With the same talent management strategy in mind from Assignment 3, write a six to eight (6-8) page paper in which you: Determine which performance management process you will employ to measure emplo
TALENT MANAGEMENT STRATEGY 10
Talent Management Strategy
Every business organization is fully aware of the fact that it must possess the best talents for it to be competitive and thriving in a hypercompetitive and complex global economy. For this reason, every business organization that wishes to remain relevant in the dynamic business world must focus on hiring, developing, and retaining talented employees. On top of these, business organizations must remain alive to the fact that talent management is a critical component in achieving the best possible results (Thunnissen, 2016). More importantly, every business organization must appreciate the fact that talent is a scarce resource that must be managed effectively to attain a competitive advantage.
In some cases, such as financial difficulties, business organizations are forced to reduce their workforce. However, caution needs to be taken to avoid cutting so deep to the extent that talents will be scarce when their financial positions rebound. Elsewhere, it must be appreciated that the ability to be effective in hiring, retaining, deploying and engaging talents at all is the only real competitive advantage that a business organization can boast. Having mentioned all these, an organization such as Wall-Mart Inc. can take advantage of talent management to attain a competitive advantage. This paper provides a comprehensive view of how Wall-Mart Inc can take advantage of the talent management strategy.
Question 1
It is imperative to appreciate the fact that talent management strategy is one of the best strategies an organization such as Wall-Mart Inc. can have. The company’s talent management strategy can be comprised of nine best practices. The first best practice will be tightly aligning talent strategy with the business strategy (Thunnissen, 2016). To effectively manage talent, the business goals and strategies must drive the quality and quantity of talents that an organization needs. Matching talents to the needs of the business is vital because the success of a business hinges on ensuring that the right talents are in the right place and at the right time. The second-best practice is talent managers moving from the seat at the table to setting the table. So that the top leadership should move to get involved in searching and recruiting the best talents, grooming them, and constantly reviewing the talent pool (McDonnell, Collings, Mellahi & Schuler, 2017). In addition to this, the human resource department will need to step up and play critical roles, such as working with line managers in developing business plans that integrate talent plans. This may include advising talent managers on the ability to meet organizational goals with talent on board.
The third best practice will be coming up with success profiles to have a clear definition of what is required to achieve exceptional performance. The fourth best practice in talent management strategy will be appreciating the fact that talent pipeline is as strong as its weakest link. This is based on the premise that the ability of an organization to compete is attributed to the performance of its key talents as well as the ability to develop and promote those talents (Boudreau, 2016). Recognizing this will play a critical role in coming up with a planned approach of transition where an emphasis is placed on developing the existing talents rather than engaging in risky practices of hiring outsiders. The fifth best practice in this strategy will mining middle-level managers who qualify for leadership roles and have the potential to advance into strategic roles. Similarly, the organization can focus on value creators whose results are of more considerable significance and not looking for talents outside the organization.
The sixth best practice is considering the difference between potential, performance, and readiness. This will help in appreciating the importance of putting more emphasis on employee training and development to prepare them for senior positions no matter how long it takes and not to source talents from outside to fill senior positions that fall vacant (McDonnell et al., 2017). The seventh-best practice under talent management strategy is putting the right people in the right jobs, which enables the organization to appreciate that hiring the right skills is more efficient than placing a higher priority on development. The eighth best practice is skills development and accountability. In this case, the organization will focus on developing the right skills and providing coaches for support (Boudreau, 2016). The organization will clarify the role of each employee so that each one knows what is expected of him. The final best practice under talent management strategy will be ensuring that the right expertise is in the right place as regards talent development so that there is no overreliance on tools such as talent management software since such tools cannot stand on their own but with the support of the right expertise.
Question 2
Talent management is comprised of seven key components. They are strategic employee planning, acquisition or identification and retention of talents, managing and assessing performance, learning and motivating talent or career development, and succession planning. Putting all these components in mind will ensure that the right employees suited for various jobs are selected (McDonnell et al., 2017). Under strategic employee planning, the company will develop and prioritize its organizational and strategic plans. Then followed by thinking about how to achieve those goals and implement the plan. Leading to precedes identification of critical roles and personnel that will take the organization to its desired position. Once all these have been done, the organization’s talent management strategy will focus on attracting the right talents to identify, acquire and retain them. Bringing new talents in an organization is a good thing; however, recognizing and developing in-house talents is more effective. Therefore, the organization can or may hire from within so that the existing employees do not feel bypassed by outsiders (Khilji, Tarique & Schuler, 2015). The organization should also focus on best practices that facilitate the retention of talents now than talent is a scarce resource that is sought after by many business organizations. Having considered all these, the organization will focus on managing and assessing the performance of employees to ensure that the right talents are placed in the right places. Ensuring that each role performed by each employee is aligned with the business strategy of an organization so that it can achieve its goals. It also ensures that talented employees are aligned with roles that suit them best.
Apart from this, managing and assessing performance ensures that the organization develops goals for success and equally supports employee development, thus moving the organization forward. The other component is learning and motivating where an organization implements learning programs and tasks that support the initiatives and the culture of the organization. It must be appreciated that employees feel valued and appreciated when their growth impacts positively the success of the organization they work for (Khilji et al., 2015). Another vital component is career development. Career development entails nurturing potential leaders through the provision of professional development tools that advance their career. The final component is succession planning, where an organization ponders on what happens when positions become available since talents are a scare resource in every business organization. Doing this ensures that an organization puts in place a plan of action that will ensure an organization works smoothly when filling key positions. Preparing the current middle-level managers to take up strategic roles in the organization instead of recruiting from outside.
Question 3
It is of no doubt that the talent management process is in itself a strategy for competitive advantage for any organization including Wall-Mart Inc. This is because the process identifies any shortcomings that the organization’s talent management may be experiencing. As regards Wall-Mart Inc, the company has had an inadequate approach to talent management. Many gaps existed that inhibited the organization’s efforts to effectively identify and develop talents from within as opposed to hiring from outside (Ozuem, Lancaster & Sharma, 2016). Additionally, the company had, for many years, downsized its workforce whenever there were turbulences. Little did the management realize that doing this would subject the organization to the talent shortage, especially when best talents are victims of downsizing. Each time the company lowered its prices, the competitors followed by doing the same until it realized that the ability to effectively attract, hire, and retain and engage highly qualified employees at all levels was the only practical way an organization could realize a competitive advantage.
Talent management is an effective way for this company to realize a competitive advantage because it can identify existing gaps between the available talents and the talents that an organization to succeed in a hypercompetitive and complex global economy. Furthermore, talent management strategy enables many business organizations, including Wall-Mart, to develop talents as a way of enhancing performance in its current position as well as its readiness to transition to the next level. More importantly, the talent management process provides a competitive advantage because it facilitates the alignment of individual goals to corporate goals and this plays an essential role in meeting organizational goals (Khilji et al., 2015). It is also significant to recognize that the talent management process is a strategy for competitive advantage for the company in question because it produces great employees that post superior organizational performance. Furthermore, talent management provides an avenue for employee growth and development, especially when in-house employees are given a priority and prepared for superior positions in the organization. Acts as a motivational factor that brings about a competitive advantage since employees feel engaged at all levels.
Question 4
In the next five to six years, Wall-Mart Inc. will have a different environment, and several other companies will be in a hurry scrambling for talents which most likely will be scarce that it is today. The test and preference of people will have changed, and technology will equally have changed significantly. More importantly, employees will have different goals and aspirations compared to their current position. Therefore, the company’s talent management strategy should equally change so that events do not overtake it. Doing this will enable the organization to align its goals to the changing trends and fit in the dynamic business environment (Ozuem et al., 2016).
Additionally, if the company wants to sustain its relevance in the next five or so years, its leadership must be willing to appreciate that the employee expectations are changing. For example, employees are increasingly becoming loyal to their professions and not the organizations they work for. Equally, the management of this organization must appreciate the fact that in the next five to six years, employees will be less accommodative of traditional organizational structures and authority. Having all these in mind, the organization talent management strategy should change with time to focus on building an organizational culture that attracts and retains vital talents by consistently aligning employee goals with organizational objectives (Ozuem et al., 2016). Additionally, the organization must be prepared to move from its current talent management and realize that talent is a critical resource in the success of an organization. This plays a major role in helping this organization to effectively manage its talents so that any existing gaps are filled.
In conclusion, business organizations must keep abreast with the fact that talent management is a key ingredient in their success. For this reason, more efforts should be concentrated on ensuring that an effective talent management strategy is in place to attain a competitive advantage. The only true way to attain competitive advantage is having the ability to effectively identify, hire, develop, retain, and engage talents at all levels in an organization.
Reference
Boudreau, J. W. (2016). IBM's Global Talent Management Strategy: The Vision of the Globally Integrated Enterprise. SAGE.
Khilji, S. E., Tarique, I., & Schuler, R. S. (2015). Incorporating the macro view in global talent management. Human Resource Management Review, 25(3), 236-248.
McDonnell, A., Collings, D. G., Mellahi, K., & Schuler, R. (2017). Talent management: a systematic review and future prospects. European Journal of International Management, 11(1), 86-128.
Ozuem, W., Lancaster, G., & Sharma, H. (2016). In search of balance between talent management and employee engagement in human resource management. In Strategic Labor Relations Management in Modern Organizations (pp. 49-75). IGI Global.
Thunnissen, M. (2016). Talent management: For what, how and how well? An empirical exploration of talent management in practice. Employee Relations, 38(1), 57-72.
