Talent Management Strategy Essay
Talent Management Strategy
Formulate a talent management strategy to encompass the entire talent requirements of the organization.
When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data about high profiled employees and their employment history and accomplishments to all divisions of the organization.
This process of sharing openness makes it possible for a range of departments to recognize available talent when opportunities open and become available. The charting of people’s skills and strengths enable the organization to appraise the manpower that is not being utilized properly and to its highest potential. This is critical from the standpoint of the organization as well as the employee; the employee can be placed in the right position after a complete assessment of his abilities & interest and as a result the employee is more productive and satisfied. To create a talent management strategy you first have to understand the dynamics of your personnel (capabilities, capacity, educational levels, and experience) to create your talent management strategy and give you insight to what your critical skill gaps are, where the organization is incurring the most cost, and is the work being done supporting the organizations objectives.
Through the use of employee evaluations, surveys, interviews employment record the following information can be recorded: how can individual goals align to team and organizational goals, who are the highest performers and what are their career paths, who are my future leaders and how can we effectively further their development, and who needs additional development before they can assume greater responsibility? The key to finding answers to the aforementioned questions will be in the methods used in gathering and tracking the desired information such as performance ratings, skill competencies, and predictable retirement or separation possibilities of your employees. This will indentify if the organization will encounter critical skill gaps in the future. If competency information was a part of the information gathered , predictions can be formulated beyond what employees are doing today and about what they are capable of in the future, which is the first step to career development and talent diversity and mobility.
Using this information not only can HR position employees more strategically but also lighten the impact of economic cycles by using talent management to support the organizational strategies and goals. Talent management strategies that align with organizational goals often produce results that can be directly related to gains in revenue and customer satisfaction Once you have a clearer picture and understanding of your current workforce and future strategy, you’ll want to think about where you can have the most immediate impact and focus there.
Determine the key components of talent management, including identifying, assessing, and developing talent.
Talent management consist of six components that, when implemented strategically, combine to keep an organization on the leading edge. These components are: Strategic Employee Planning, Talent Acquisition and Retention, Performance Management, Learning and Motivating, Career Development, and Succession Planning. Strategic Employee Planning is the practice of developing your organizational goals and strategic plan. It is also knowing how to achieve your goals and implement the plan. Another responsibility of employee planning is identifying the key roles and personnel who will assist you in attaining them. Talent Acquisition and Retention is hiring new talent into your organization and recognizing and cultivating talent you already have in the organization. Promoting from within your organization is more cost-effective and encourages employee engagement and loyalty.
Performance Management is when the right person is aligned with the right role and position within the organization. Its end goal is to make sure that roles align with your business strategy to achieve its goals. It develops goals for success, supports employee development, and moves the organization in a positive direction. Learning and Motivating sounds like two components but they actually go hand in hand. Learning is more than just training it is the acquirement of information and skills, which in turn gives way to knowledge and experience. To be effective learning programs need to include behavior based activities and tasks that support the organization’s culture and proposals. The motivation comes in when employees see how their growth impacts the organization, and realize just how valuable their role is.
Career Development is linked back to the talent retention component and the thinking that hiring from within is not only an option, but due to cost, engagement, and loyalty is often the preferred option. It is the act of grooming potential leaders by providing professional development tools that can prepare high profile employees for advancements in their career. Growing internal leaders sends a positive message throughout the workforce. Promoting people is good for morale and essential to a positive organizational culture. People will want to join and stay with the organization since it develops its own people. Succession Planning is knowing the talent within your organization. Identifying the key roles is essential to the organizations success. The question the must be answered for Successful succession planning are: Which roles are critical to success? Who currently fills those roles? What happens when those positions become available?
By having a succession plan in place means that the decisions have already been made, and that the organization will continue to operate as usual if a key position must be filled quickly. These six key components of talent management are by no means all inclusive of the components that make up successful talent management strategies but if they are the foundation of your organizations plan then transitions, attrition, and growth should be a smooth operation. Examine how the talent management process is a strategy for a competitive advantage for your organization.
Strategic Talent Management is a process that makes sure that your organization has the right employees in the right role and position at the correct time to accomplish your projected results. This process will assist organizations in understanding their present state, project talent gaps, and make the required actions to close those gaps. In taking these actions organizations can achieve a commanding competitive advantage by tapping into and developing their talent along with learning how to effectively manage, employ, and lead their employees to align with the organizational goals and strategies. Having a strong talent management plan is always in the company’s best interest as it demonstrates and treats their employees as their most important asset and commodity which increases efficiency levels significantly while also creating employee engagement, performance and satisfaction, and that builds a competitive advantage over the organizations competition.
The strength and brand of any organization comes from its employees and all their competencies. To lead, manage and develop them will build a solid foundation for the organizations future. For organizations to maintain a competitive advantage they must focus on enhancing performance through a process of continual learning, development of effective leadership skills, technical skills, mentorships, and cross training. It is a ongoing process directed at making sure the organization has the talent pool to meet your current and future business needs. Like any other strategy that requires an investment of time, money, and other resources, your talent management strategy should be measured with metrics that are relevant to your business. There are very few things that promote competitive advantage except talent management. For talent management to be successful there has to be a clear understanding of the strategic intent of the organization before defining, developing and implementing strategic capabilities.
Assess how the talent management strategy should change with the anticipation of the organization doubling in five to six (5-6) years.
The strategy that organizations employ in the future will depend on and be propelled by their talent management plan. The fundamentals of the process may be tweaked to reflect the culture and behavioral differences of the workforce but it will basically remain unchanged. With the organization doubling in size, the need for competent leadership will be paramount to it’s success and continued growth pattern. As companies position themselves for future growth, they will realize that concerns over their ability to attract and retain key talent, or to plan for replacement of talent, could thwart those efforts. Organizations depend upon the talent they employ. Employees, not physical property will be the primary organizational asset. The talents, skills, experience and knowledge that employees acquire through talent management will be the principal ingredient of success.
Good talent management practices lay the foundation for business growth. With the marketplace already having a shortage of talented and high profile candidates and the competition for their services at a premium, there will be even a greater emphasis placed on the talent management aspect of developing their internal workforce. The infusion of new talent into an organization can also be a good thing as they are not biased to the organizational culture. However with the company doubling bringing in wholesale new managers would be costly and take time for the new managers to be on boarded and brought up to speed without hurting the growth process. That’s why internal promoting thru the results of succession planning is so important to the success of growing organizations.
Goldsmith, Marshall & Carter, Louis (2010) Best Practices in Talent Management San Francisco Pfeiffer
Lawler, Edward III TALENT: Making People Your Competitive Advantage Jossey-Bass, 2008
Moore, Shelley (January 12, 2011) Understand the Components of Talent Management-Posted in Talent Management http://www.bloomware.com/understand-the-components Schroeder, Laura Posted on (Dec. 17, 2010) How do you start formulating a talent management strategy? http://www.focus.com/questions/how-do-you-start-formulating-talent-management-strategy/ Silzer, Rob & Dowell, Ben (2003) Strategy-Driven Talent Management San Francisco Jossey-Bass