Sample Essay on Developing a Talent Management Strategy

For a business to succeed in implementing its goals it must have a reliable workforce that understands the need to utilize their skills for the benefit of the company. The company cannot realize its goals if it is not able to manage the talent in the company effectively. The basic elements in talent management include acquisition, retention and development of talent in an organization (Branham 96). This is mainly the wok of the human resources management but it also involves other executives such as the CEO and the CFO. It is important to align the strategies of the company with the talent management strategy for effective results (Cappelli 74). For Candlelight international company, it is important for the management team to consider changing the talent management strategies to achieve the main objectives. The company aims at increasing the market share, retaining talented employees and product development to enable it keep ahead of the competitors. The high turnover is a threat to retention of talent and other business objectives but the trend can be changed with accurate formulation and implementation of talent management strategies. The nature of senior management is very important consideration to bear in mind when developing a talent management strategy. This is because some of the characteristics of the team such as resistance to change and autocratic leadership style may affect the extent to which the company is able to manage talent.

Most of the challenges that affect the company in relation to the talent , management results from the characteristics of the chief human resources officer who has served the company for over two decades. The personnel need to change failure to which the company may never realize its talent management strategies. The lack of knowledge on employee retention and labor relations is a threat to achieving an effective talent management strategy.  To attract new talent in the organization, the human resources department needs to come up with accurate job requirements and specifications that should be communicated to the interested parties. The recruitment process needs to be transparent to avoid any incidences of hiring unqualified personnel on the basis of factors such as nepotism (Tarique and Randall 122). The interview techniques used must be knowledge based to ensure that the company selects the most suitable talent.  Once the company has hired the most suitable talent, it is crucial to develop strategies that will help in retaining the employees (Bhatnagar 650). The company is faced by a high turnover that can be attributed to the failure of the chief human resource manager in addressing the labor relation issues. It is therefore crucial for the chief finance officer to provide funds necessary to train the human resources department on the importance of addressing the human resources issues in the company. To address the high level of grievances by the employees, the company needs to open up channels through which the employees and the management team can freely discuss the issues that may arise. The CEO has a role to play in enhancing communication in the company through implementing democratic leadership (Ferndale, Hugh and Paul 168) The other factor to consider in talent management is the development of the employee’s talent. This can be done by embracing changes in technologies and training the employees accordingly. For the Candlelight international company, this is unlikely to be realized with the current nature of human resources executive team. The resistance to change must be addressed first so that talent development can be implemented.

Works cited

Bhatnagar, Jyotsna. “Talent management strategy of employee engagement in Indian ITES employees: key to retention.” Employee relations 29.6 (2007): 640-663.

Branham, Leigh. The 7 hidden reasons employees leave: How to recognize the subtle signs and act before it’s too late. AMACOM Div American Mgmt Assn, 2012.

Cappelli, Peter. “Talent management for the twenty-first century.” Harvard business review 86.3 (2008): 74.

Ferndale, Elaine, Hugh Scullion, and Paul Sparrow. “The role of the corporate HR function in      global talent management.” Journal of World Business 45.2 (2010): 161-168.

Tarique, Ibraiz, and Randall S. Schuler. “Global talent management: Literature review,      integrative framework, and suggestions for further research.” Journal of world business 45.2 (2010): 122-133.