With the same talent management strategy in mind from the Talent Management Strategy assignment, write a 6 page paper in which you:
***Assignment is posted in the attachments***
Running head: TALENT MANAGEMENT STRATEGY
TALENT MANAGEMENT STRATEGY
TALENT MANAGEMENT STRATEGY
Table of Contents
Talent Management Strategy
In any organization, talent refers to the human resources (particularly employees) required to execute tasks in an organization (Theys and Schultz, 2020). To explain what talent management strategy is, we must first define what talent management is. By definition, talent management refers to the comprehensive Human Resource processes that involve attracting, hiring, engaging and retaining high-performing and productive employees. Highly talented, fruitful and empowered workers are what makes a firm productive and competitive. On the other hand, Talent management strategy refers to the plan of operation to optimize employee production. It incorporates the plan to; bringing employees up to speed on time, timely identifying gaps in experiences and other job resources, actively training employees to attain missing talents, engaging employees in decision making, and empowering them to remain fruitful.
I would name my organization "Azeri Flowers and Gifts". Azeri is a business located in California, United States of America. The business deals with the selling of flowers and gifts for different occasions across California. It has 180 employees with 20 leaders, including the business CEO, three head directors, three assistant directors, supervisors and others. This talent management strategy will enable the business to know the best way to attract employees, motivate employees, keep employees committed, and retain employees. The strategy will also allow the company to remain competitive in the industry because having and retaining the best talents is the best way for a business to succeed.
Azeri’s talent management strategy will encompass the following key strategies;
According to Borisova et al. (2017), a simple but effective strategy limits who comes to your business and determines your businesses' achievements. All job openings will be concisely described and outline what each candidate will be expected to offer to the company. When advertising job openings, the posts will also incorporate job title, specification of general responsibilities, fundamental experiences required, workplace relations expected, appliances and gadgets that the employee will be expected to use and salary and compensations. Such details will enable an employee to apply for the job with a clear understanding of what the business expects. Without a doubt, the company will be able to attract the best talent.
Just like any other company, Azeri company has its own organizational culture. Tied with devising the correct job specifications, it is essential to pick applicants who will best fit its culture. A corporal culture cannot be defined in one word, but there are few details that the Azeri HR team will observe to assess candidates if they fit the company's culture. These features include; the tone of voice of the candidate, language, passion and personal values. Considering these features will enable the team to pick the best candidate with values that fit with the organization's culture.
Mentorship simply means being readably available for your employees and counselling them where appropriate. This is crucial to keep employees motivated, happy, and, more importantly, feel valued and remain committed to their work. At Azeri company, the management will be required to appreciate employees where applicable (for example, giving good performance badges) and create a culture of trust that allows them to openly share their opinions. Creating such bondage will enable employees to give their best, and in return, the management will also give their best to ensure employee satisfaction. This will also include giving employees feedback with rewards and recognition. Undoubtedly, the employees may never think of quitting the company. They will also positively recommend the company to clients, which means its reputation will shine in the industry.
Training is all about nurturing the talents and skills of your workers. Under numerous scenarios, companies lose employees when they feel unrecognized, underused or bored. The best way to break such negativities is by providing continuous training opportunities. The Azeri company leadership team will hold periodic meetings with workers to allow them to address the sections they feel the management is not doing well. The administration will also organize regular training like internal and external workshops (Shet, 2017). Internal workshops will give employees time to interact among themselves and learn skills from their colleagues. External seminars will also give employees the chance to interact with and benchmark employees from outside companies. This is the best way to motivate employees and improve their skills.
According to Shayanipour et al. (2017), talent management comprises seven critical elements that, when executed strategically, combine to retain a business on the front edge. The key seven components are:
Formulating the firm's aims and strategic plan is the first process in talent management. This also involves preparing about how the organization will achieve these goals and, more specifically, identifying the key roles and individuals involved in ensuring the achievement of these goals. These individuals include employees and the company management.
Hiring the best talent is essential but retaining the skills is more crucial. This involves formulating strategies that include the ways that the company will adopt to retain employees. This may include employee training, compensations and creating a culture where employees can openly air out their opinions. These will make them feel appreciated and recognized.
Aligning the best employee with the most convenient position and responsibility is the core of performance management. Aligning roles with company goals is also a way that companies can manage talents. This is important because the business will be able to align talented employees with the roles they can perform best and support their development. It will also be easier to monitor and manage employee performance.
Learning and training are two different talent management concepts that many people tend to confuse. Learning is the acquisition of information skills which results in acquiring knowledge and experience. Organizations should implement learning programs like short tern courses related to the company’s requirements. Through such programs, employees will see just how valuable their role is and how their personal growth impact the business.
Talent management strategies cannot be effective if they do not address compensation plans. When formulating talent management strategies, the company must align their strategic goals with compensations to pay and reward employees. Employee compensation is also a way the acknowledge the success of employees, and it is also a way to retain talents. Therefore, companies should sufficiently compensate their employees.
Talent retention and hiring as the components of talent management are not the only options. Companies must also formulate strategies on how to develop the careers of their employees. This includes providing professional development tools that can advance the careers of their employees.
Identifying the best talents to fill available positions in a company is an effective talent management strategy. However, the process must also include plans of what will happen if these positions become vacant. This can be due to an employee quitting or retire. Therefore, the company should have procedures in place to enable the business to continue to run smoothly in case of such situations.
Section 4: Competitive Advantage
Hughes (2018) states that in an organization's chase of securing competitive advantage, it gets explicit that all development actions and plans share a common determinant, the employee. Securing skilled and motivated workers committed to the firm's goals can help Azeri company set out competitive strategies that will take other business rivals ages to copy. Besides, if Azeri company has the right tools to train and ensure their employees have the best skills, nothing will stop such company from remaining on top of the competition map. Many companies also incur extra costs in correcting errors that arise from making poor hiring choices. You cannot compare such a company with another company with an effective talent management strategy. This particular company will spend extra costs on developing their employees' skills, which will result in good performance of the company, which is a competitive advantage.
In the coming 5-6 years, the organization's anticipation may change for the better. Perhaps, it may expand and open more branches, hire more employees and adopt innovative technology. This means that the current talent management strategy will have to change to accommodate new changes in the company. The strategy can change by incorporating innovative technological tools. We are moving into a more digitized era. Therefore, the company will have to invent more effective talent management strategies like online recruitment. Besides, as days go, many companies enter industries, and this means competition will become stiffer. No matter how stiff the competition can grow, the company must strive to remain competitive. The organization's talent management strategy will have to change and adopt different compensation strategies and befits unique from their competitors.
From the woks described above, talent management is among the essential elements of a successful business. This means that companies should formulate effective talent management strategies to enable them to remain competitive. Additionally, it is suitable for companies to benchmark the talent management strategies of other business to stay competitive. Employees should also cooperate with their companies to ensure that the talent management strategies align with their workplace needs. It will also enable employees to be satisfied with their work-life and give their best.
Borisova, O. N., Silayeva, A. A., Saburova, L. N., Belokhvostova, N. V., & Sokolova, A. P. (2017). Talent management as an essential element in a corporate personnel development strategy. Academy of strategic management journal, 16, 31. https://journals.sagepub.com/journal-info/hrd
Hughes, C. (2018). The role of HRD in using diversity intelligence to enhance leadership skill development and talent management strategy. Advances in Developing Human Resources, 20(3), 259-262. https://doi.org/10.1177%2F1523422318778016
Shayanipour, Z., Imani, M. N., & Karimzadeh, S. (2017). An Appropriate Model for Talent Management Based On Emotional, Organizational and Cultural Intelligences. Iranian journal of educational sociology, 1(5), 66-77. http://iase-idje.ir/article-1-97-en.html
Shet, S. V. (2020). Strategic talent management–contemporary issues in international context. Human Resource Development International, 23(1), 98-102. https://doi.org/10.1080/13678868.2019.1650324
Theys, N. A., & Schultz, C. M. (2020). A qualitative perspective of Talent Management. Journal of Contemporary Management, 17(1), 64-85. https://hdl.handle.net/10520/EJC-1c7f26303f
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