Whatever you choose - Essay Example

Talent Management Problem Talent Management, the process of identifying, attracting, acquiring, retaining and compensating the human capital, has been undergoing a series of transitions over the years and this has been quite a challenge for most of managers. This is due to the introduction of managerial technology such as the SAAS (Software as a Service) as well as the emerging trends in the HRM (Human Resource Management) that has steadily evolved from the manual paper work to a more unified automated method.

However, some managers still the employ the very conservative practices that have led to poor talent management. According to Kehinde (2012), Talent Management has emerged as the most prominent issue that calls for immediate response in most of the companies in the USA. Today, a good number of company heads strongly believe that it is the poor Human Capital Management that has kept their companies from attaining the set company goals. The inefficient Talent Management has, for credible reasons, been linked with mediocre innovativeness of a company, slow expansion of a company to new potential markets and, the stagnation of the key company projects.

Such severe situations have diminished most companies’ competitiveness in the large markets. The major areas of Talent management that have proved to be problematic to most Human Resource managers due this lack proper implementation of technology are: Dismal Motivation and Compensation Some of the HR managers have failed to identify and reward the hardworking talents. These personnel do not get any reward for their personal achievements and the respective contributions to the company’s net profit.

Such organizations would go around boasting about the high profits but, fail to recognize the slightest effort of the employee through salary increment and rank promotion. The lack positive reinforcement has led to a decline in the performance of the talents, thus, resulting to a gradual underperformance of the company (Benziger, 2014). Absence of Succession Plans Many companies seem to pay very little attention to the future plans of succession. The chief executives of such companies usually do not have official plans for the succession procedures readily put in place for the top-level duties (Amato, 2012).

There is lack of potential pool of manpower nurtured by the management. On the contrary, these managers prefer their firms recruiting new talents from the external pools; a process that normally costs the company a lot of resources in terms of time and finances. In case a company loses one reliable talent, much time shall, therefore, be spent in advertising the post, interview and short listing, and, the simulation of the new staff. Solutions The solution to the aforementioned management problems dwells with the adoption and practice of the most advanced talent management framework.

These include: Digitized Talent pools The companies must come up with ways of reaching the global pool of talents. This can be done through the help of the social networking. Social networking can be done either internally or even externally. The internal networking gives the member talents the opportunity to explore the still available chances within a company. These employees can apply for the jobs posted on the company’s site or even post their qualifications and the posts they wish to serve in.

the company shall, therefore, have an internal pool of talents of its own. The external networking works in the same way only that it also attracts the new talents from all over the world. A good example and a source of information in this topic is the popular LinkedIn which gives the potential employers an opportunity to sneak peak in to a talent’s abilities and experiences. However, this has been a worry to the manpower which is gradually being laid off. The roles that were played by man have been undertaken by the automation technology Simulation The performance management should be making the use simulation to improve on the workforce development.

The workers should be given consistent and regular feedback according to the performance of the business. The managers will not have to wait for the annual reviews of the performance. The information retrieved from the simulation and gaming shall be used to make recommendations and corrective measures. The Microsoft ESP shall be very instrumental in this model that comprises the simulation and gaming. The Predictive measurements These are the methods used in the recruitment process. This model does not only consider the past performances of a talent but also the future capabilities.

This advanced method of recruitment will automatically match a talent’s skills, qualifications and the preferences. On the other hand, a talent is also able to see who else has applied for the very position and the rival’s qualifications; the competitors therefore have a chance to see each other’s profile and personally evaluate themselves. Under predictive measurements method, compensations can as well be made based on the potential of a talent and not just on the past performance as done in the manual evaluation.

Equity-based compensation As part of talent motivation, a company manager should recognize the most dedicated employees and compensate for such talents by offering the monthly salary, promotions, annual bonuses or even the equity (stock) of the company. This strategy will help a company, especially a public company, to save cash and use it in other investments (Hughes, 2013). The privately owned companies are, however, disadvantaged in this prospect since their properties can not be traded in the stock exchange market.

This state makes such private properties unmarketable. The private companies, therefore, cannot easily compete for the many qualified talents in a given pool. Equity based compensation makes the owner or the business partially lose the ownership of the equity as it transferred to the talent; a situation which the private companies may find very tricky. However, equity compensation obliges a talent to work hard for the success of the company. As an incentive, it may also cut down the payment in cash or cheque to the talent thus increases a company’s savings.

Equity compensation can be in form of:- Stock option: this is where a talent has an opportunity to buy equity (stock) of the company at a predesigned time and price. It is advantage to the talent since he will benefit from the increase in value of the company’s stock. The stock option also provides some liquidity for the very company and thus, the company benefits as well from the option. Equity bonuses: these are performance bonuses which are paid in terms of equity instead of cash. These bonuses give incentive to the talents and are thereby motivated to work hard for the achievement of the company’s goals.

Stock purchase plans: this plan enables a talent to buy stock from the company at a discounted price. This gives the employees incentives and also liquidity to the company; both parties benefit. The equity based compensation; however, is a major concern to the managers and employers at large since they fear losing the ownership of the company’s property. Another worry is the transfer of the ownership of the equity to a third party by the talent. Succession planning Human Resource Managers should always draw a well organized plan of succession.

The talents on the lower ranks must get all the necessary skills and knowledge in the course of their duty in preparation for the succession. During such training, the manager should be able to identify the suitable candidates for the various succession posts. Putting this practice in place will ensure that a company does not spend much time and resources in acquiring and simulation of an external candidate. The predictive plan of succession shall, if properly employed, automate the recommendation by matching the global talents with the available positions within the company.

This shall be closely facilitated by the social networking where the personal profiles and preferences shall be automatically matched with the successive posts in a company. The virtualization and the networking on the social media shall replace the person to person counseling (Darrent, 2011). In conclusion, the main management problems are in the staffing and motivation of the human capital in companies. The company managers, therefore, need not to overlook the contributions made by the employs.

Every talent employed in a given firm deserves a motivation nurturing for the succession of a top-rank duty. The company shall definitely be a co-beneficiary. Reference Amato N. (2012). Poor Talent Management Hinders Companies’ Growth, Innovation. CGM. Retrieved from www.cgm.com/poor-talent-management-hinders-companies-growth-innovation/20126410.aspx Benziger K. (2014). Employee Motivation. New York. www.businessballs.com/employeemotivation.htm Darrent C. (2011). Succession Planning. Retrieved from hrcouncil.

ca/hr-toolkit/planning-succession.cfm Hughes T. (2013). Top Fives Ways to Motivate Employees. Retrieved from www.theguardian.com/media-network/patner-zone-microsoft/five-ways-to-motivate-employees Kehinde, J. (2012). Talent Management: Effect on Organization Performance. Journal of Management research, 4(2), 178-186.