Talent Retention Strategies Assignment Sample

• Subject Name : Management

Talent Management - Answer 1

Talent can be defined as a special ability within a person which is characterized with a unique ability to solve a problem or an issue which might be prevailing at that particular point in time. Talented people in this case are people who might be possessing special aptitude or even faculty. This is in line with a special faculty which is unique and out of the box (Taylor 2018). Whereas, people who are not able to cope with situations where creativity and innovation is required can be termed as non-talented people. In the current business and organizational world, creativity and innovation are crucial. This is because they enhance the organizational edge within a given market. And in this case, talent is what is needed to infuse the existing human experience with the dynamism and creativity which is associated with the talent and creativity (Torrance 2018). Organizations are working towards creating practices which bring out the best within their existing employees. This has been done or is being done by organizations which have successfully created programs that bring out the best in their workforce. Talent can be accessed through talent management and through resourcing talent.

Talent Management is a set of process or procedures within the organization to develop retain, attract, access and move talent along with the existing talent to achieve the goals and objectives of the organization. Talent management practices includes the degree to which managers are accountable for the talent management. Resourcing talent in organizations inevitably leads to workforce diversity. From the economic perspective attracting and retaining a diverse workforce has some organizational benefits (McDonnell, Collings, Mellahi and Schuler 2017). First of all, it leads to employing the most talented and skilled people that undoubtedly positively affect the organizations’ performance. Second, if a company attracts and retains a diverse workforce, it entails diversification of marketing strategies because of bringing people with different historical, cultural, and ethnical backgrounds allowing for deepening the understanding of the market in different countries.

Third, bringing together employees from all over the world, the company becomes more creative and innovative in its activities because the most talented of them always contribute to creating the strategies for further development in the global arena. Fourth, together with helping understand the market needs of people from different countries and adding to the company’s innovativeness and creativity, those with diverse backgrounds help improve the problem-solving mechanism by sharing their experience (Torrance 2018). And finally, attracting and retaining a diverse workforce transforms the organization into a robust, flexible machine operating on the continuous evolution of approaches towards effective and innovative development and gaining leadership at the scale of carrying out economic activities.

Talent Management - Answer 2

Difference between talent and competence: Competence is something that takes talent, skill and knowledge together and combine them into the job behavior. Competence enable an employee the ability to perform the required job competently. A competency can be defined as the set of behavior or a described criteria of behavior by an organization’s for the employee’s roles and functions. Competency is the employee behavior which an organization wants to see, if the employee is working in that organization (Khoreva, Vaiman and Van Zalk 2017). Whereas talent is something that in inbuilt quality which emerges effortlessly. It a natural aptitude of an individual. It can be said that if a person is performing some work with ease and accuracy which is impossible or difficult for most of the population can be termed as talent. Talent can learned through practicing. Moreover, a talented person is someone who have more than one talent.

Relationship between talent and competency: The relation between talent and competency is that the talent determines the aptitude for the competency. In other words, organization make up a competency profiles in order to clarify the functions and roles as well as the organizations expectations from the employee in order to recruit talented employee (Krishnan and Scullion 2017).

Measuring talent and competency: Talent can be measured through employee engagement, employee reaction to different situations, employee performance turnover, and employee growth. Whereas the competency of an employee can be measured through asking them for self-assessment, conducting employee test, getting team feedbacks, putting employees in real situations, asking for the client feedback for employee, and accessing their business knowledge (Krishnan and Scullion 2017).

Talent Management - Answer 3

The three strategies are:

Career development: Employees cannot stick to an organization that does not provide them with an opportunity to improve their talents. One of the main avenues through which employees perceive an opportunity to grow is through continuous learning. Firms’ management teams should consider career development as an organizational wide aspect (Ott, Tolentino and Michailova 2018). Consequently, career development opportunities should not only be a preserve of new employees in the organization, but all employees in an organization. Integrating the concept of career development, entails preparing the workforce to contribute towards the organization’s future survival. This element has compelled HR managers to focus on talent retention. Other intangible benefits that associate with employee training include improvement in employees’ self-esteem, improved morale, and high job satisfaction due to the additional abilities, knowledge, and skills gained (Ott, Tolentino and Michailova 2018).

Compensation and reward system: Compensation and reward management is one of the main HRM strategies that firms’ management teams should incorporate in their effort to keep talented employees in the organization, as long as possible. It is important for HR managers to ensure that they integrate effective employee compensation policies. The compensation policies adopted should contribute towards improvement in the organization’s ability to attract, retain, and motivate a strong workforce. Attainment of these aspects will contribute towards improvement in the firm’s performance efficiency, and thus ensure the firms’ future survival (Tlaiss, Martin and Hofaidhllaoui 2017). Reward management entails formulating and implementing polices and strategies whose objective is to reward employees fairly, consistently, and equitably in accordance with their input to the organization. Firm’s management team should incorporate various non-monetary rewards in their effort to retain talented employees.

Work environment and work-life policies: Firm’s management teams should consider different policies in their quest to achieve this goal. Some of these policies include integrating flexible working schedules, offering employees parental leaves, career leaves, and providing them with childcare assistance. Some of the flexible working schedules that a firm’s management team should consider include part-time jobs, working from home, and providing employees with career breaks. Such flexible work schedule will not only promote the employees’ ability to balance between competing priorities, but also enhance their productivity (Cascio and Boudreau, 2016). Increased productivity emanates from the fact that the employees experience lower levels of work-related stress. The ability of organizations to retain talented employees is dependent on the effectiveness with which they create a conducive working environment. A poor working environment is one of the reasons that explain the high rate of employee turnover.

References for Talent Management

Cascio, W.F. and Boudreau, J.W. 2016. The search for global competence: From international HR to talent management. Journal of World Business, 51(1), pp.103-114.

Khoreva, V., Vaiman, V. and Van Zalk, M. 2017. Talent management practice effectiveness: investigating employee perspective. Employee Relations.

Krishnan, T.N. and Scullion, H. 2017. Talent management and dynamic view of talent in small and medium enterprises. Human Resource Management Review, 27(3), pp.431-441.

McDonnell, A., Collings, D.G., Mellahi, K. and Schuler, R. 2017. Talent management: a systematic review and future prospects. European Journal of International Management, 11(1), pp.86-128.

Ott, D.L., Tolentino, J.L. and Michailova, S. 2018. Effective talent retention approaches. Human Resource Management International Digest.

Taylor, S. 2018. Resourcing and talent management. United States: Kogan Page Publishers.

Tlaiss, H.A., Martin, P. and Hofaidhllaoui, M. 2017. Talent retention: evidence from a multinational firm in France. Employee Relations.

Torrance, E.P., 2018. Guiding creative talent. United States: Pickle Partners Publishing.

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