Talent management strategy

Talent management strategy

Introduction

In modern business environment during the process of formulating plans for future endeavor for the organization it has become imperative for managers to think beyond the picture of goals, objectives, and initiative towards the ways through which this target can be accomplished. Organizational success and growth is entirely dependent on the performance of its employees and probable because of the sole reason employees are being considered as an integral part of every organization.

The process of sharing and discussing organizational strategy with workforce is known as talent management as it emphasis the need of placing right men at right position. () explains that possessing and implementation of talent management strategy across the organization has become the key to future success as it provides a comprehensive support to management of every department and to human resource department in retaining and promoting talented and performance based employees.

The next section of the report would explain the process of forming talent management strategy, key components of talent management, analyzing how formulated talent management strategy could provide advantage to organization, impact of talent management strategy in four to five year from now

Discussion

Formation of talent management strategy for organization

The management of ROS Corporation along with its senior leadership has formulated an innovative talent management strategy, as it is aware of the fact that this strategy could provide added advantage to the company that would ultimately assist the company in creating a niche for itself in telecommunication industry (Collings & Mellahi, 2009). The innovative talent management strategy of ROS is formed after analyzing some of the important element that are listed as follows

First of all management has conducted an in-depth analyses of company's performance in last year mainly to observe the working environment of the company, current position as compare to preceding years, and future prospects.

Secondly, management has communicated its finding with HR team, higher level executive, employees, head of the department and has gather their point of view on (organization culture, mission and vision, strategies, leadership, balance scorecard and others).

Thirdly, management has identified its major competencies, which include (core competencies, leadership competencies, and job-specific competencies). In addition to this, management has ensure frequent evaluation of its performance as this would enable them to bridge the gap of current progress and future goals.

The talent management strategy of the organization aligned with goals frequently produces outcome that could be associated with increase in revenue and enhance satisfaction of the consumers. The management is optimistic that after forming an apparent picture and perception of its working environment and future goals would enable them to devise a strategy of overcoming immediate threats.

Key component of talent management strategy

Talent management strategy of ROS Corporation comprises of six major elements that are incorporated purposefully together not only to maintain the status of the organization but also to move towards the accomplishment of future goals (Farndale et al, 2010). The integral elements of talent management strategy are (strategic planning of employees, hiring of talent and its retaining, ...