Talent Management Strategy Essay Example | Topics and Well Written Essays - 1750 words

Talent Management Strategy - Essay Example Israelite (2010) defines talent management strategy as the process which ensures that an organization has the right and competent people for particular jobs at the right time in order to achieve organizational goals and objectives. This strategy includes the processes of induction, performance management, career planning, compensation management, succession planning processes, assessment, goal-setting, and recruitment. These processes are aimed at retaining employees and fostering their continuing development of competencies and skills to achieve the short term organizational goals and long-term strategic objectives (Armstrong, 2007). This paper has envisioned a nonprofit organization with two hundred people, in which twenty are identified leaders. Based on this, the paper will devise a talent management strategy concentrating on the entire talent needs of the organization. The paper will also define the principal components of talent management and examine how the process of talent management provides a competitive advantage for an organization. Finally, it will assess the need for a talent management strategy to change with the anticipation of the organization doubling in five to six years. ... Also, this step of formulating talent management strategy will seek to answer questions regarding the organization’s current and desired states, as well as the organization’s culture. In answer these questions, an understanding shall be sought regarding its mission statement, vision, organization statement, strategy, corporate values, and balanced scorecard as well as how these goals and statements cascade through the organization’s units, departments, and divisions. It will also be critical to understand which roles and skills are required to support improved organization’s performance and encourage creativity and which criteria the organization can employ to identify both underachievers and high performers and to measure performance (Israelite, 2010). Based on the information obtained by analyzing these aspects, a decision should then be made on how the organization should look like in terms of capabilities, structure and leadership in order to achieve i ts objectives and goals. In other words, desired state of performance and improved position should be defined. The next key step in the formulation of talent management strategy should involve examining any talent management components that are already in place within the organization and analyzing how each of these components is working. The organization’s talent management priorities should then be documented based on the talent requirements and goals of the organization, as well as based on the analysis of existing talent management systems and processes (Armstrong, 2007). More importantly at this stage of formulation of strategy it will be critical to define the competencies that the organization needs. The