Talent Management Strategy and Plan
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Talent Management Strategy and Plan
Running head: TALENT MANAGEMENT STRATEGY 1
TALENT MANAGEMENT STRATEGY 9
Talent Management Strategy
An HR team without a talent management strategy and plan fails to perform its role. In fact, an organization with such an HR team does not give talent management activities the importance they require (Khatri, Gupta, Gulati, & Chauhan, 2010). The hardest part in designing a talent management is getting started with the plan. An effective talent management strategy should map out the goals and priorities of an organization and tie them to its strategic plan. The current analysis will formulate a six step talent management approach to encompass an organization with two hundred people in which twenty are identified leaders. The talent management strategy will include identifying organizational goals, identifying organizational drivers and challenges, identifying gaps, defining HR priorities and goals, conducting an inventory of the talent management processes, and measuring the results and communicate success.
The first step is to identify organizational goals and priorities. The organization should identify its strategic high-level goals and priorities. The leaders should examine whether there are any upcoming changes, initiatives, or directions for the company. In the case of any new directions, the leaders should identify and list each one of them. The second step is identifying the organizational drivers as well as its challenges. Every business has both internal and external challenges. The challenges could include a highly competitive job market, results from an employee satisfaction survey, new or changed regulations and legislation, and new technology.
Thirdly, the organization required to conduct a gap analysis. Here, business leaders should compare where the organization is today with where they want it to be. Besides, it is essential to consider the risk and address the gaps in the company. For example, an organization that wishes to be ranked first in the industry for customer satisfaction needs to identify its current rating on customer satisfaction. It is only then that the business will identify the gap between its current rating and the kind of rating required to make it the leader in customer satisfactions. The risk of failing to improve the customer satisfaction rating might be a drop in sales or the market share.
Fourthly, business leaders should define the HR priorities and goals of the company. The HR goals should be based on the goals, challenges, and gaps that were identified in the previous steps. The identified goals ought to be specific, measurable, achievable, relevant and time-bound (SMART). Additionally, the HR goals should be linked to the applicable corporate goals. The HR team should introduce measures in the implementation stage to determine the effectiveness of the strategy. It is critical to ensure that the initiative is executed as planned. The fifth step should be carrying out an inventory of the current HR talent management processes to determine gaps and the changes needed to support the goals of the organization.
The last step of the talent management strategy is measuring the results of the approach and communicating the successes and contributions. Efforts towards the achievement of the goals ought to be assessed and measured to ensure that the business progresses as planned. The leaders are supposed to take corrective action where the implementation has gone wrong. The relevance of this step is that the leaders examine whether a goal or initiative is worth retaining. Here, communication is an important aspect. Business leaders must develop a communication strategy to keep the organization updated with any contributions and achievements. Hence, the leaders should define the methods of communication to be used.
Components of talent management
- a) Goal alignment
The best talent management plan should be aligned with the strategic plan and the overall needs of the business. Goal alignment is an important management tool that clarifies job roles for individual employees and demonstrates the ongoing value of the employees to the organization (Lopamudra & Acharya, 2015). Goal alignment is a way of engagement employees in the talent management strategy. Here, the organization creates greater employee ownership in the ultimate success of the company. Hence, employees become more committed to the company and attain higher levels of job performance. Goal alignment requires an organization to communicate the strategic business goals of the company.
The managers should be allowed to access the goals of other departments to reduce redundancy in the organization. Goal sharing also helps the departments to support it other since business leaders can identify the areas where the departments may be unintentionally working at cross purposes. A talent management strategy is executed effectively when everyone in the organization is working towards the same goals. Also, workers can easily function with more flexibility and adaptability (Khatri, Gupta, Gulati, & Chauhan, 2010). Certainly, goal alignment strengthens leadership in a company in several ways. First, managers can focus on the important goals of the company. Secondly, managers can understand more clearly the responsibilities that are associated with specific goals. Also, business leaders strengthen their responsibility by assigning measurable as well as clearly articulated goals that involve every individual in the company.
- b) Creating high-skilled internal talent pools
Strategically minded companies are effective in planning and developing a workforce that contains the right competencies. Such a company can develop an insight into its company and use it to employ the right workforce in place to respond to the current market demands. Undeniably, companies might find themselves in situations where they are unable to assess viable candidates because of industry conditions or a planned or unplanned change in leadership. In such a situation, there might be too many questions regarding the internal talent pool. A vital element of a thriving talent management program is the development of talent pools within a company. The companies should have a reliable internal source of talent as well as a valuable process of succession planning. Developing a skilled talent pool enables a company to get the desired skills sets within its workforce. As a result, the employees of the company perform well across the levels and functions. Besides, creating internal pools enables employees that employees require to assume leadership roles when opportunities arise.
- c) Breaking down information and developing collaboration
Business leaders achieve success when they ensure a steady flow of information throughout the organization. Employees cannot be faster and flexible if knowledge and experience are not available. Information ought to be delivered to the right people and at the right time. In most cases, certain challenges in the marketplace require innovation. Cultivating a collaborative culture requires managers to align all the metrics for success. Success should not be based only on individual performance as this sends mixed messages to the employees. Business leaders must encourage collaboration and offer the tools required to facilitate the collaborative efforts. Undeniably, collaborative employees need to access rich employee data such as experience, interests, language abilities, and special skills. In this way, a company achieves success by making informed talent management decisions, attaining collaboration, and enabling employees to tap into a knowledge base.
- d) Creating a pay-for-performance culture
Such a culture enables managers to access the information they require to reward employees for actual performance through information from 360-degree feedback, review data, performance notes, and goal alignment metrics. The tools enable business leaders to make consistent, fair, and quantifiable decisions avoiding improper compensation. Employee assessments have been known to motivate employees to their full potential since they give employees the reason to work hard. Also, the assessments address the needs of every individual. Therefore, the workforce can work together as a whole. Again, measuring the essential factors that distinguish between the success and failure in certain jobs enables organization to employ right persons in the right positions (Li & Wang, 2010). As a result, an employee is motivated, satisfied and increases retention.
Strategy for a competitive advantage for your organization
Companies that seek to attain a competitive advantage channels its initiatives and programs towards the performance of employees. The programs depend on the commitment, motivation and the availability of special talents of the employees. Technology might fail to achieve success if the right employees are not acquired, developed, and retained to perform better than the competitors can perform (Rotolo, 2013). Clearly, most companies spend a substantial amount of income on paying its employees. It can only make perfect sense if the company optimizes on employees to get a value for the money spent on employees. Talent management is all about identifying the inherent talents of its employees and matching them with their jobs and culture. In this way, a company enjoys a recruitment advantage since it builds a solid foundation.
An organization that builds career paths around the special talents of its employees cultivates loyalty as well as commitment. Clearly, competitors can gain an advantage by adopting new technology. However, all companies adopt the same technologies with time and produce the same products and services. It is important that a company employs a true and authentic business differentiator. It is obvious that employees can offer an organization a true and authentic business differentiator that it requires in the long-run. Hence, a company that utilizes talent-based technologies identifies, manages and grows talent to achieve success and stays ahead of the competition.
Talent Management Strategy change
A talent management strategy is expected to change as the company grows. First, a talent management begins to focus on promoting from within. A proper talent management strategy puts structures in place that allow employees to grow. Hiring from within helps in boosting the morale of employees and reduces the resentment that might arise when a new employee is brought to the team. Employees become committed to the success of the organization when they grow and learn within the organization. Such a talent management strategy will relieve an organization the time and effort required to train new employees, increase their morale, and loyalty.
While anticipating growth in the company, a talent management strategy helps in developing a strategic approach to hiring rather than a reactionary one. A reactionary approach is likely to cause more problems (Rotolo, 2013). It helps an organization to employ more workers than it requires. Certainly, companies are likely to hire a larger workforce than it requires when it anticipates growth. A talent management strategy is essential in maintaining the right amount of staff to attain maximum success.
References
Khatri, P., Gupta, S., Gulati, K., & Chauhan, S. (2010). Talent Management in HR. Journal Of Management And Strategy, 1(1). http://dx.doi.org/10.5430/jms.v1n1p39
Li, L. & Wang, X. (2010). The Strategy of Talent Localization in Multinational Corporations. International Journal Of Business And Management, 5(12). http://dx.doi.org/10.5539/ijbm.v5n12p216
Lopamudra, & Acharya, S. (2015). Case Study on Culture of Recruiting Rewarding and Retaining Strategy for Talent Management. Adarsh Journal Of Management Research, 8(2), 42. http://dx.doi.org/10.21095/ajmr/2015/v8/i2/88214
Rotolo, C. (2013). Strategy-Driven Talent Management: A Leadership Imperative edited by Rob Silzer and Ben E. Dowell. Personnel Psychology, 66(1), 304-308. http://dx.doi.org/10.1111/peps.12022_6
Stadler, K. (2011). Talent reviews: the key to effective succession management. Business Strategy Series, 12(5), 264-271. http://dx.doi.org/10.1108/17515631111166906
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