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All organizations, whether for profit or non-profit, require the right set of human resources to realize its vision and goals. Talent management, therefore, refers to the acquisition, development, and empowerment of human resources so that each in an organization reaches their optimal potential and performs at an optimal capacity. When human resources are well managed, developed and empowered, they become better regarding motivation and skills. The organization stands to operate with higher efficiency and productivity when talent is properly managed. This paper, therefore, seeks to explore specifics of talent management, including strategies, components and future modifications for a for-profit organization (Berger & Berger, 2010).

Talent Management Strategy

An organization that seeks to make a profit must take into account the aspect of efficiency. This is because profits can only be optimized if every employee is operating at an optimal level of productivity and effectiveness. With 200 employees 20 of whom are leaders, talent management strategy must be highly elaborate so that every department is improved at the end of the process. Below are elements of the best strategy such an organization should adopt. Talent management professionals must know what a team is looking for to tailor the process by this vision. More often than not, organizations fail to set a clear vision when hiring talent management professionals. The professionals end up gathering information through a survey of individual employees and making an inductive inference, which may combine conflicting views.

The above-described organization must, therefore, use the success profile technique, which bases the talent management process about the business objectives. The talent expectations according to the success profile should include core competencies, personal attributes, knowledge requirements, and experience. An organization should, therefore, manage talent to strengthen its core competencies and improve on its weakness. To do so, the right combination of personal attributes, knowledge level and experience are necessary considerations (Farndale, Scullion, & Sparrow, 2010).

Alignment of Talent Management Process to Business Strategy

Once the organization has made it clear about what it requires regarding talent, the talent management process should be tailored to reflect the end goal in mind. The employees need to understand the purpose of the talent management process. According to Farndale, Scullion, and Sparrow (2010), the best way to communicate this mission is by aligning the process to business objectives and goals. This will smoothen the process and increase the responsiveness of the employees to the process. Talent management involves some degree of change. Change is often resisted unless people can relate to the objective of the modification. Also, to successfully carry out the talent management initiative, the business objectives are required to drive the quality of the needed talent.

Hands on involvement of Talent Management Professionals

The mistake most organizations make is by bringing in complete strangers to carry out the talent management process. The end up getting engaged in round table conversations rather than getting their hands on the process. For an organization with 20 leaders and 200 employees, the talent management team has to include internal leaders so that every participant moves from having a seat at the table to making the table (Farndale, Scullion, & Sparrow, 2010). The bottom line is that the professionals should be drawn from within, which helps in ensuring that the team works as partners and trusted advisors. The advantage of having stakeholders as part of the talent management team is that the employees are more likely to respond to familiar faces. Moreover, the dedication will be higher, and the learning will run deeper into the organization for future benefits (Farndale, Scullion, & Sparrow, 2010).

The motivational approach of the talent management strategy is significant and broad too. The first method of effecting motivational approach is by investing in the best performance to inspire the rest to upgrade their performance. It will create a sense of positive competition that will lead to talent growth in the whole organization. Also, the strategy must factor in the fact that the talent chain is only as strong as the weakest link. It must, therefore, combine investment in best performers with the empowerment of the most vulnerable to achieve collective growth. Instead of looking at what needs to be done, the strategy must focus on how what needs to be accomplished, can be attained. Factors to consider include communication, accountability, skills, alignment of strategies and talent management and measurement of outcomes. In so doing, employees require adjustment into the right jobs to bring out the best of their abilities. These factors are very crucial since they will determine the overall success of the process.

Components of Talent Management

Understanding of the organization’s current and future business goals is the first element of talent management, which will help in strategic employee planning by the organizational vision. In so doing, the organization will be able to identify the talent gaps. The second component will addresses how the talent gap covered through the acquisition of talent (Farndale, Scullion, Sparrow, 2010). The acquisition of talent should be informed by the business objectives and talent gaps as indicated by organizational goals. This component characterizes by accuracy in the hiring and promotion of employees. Also, talent retention features in this part since one of the greatest challenges organizations face is employee turnover. Organizations should, therefore, higher based on the suitability of an employee to meet organizational talent demands.

The performance management component entails the alignment of every acquired talent to the right role, which optimizes talent growth and performance. When an employee is assigned a role that suits their talent, the employee will perform at optimal level. Also, they will be developing regarding skills and abilities, which will help the organization to grow (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles, & Wright, 2012). The fourth component is Learning and Motivation, which refers to the acquisition of skills and information necessary for knowledge accumulation and experience. Organizational learning is one technique present in Transformational leadership that promotes the development of an employee as well the organization’s initiative. This growth has an attitudinal impact on employees. Aligning this growth to organizational success motivates employees and makes them realize how valuable they are to an organization.

The fifth component is career development and employee compensation. To manage talent, one must factor in all elements that will ensure job satisfaction. When an employee is nurtured, they will feel the difference in their capability. It helps in giving them a sense of development and satisfaction with their job. To further cement the positive outcome of employee career development, compensation must come into play, which will help in retaining required talent (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles, & Wright, 2012).

The last component of talent management is a Succession plan. An organization must be aware of the talent it has. Also, it must be aware of the crucial roles to the success of the team. The knowledge should accompany the planning for the eventuality of vacancies created by employees holding these positions, which is what constitutes succession planning. Talent management requires planning for any eventuality of a role being left vacant for this is inevitable (Stahl, Björkman, Farndale, Morris, Paauwe, Stiles, & Wright, 2012).

Talent Management Process and Competitive Advantage

An organization can achieve competitive advantage through operational efficiency or technological superiority. Whatever the case, the products or services must be superior so that an organization acquires competitive advantage through quality superiority or price superiority. This section seeks to discuss how talent management helps organizations achieve competitive advantage. Looking at the first case of superiority in product quality, this can be achieved through motivated human resources. Talent management helps in bringing out the best of ability in employees, which is necessary for ensuring that quality of products, and services, which are critical to the acquisition of competitive advantage, are produced. Therefore, this is an indication that indeed talent management is a great way of acquisition of competitive advantage.

Looking at the second way of achieving competitive advantage, the prices of services and products can become competitive with efficiency. To achieve effectiveness and maintain low costs of production, the employees must all operate at optimal capacity. Organizational effectiveness is a direct product of talent management. Therefore, organizations should be dedicated to empowering employees so that each employee is well motivated to give optimal output. When all employees are motivated enough, costs of production become weak, which helps in keeping prices low and attracting higher demand for products.

Overall, competitive advantage can be achieved by having the best talent that will produce quality products. Also, the low prices attract higher demand which leads to higher market share. To achieve quality and cost effectiveness, organizational efficiency and commitment are necessary, which depends heavily on talent management.

Change of Strategy in Anticipation of Organizational Expansion

The primal goal of the business venture is profit maximization and growth. Sufficient talent requirements must accompany an organization that expands regarding size and output. It is, therefore, necessary that this team takes into consideration all the human resources needed for managing the complex processes. Below, therefore, are adjustments to the talent management strategy (Tansley, 2011).

First, recruitment of talent must be made more aggressive to help in acquiring talents that will be handling the pressure of a large organization. An aggressive hiring process will assist in acquiring the best talent rather than relying on less experienced talent. According to Tansley (2011), it will help in maintaining the growth moment since the operations must be managed continuously. Higher motivation and empowerment will be required to assist in ensuring that there is low employee turnover. Also, the organization should develop internal teams tasked with ensuring that organizational learning is affected at all levels and in all departments. There is a positive correlation between organizational learning as part of talent management. The target for a big organization is to retain talent by achieving higher job satisfaction and organizational commitment. Incorporating organizational learning is the best way to achieve this (Tansley, 2011).

References

Berger, L., & Berger, D. (2010). The talent management handbook: Creating a sustainable competitive advantage by selecting, developing, and promoting the best people. McGraw Hill Professional.

Stahl, G., Björkman, I., Farndale, E., Morris, S. S., Paauwe, J., Stiles, P., & Wright, P. (2012). Six principles of effective global talent management. Sloan Management Review, 53(2), 25-42.

Tansley, C. (2011). What do we mean by the term “talent” in talent management?. Industrial and commercial training, 43(5), 266-274.