Talent Management Pt2

Organizations across the globe have been using different systems and approaches to talent management. The development of proper talent management strategies enhances growth and development in an organization (Silzer & Dowell. 2010). According to Burns and Dewhurst (2016), employees are the backbone to the success of many companies. Investing in talent management for-profit or non-profit making organization increases efficiency in job performance from workers. It also acts as a form of motivation which boosts employees’ morale and in retaliation; the employees increase their inputs in the company (Stephen et al., 2014). Space Age Furniture Limited is an envisioned company purported to have 200 people and 20 of them are identified as leaders. The company is meant for profit-making. The essay aims at formulating talent management strategies that would encompass the entire talent in the organization. There will be an evaluation of talent management strategies, determination of the key components in talent management, an examination of how talent management strategy creates competitive advantage to the company, and assessment of how talent management strategy should change with doubling of the organization in the next five to six years.

Formulation of a talent management strategy to encompass the entire talent requirement of the organization

Strategy-Driven Talent management 

One approach of talent management in the organization is to evaluate if they add value to the performance of the business. The effectiveness of talent management will be based on whether there will be a positive impact of managing the talents of the company (Silzer & Dowell, 2010, p. 746). According to Silzer and Dowell (2010), talents should be designed to meet businesses’ goals and objectives. The targeted talents should also be adaptive to changes in business strategies due to several factors such as a change in demand of the product or services, new competitors in the market, technological advancement, and mergers, among others (Silzer & Dowell, 2010). 

Space Age Furniture Limited Company will be dealing with the production of cabinets, TV stands, microwaves, beds, chairs, among other home furniture. Application of strategy-Driven talent management approach would suit this organization because it deals with products that need to be upgraded with changes in time and technology. The objective of the company is to make quality products to fulfill customers’ needs. The use of a strategy-driven approach to manage talent, in this case, will assist in evaluating whether workers have talents that would help to achieve the company’s goals and objectives. For example, if a certain worker in Space Age Furniture portrays designing talents, then the human resource department should focus on nurturing this talent since it would be of great help in the company. The company deals with products that require different modifications to suit the values and preferences of a variety of customers in the market. Such a talent should not be overlooked but rather, the organization should invest in training and development practices to increase the efficiency of performance in such a worker (Jadhav, 2020). 

Another business strategy that the company would evaluate to determine the approach of talent management would be on its values, vision, and mission. Space Age Furniture Limited Company has values such as honesty, Kindness, hardworking, and enthusiastic. In this case, where a team member(s) would portray such values and leadership skills, then such talent should be managed through different approaches. Leadership skills and the ability to employ an ethical code of conduct would help to take the company into greater heights. However, where a team member would show talent in dancing or singing, then using a strategy-driven approach to manage the talent in the company would not fit in Space Age Furniture Limited Company. The talents are useful but not in this particular company since they would not help to achieve the set business strategies or objectives in this particular firm.

 Therefore, the company would not invest its resources to nurture such talents in that it would incur expenses that would not have returns to the company. The use of a strategy-driven approach would help Space Age Furniture to focus on talents that are useful and discard those that would not uplift the company’s performance. The approach is appropriate in that it is simple to use. Additionally, the approach of talent management makes it easy for the company to engage workers in recruitment processes that match their talents (Khoreva, Vaiman & Zalk, 2017). It also helps in job division where workers would be assigned duties based on their talents. The technique increases the efficiency and effectiveness of job performance (Silzer & Dowell, 2010).

Key components of talent management that is, identifying, assessing, and managing talent

Identifying

Identifying is a key component of talent management. According to Silzer and Dowell (2010), identification of talents helps human resource management develop integration practices that could help to improve skills on workers identified to have useful talents. It would be difficult for HRM to improve worker’s talents, where they have not been identified. Identification involves different processes which include the team members in the company should be indulged in certain activities or undergo a recruitment process, and training programs, among others. Through involvement in these activities, supervisors, trainers, and managers will be able to identify talent in certain workers.

Leaders are encouraged to always engage workers in different activities in the companies as this would create a platform for talent identification (Hughes, 2018). In Space Age Furniture Limited Company, team members should be taken for recruitment processes to provide them with the necessary skills. The members should also be involved in practical activities such as making tables, chairs, and other furniture. Through this process, the company can manage to identify unique talent in different workers and develop approaches to manage the talent. Talents can be managed through consistent training, encouragement, rewards, and appreciation. Workers who get motivated for their hard work will tend to explore their talents more and perform diligently in the firm.

Assessment

Assessment is a key component of talent management in organizations. Assessment should be done by experts or highly skilled professions in the company. The assessment process involves managers or supervisors monitoring the performance of workers in their duties (Jadhav, 2020). The supervisors or managers will be able to assess how workers are utilizing their talents. Where they make mistakes, the managers provide guidelines and instructions to improve their talents. To encourage the team members, the assessment process should be conducted through observation of the ethical code of conduct such as honesty, kindness, and politeness. Where the workers go wrong, they should be rectified with love and appreciation of their efforts ( Khovera, Vaiman & Zalk, 2017). Workers are human beings with feelings and if they feel harassed or scolded for making errors, they may be discouraged and lack the motivation to nurture their talents (Burns & Dewhurst, 2016).

Talent development

The development of talents is a key component of talent management in a firm. Talents can be developed through opportunity provisions. For example, in the case of Space Age Furniture Company, employees who portray skills in data recording and good customers’ relation should be assigned duties at the receptionist, receiving customers’ calls, replying to customers’ emails and messages, and communicating to customers when they visit the shop(Sener et al., 2015). 

To develop talent, the company should not force workers to perform in areas they show little or no skills. The examination of workers' personalities is also crucial in talent development. For example, where a team member has skills in decorating items but is an introvert, such a worker should not be forced to work in the marketing department on the verge of achieving workers’ flexibility at work. Instead, the team member should be encouraged to pursue decoration skills to boost his skills. In most cases, introverts may not like marketing due to their nature of wanting to be alone and reduce social contacts(Burns & Dewhurst, 2016).

Examination of how talent management process is a strategy for competitive advantage to the company

The talent management process is a strategy for competitive advantage for the company in that workers’ performance contributes to a high percentage of most of the businesses’ success. According to Jadhav(2020), companies that use different approaches to manage talents in the organization have a high rate of workers’ retention. The retention of workers in a firm helps in working together in coordination and focusing to achieve a certain goal together. In the case of Stage Age Furniture Limited Company, the talent management process would be a strategy that would have a competitive advantage for the company in the market. Through talent management, the company will invest in different programs to develop the identified talents among its team members.

With 20 leaders, the company will manage to allocate these leaders to different team workers to assess their talents and recommend various ways such talents can be nurtured. In this case, the firm will win its team members’ trust, and in return, the workers are likely to be loyal to the company ( Seren et al., 2015). The workers will retaliate through hard work and increasing the rate of input to the company. In the long-run, Space Age Furniture is more likely to have a high competitive advantage in the market. Customers will like the quality of products made out of consistent training to the workers. The workers will continue adding skills and learning the values of the targeted customers to produce products that match these values. The company will win a variety of customers through this strategy.

Assessing how talent management strategy should change with anticipation of the company doubling in the next five to six years

Talent management strategy should be changed where the company would double in the next five or six years. With the growth of the company, it is anticipated that there will be more job creation; an increase in the number of items manufactured each day, and an increase in the level of data processed in the company. In this case, an integrated talent management strategy should be adapted. The strategy involves integration coordination of processes, programs, and systems of talent management to increase the ability of talent assessment, identification, and development ( Silzer & Dowell, 2010). The integration strategy will help HRM departments work together and share talent management goals that fit the business strategy.

Since the number of employees would be large, HRM should develop processes that could help the integration of workers in training programs and focus on the identification of their talents (Silzer & Dowell, 2010). The process would be cost-effective for the company unlike where the organization would have to develop talents at individual levels. Integration talent management strategy will also create a platform to discuss workers’ talents and mitigations that could help to encourage them to pursue their passion. Human Resource Management should use this strategy to discover talents at all levels from senior workers to subordinate staff. The HRM management will also manage to reward employees for their skills using this approach.

Conclusion

In conclusion, talent management is crucial for all companies. Through the talent management strategy, the company can focus on developing talents that are useful to its business strategies. Companies employ different components of talent management such as identifying, assessing, and developing talent. The talent management strategy can earn a company a competitive advantage in the market. Space Age Furniture is an envisioned company that looks forward to manufacturing furniture and home appliance such as microwaves. The application of a strategy-driven talent management approach can help the company identify appropriate talents that could help in the growth and development of the company.

The strategy-driven approach of talent management will help the company invests in developing talents that would help in achieving the company’s set goals and objectives. With the anticipation of doubling of the company in the next five to six years, Space Age Furniture Limited Company could shift to integration strategy of talent management. The process will help in the coordination of different departments and communicating about talents identified from different team members. The method will help to plan training practices for different workers that show similar talents. The initiative will be cost-effective to the company and help in consideration of all workers in the firm.

References

Paul Burns, Jim Dewhurst. (2016). Small Business and Entrepreneurship. Hampshire: Palgrave . Violetta Khoreva, Vlad Vaiman, Maarten Van Zalk. (2017). Talent management practice effectiveness: investigating employee perspective. Journal of business management , 0142-5455. Hughes, C. (2018). The Role of HRD in Using Diversity Intelligence to Enhance Leadership Skill Development and Talent Management Strategy . Page 4, Available at: https://doi.org/10.1177/1523422318778016. Jadhav, S. (2020). A Literature Review of Conceptual Significance of Talent Management in Service Industry. Vol. 31 No. 21 (2020): Vol-31-Issue-21-May-2020 . Stephen Job, Zhang Y., Duysters G. & Cloodt M. (2014). The role of entrepreneurship education as a predictor of university students' entrepreneurial intention. International Entreprenuership and Management Journal , Volume 10, Isue 3, PP 623-641. Sefer Şener, Ercan Sarıdoğan, Selva Staub. ( (3 July 2015)). World Conference on Technology, Innovation and Entrepreneurship. 1-2936. Rob Silzer, Ben E. Dowell . (2010). Building Sustainable Talent Through Talent Management: Benefi ts, Challenges, and Future Directions . 745-766, Available at: file:///C:/Users/User/Downloads/DowellBenESilze_2010_Chapter21BUILDINGSUST_StrategyDrivenTalentM(1).pdf.

1