Key Components of Talent Management Strategy - Term Paper Example

? Talent Management Strategy Number Many are mistaken into believing that the secret to organizational success is a large pool of financial resources. However, a closer look at and closer participation in businesses and business management shows that proper business strategy is key in attaining success, with talent management being an important facet in business success. Aspects that are pertinent to organizational growth and stability such as personnel motivation, the setting up of proper performance target, the attainment of this performance target and the successful sealing of performance gap are elements that are key to success, yet hinge on talent management. Conversely, it is through courtesy of proper talent management strategies that organizations have sprang from small corporate fledglings, to reputable multinationals. The blueprints of proper talent management may be seen in the ensuing discourse. Introduction The organization in point is a profit-making business entity which deals in food and beverages. The organization is still in the process of growth and development as it comprises 200 employees, of which 20 are identified as leaders and may be called Swift Foods Ltd. In itself, talent management denotes the anticipation of essential human capital that an organization may need at a given time, then setting a plan and then carrying out that that plan to meet organizational needs. So sacrosanct is talent management in aiming at specific performance target that it has become the science of employing strategic human resources [HR] to strengthen organizational value and to help the organization reach its value. Determining the Key Components of Talent Management, Including Identifying, Assessing, and Developing Talent There are several components of talent management. The first component involves identification. This means that the organization must first identify and prioritize traits, skills and abilities that are directly linked to its goals. This same component will involve identifying the most suitable mode of recruitment exercise that will help the organization accurately acquire these desirable traits, skills and abilities. In this case, it will be expedient that the recruitment drive is very competitive by using merit. Apart from academic credentials, Swift Foods Ltd may use overall individual performance of the potential recruit in the interview, experience and letters of recommendation, among others. Academic credentials for instance will help Swift Foods Ltd ascertain formal skills and expertise an individual candidate possesses, in light of the office to be filled, while experience will help the organization determine the degree of the candidate's ability to perform. Testimonials for instance will help ascertain the behavioral predisposition that a given candidate possesses, in relation to the role that he is to discharge. All these factors will be important in identifying talent since talent is an element compounded by other desirable attributes such as personal traits, skills and abilities. The second component of talent management is the assessment of talent. This involves, setting performance target for an employee and then analyzing his actual performance against the already-set target. It is from this juncture that measures may be taken to uphold and enhance the talent that is extant and to inculcate upon the employee, new talents that are desired in the organization. To develop talent, there are several strategies and approaches that may successfully apply. Swift Foods Ltd can use the compensation management system, where it maintains competitive remunerations while managing payroll costs, total compensation, compensation for planning and awarding and pay-for-performance arrangements. Going by the recommendations that Fayol (2010) makes, the organization can also use global human resources that help maintain and manage core elements of the global workforce- county-specific attributes also included. Swift Foods Ltd may to this effect simplify the HR processes of the organizations it is comparing with. This is especially suitable, given that it may seek to go global in future. Despite the fact that Swift Foods Ltd is still a fledgling, yet this approach is still commendable, given that there is need to tap into talent that is up to the standard, the world over. It is also a reality that Swift Foods Ltd will also go global, when it comes of age. Conversely, Swift Foods Ltd may also use the goal management strategy to help align employee goals with organizational objectives. This involves packaging and disseminating information down through the organization's rank and file so that every employed is able to see the manner in which their goals affect the success of the organization's overall success. According to Tompkins (2004), one of the strongest methods of talent development is the use of learning and development design. This involves setting and designing training plans that are based upon the input of the employee, strategic planning inputs and overall management. Workshop programs and training drives may accompany this step, as a way of taking care of the performance gap that had been sustained. Nevertheless, this step only derives meaning when it follows performance management strategy, wherein the performance of an individual employee is assessed to analyze, retain and nurture top talent. It is also important that Swift Foods Ltd also factors into use, succession management. This involves creation of plans and structural hierarchy for filling both expected and impromptu vacancies. Tracking high performers will be important in determining the talents that should be developed by being absorbed into higher offices, while studying talent gaps will also be important in determining areas of weaknesses that should be corrected. Thus, one can safely and cogently conclude that talent management is an important but complex system which involves the stages: identifying top talent and enabling more strategic recruitment drives; setting up standard evaluation plan that will help the organization determine presence or absence of desired talent; perfecting competitive aspects and levels of compensation; designing and carrying out training plans and programs that are in line with organizational goals; creating opportunities for officers exhibiting top talent; providing conditions that will help abate flight and attrition risks (Morgan, Frost and Pondy, 1983). Examining How the Talent Management Process Is a Strategy for a Competitive Advantage for the Organization By all means, the talent management strategies that have been outlined above are bound to help give Swift Foods Ltd a competitive edge over others. For one, the use of the compensation management is bound to inject Swift Foods Ltd with the pressure to perform, as every employee seeks to show that he deserves what he is earning. The extension of Competitive pay levels, perks and compensation awarding and planning to employees is bound to acts as a strong source of motivation. The same is also bound to act as a very strong shield for Swift Foods Ltd against high employee turnover. This is because the aforementioned model of compensation management is bound to extirpate the quest for greener pastures in the form of better terms of employment. This quest for greener pastures leaves organizations in a continual mode of recruitment and thereby subjecting such organizations to high employee turnover. This high turnover is incurred in the form of the expenses that are used to recruit, orientate, train and maintain employees. Furthermore, an organization that recruits orientates and trains only to forfeits to another organization that happens to provide better emoluments only benefits its competitors, thinking that it is saving by paying employees unfairly (Walter, 2007). Likewise, giving employees impeccable remunerations is bound to earn Swift Foods Ltd very good corporate image. Because of this, this organization is poised to be associated with prestige. The use of global human resources approach is also bound to help Swift Foods Ltd focus on a global outlook even as it operates locally. This practice is to help Swift Foods Ltd get acquainted with global trends in the market. This is likely to make it easy for the organization to penetrate the global market should it wish to so in future. The use of the goal management model is also likely to ensure maximum productivity and optimal performance as employees have their goals aligned with the overall objectives of the entire organization. In another wavelength, the importance of goal management is seen in the manner in which it weaves the organization into an integral complex whole. This is because employees are made to understand how every employee’s goal affect the overall success of an organization; the rank of every employee notwithstanding (Goffman, 1967). Assessing how the talent management strategy should change with the anticipation of the organization doubling in five to six (5-6) years In the next five to six years, Swift Foods Ltd’s talent management is to change, but the extent of this change is likely to depend on the extent to which the organization uses its global human resources strategy as a model of talent management. If at the moment, Swift Foods Ltd adopts an HR strategy model that is more localized, it is most likely that in the next 5-6 years, Swift Foods Ltd will have grown to the point of crossing the borders of the US market. This will compel it to adopt a talent management model that is more global. The need to adopt a global HR strategy is also underpinned by the need to match organizational practices such as globally commensurate emoluments with those of other external markets. Paying employees in the mother company [headquarters] better than the rest of employees in the global market will be very unfair and detrimental to Swift Foods Ltd’s interests, for instance. References Fayol, M. (2010). Administrative Theory Management. New York/ London: Cengage Learning. Goffman, E. (1967). Interaction Ritual. New York, NY: Anchor Books. Morgan, G., Frost, P. J., & Pondy, L. R. (1983). Organizational Symbolism. Greenwich, CT: JAI Press. Tompkins J.R. (2004). Organization Theory and Public Management. New York: Wadsworth Publishing. Walter, P. (2007). Models of Talent Management. New York: McGraw Hill. Read More