in this similar concern that the competency model of Zoetis can be ascertained as its initiative of carrying out varied strategic partnerships. The prime focus of this initiative towards establishing greater collaboration amid the employees ultimately serve as the procedure of depicting the capabilities inherent with them towards the accomplishment of desired business targets (6 Zoetis, 2014). Talent Development Talent development is often identified to play an imperative role in supporting the modern organizations to retain their existing talents as well as attracting the top-notch ones and to deliver the expected level of productivity as per their desire. In this regard, the talent development procedure followed in relation to Zoetis can be determined as making wider leadership advancement, promoting the perspective of change management and valuing diversity in the workplace among others. It is thus projected that the development of the talent procedure based on the conduct of aforesaid activities will certainly support Zoetis to attain superior competitive position, as compared to its chief rivals operating in the similar industry (6 Zoetis, 2014). Conclusion From the above analysis and discussion, it can be inferred that the strategy of talent development, also noted as the procedure of talent recovery, plays a decisive role in supporting organizations to attain their respective predetermined business targets in long run. Conceptually, the perception of talent management signifies better management of the available human resources within organizations in alignment with the organizational targets. In this modern day context, wherein a wider prevalence of business market competition can be witnessed, companies often tend to design and implement effective strategies of talent management to maintain their growth and sustainability. By taking into concern the above-discussed aspects, it can be apparently observed that Zoetis is making significant moves towards retaining its skilled pool of human resources. In this regard, by having a close look on the competitive philosophy and the strategies framed by Zoetis, it can be asserted that the incorporation of ‘Enterprise Talent Acquisition’ and valuing workplace diversity will certainly lead the company towards massive developments in relation to the field of talent management in its long run. It is suggestive in this context that the organization needs to focus on valuing its human resources with equal significance to its system implementation. Only such a balance can ensure uprising productivity of the organization in the long run and thereby, help it attain its competitive objectives. A critical perspective to the issue further reveals that ethical considerations and scientific appraisal format may prove highly beneficial for the company to confirm the balance. 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