In considering a non-profit organization, this paper aims to formulate a talent management strategy to include the entire requirements of talent in the organization. It, also, determines the components of talent management and examines how the process of talent management is a strategy for an organization’s competitive advantage. In the contemporary times, talent management has become a subject that exceeds the processes of human resources. It is possible that organization can perform well in various aspects such as filling vacancies, management of benefits and compensation that can inspire employee retention, and provision of staff development opportunities. However, in the absence of a well-articulated point of view regarding the connection between leaders, results and a strategy for meeting the changings needs in the dynamic market environment, the human resource becomes an underperforming and, at the same time, a retrogressive aspect of the organization. All kinds of organizations whether non-profit or for profit, expect to attract and maintain the finest talents in the competitive market place of today. According to Mattone (2012), talent management has been affected by a number of challenges that basically hinder investment in staff. An organization needs the right people to drive its business value.
Talent Management Strategy
Development of talent management strategy is a task that often falls within the domain of human resources professionals in the organization. Although human resources (HR) performs traditional administrative roles like recruitment, interviews, delivering payrolls, organizing employee benefits, and ensuring government regulations are complied with, there is need for additional tools to facilitate acquisition of the right talent. An example of such tools can be establishment of a strategic advisory facility in the organization (Cascio, 2012. Ranging from planning and talent mapping to recruitment, performance evaluation, retention and administration of benefits, human capital professionals of today continue finding new approaches that can align, integrate and streamline functions of human capital with wider corporate objectives
Internal and external environment in this case encompass three essential considerations: analysis, alignment, and differentiation. Organization leaders require ensuring that talent management displays a strong vision connected to the long term priorities, objectives and corporate strategy of the organization. The talent management strategy should be applicable and flexible, and there should be willingness by the organization’s leadership to make necessary adjustments in order to satisfy the needs of the unique situations that continue emerging in the wider business environment (Cascio, 2012. There should be review of risk management issues in order to understand both the present and future challenges that an organization is likely to face. The leaders of the organization require developing a clear identification and comprehension of the drivers that can facilitate achievement of strategic objectives.
In consideration of internal resource focus, formulation of talent management strategy will entail execution of workforce projection planning. In this case, leaders have to ensure that the organization has adequate supply of the right talent in all functional areas that are critical to the success of the organization (Balle, 2013). Workforce projection planning, also, entails determination of competency gap both for the present and the future in order to define the requirements as well as the standards. The leaders should evaluate all options in order to determine the talent mix that can enable the organization attain a competitive advantage. Talent management, also, requires introduction of mentoring and coaching activities so that its quality can improve. There is need for correlation between talent management and the organization’s future strategic ambitions as well as performance management practices and methodology.
The key components of talent management strategy
Management of talent is a task that entails the strategic planning of human capital considering that recruitment of the best, selecting the best, training and development programs, retaining, evaluation and general management of skilled employees are the main areas of concern. The existing research indicates that there are five components of talent strategy whose combined implementation can enhance the effectiveness of an organization (Cantoria, 2011). The components include acquisition and retention of talent, workforce strategic planning, performance management, succession planning and career development.
Acquisition and Retention of Talent entails recognition, hiring and cultivation or development of new talent in order to adapt to the needs of the organization. In this case, internal recognition and promotion of talent within the organization can be cost-effective; besides, it promotes loyalty and engagement levels of employees (Cantoria, 2011). In fact, efforts made by an organization to develop talents make employees gain a new perspective about it. Since development is an engaging process, it provides an opportunity for people to learn more details about their work, which, generally, decreases their likelihood to leave. In the contemporary business environment, success mostly comes to organizations that attract and retain the right talent.
Workforce strategic planning entails all processes of recruiting, selecting and hiring. The organization’s plan to acquire talent should align with both its short-term and long-term objectives. During employees planning, there is need to specify key roles that are required for every position (Cantoria, 2011). The organization, therefore, should have an action plan to provide guidance to the recruiting team about the kinds of skills, attitude, behavior and talent that should be expected.
Career development has a strong connection to the retention of talent and the consideration that development of internal talent is the most preferred option because it boosts employee loyalty and engagement levels. Organizations should consider the on-job training in order to enable employees develop their skills and careers (Cantoria, 2011). This can serve as platform for preparing future leaders that can take up management roles within the organization. Therefore, provision of career development opportunities sends a positive impression to all employees and motivates them to increase their productivity.
Performance management is essential for ensuring that there is no mismatch between various roles and the business strategy. It sails the organization in the right direction by supporting development of organization’s objectives and employee capacities. The organization’s human resource should have an action plan, which specifies training approaches that will produce the best talents that suit certain targeted positions (Cantoria, 2011). Employee performance is influenced by having the right training and being in the right position.
Succession planning entails identification of key roles that are significant for the success of an organization. It is significant for employees to learn that whatever training and equipment they receive is geared toward their benefit in the future such as advancement to senior positions (Balle, 2013). This component of talent management is essential for ensuring that the organization continues running effectively even after the current leadership is gone.
A Strategy for an Organization’s Competitive Strategy
Management of talent is a continuous task or activity that entails implementation of integrated strategies that have the capacity to increase the effectiveness of an organization. It influences approaches that can enhance attraction; retention, development, and utilization of skilled employees in such a manner that can enable an organization fulfill its current and future needs. In most cases, the right corporate culture can be the source of continuous competitive advantage for the organization. Although an organization may embrace the traditional approach of selecting based on their experience and work related skills, it can, also, consider widening its criteria to accommodate the cultural aspect (Balle, 2013). In this case, the organization requires assessing the values and characteristics of any applicant to establish and ensure that they can fit well in the corporate culture of the organization. Given that, not all the time, formal qualifications can serve as reliable determinants of exceptional performance, an organization requires expanding its considerations to realize that personal traits and skills are easy to train and constitute the best recipe for an organization’s competitive advantage. This consideration in addition to ensuring that the right talent is acquired and retained through appropriate techniques of recruitment, selection management and training can earn an organization a competitive advantage.
The manner in Talent management Strategy Requires Changing based on the Anticipation of the Organization Doubling in the Next Five Years
The moment an organization doubles in size, it usually has tendency to demand competent leadership that can enable it maintain its growth pattern. This implies that the efficiency of an organization’s current strategy is the greatest determinant of the efficiency of its future strategy. For every organization, growth is the greatest objective; however, this cannot happen with having the right talent in the right place. An organization requires having an appropriate action plan for attracting, retaining and replacing talent in order to achieve and maintain its success. Therefore, it is significant to consider that talent management is essential for equipping employees with the required knowledge, skills, talent and experience for the success of the organization. Retention of skilled talent as well as attraction of new recruits has based on the fact that the available work has value, and promotes the objectives of the organization. An organization requires implementing unified processes in regard to workforce management. There is need for developing an inclusive perspective of performance. Therefore, as an organization anticipates doubling in the near future, it should embrace the practice of internal promotion (Younger & Ulrich, 2012). This is because employees are already familiar with the organizational culture and they will take little time adjusting to new positions during the growth process of the organization.
Download full sample paper on A Talent Management Strategy or order a plagiarism free paper at an affordable price.
Order Unique Answer Now