Developing a sustainable business is the role of corporate leaders. Talent management for the future staff is significant to the success of organization. However, with a dynamic business environment, leaders face the challenge in leveraging the workforce to attain a sustainable and competitive advantage. As a result, organizations prioritize an environment for the talent management and development. The reason is that organizational values depend on the expertise, performance, and experience of staff. However, to enhance the process, HR needs to recruit a talented candidate and inspire, award, and retain performers. Additionally, HR needs to create a continuous learning environment. For example, a leader must promote performance orientation through innovative training programs. The aim is to support leaders in providing value-feedback to employees. Secondly, HR should establish talent pool mechanisms to attract and develop staff both from within and outside the organization.
Performance Management Process to Measure Employee Talent
Performance measurement is significant to the Total Quality Management (TQM). Traditional processes measure performance through financial gains, such as profitability or failure through liquidation. However, the measures do not add value to the talent management since they do not map the process performance and improvements required by stakeholders. A successful process measures improvement to stakeholders, such as shareowners. Additionally, an effective performance measurement focuses on the customers. As a result, it must be meaningful and easy to understand. Therefore, organizational members must own the process (Vaiman, & Vance, 2008).
360-degree feedback is an effective talent management approach. With this approach, evaluators receive a feedback from the employee, peers, and supervisor among other reports. The technique allows the appraiser to gain a complete profile of an employee and his/her behavior (Vaiman, & Vance, 2008). Consequently, it is also useful in an executive appraisal. For example, executives find it difficult to obtain a genuine feedback on the performance. They assume that the firm’s success or failure is an indicator of its effectiveness. However, much of the credit can be from the lower-level management. As a result, a 360-degree feedback process allows the appraiser to establish a comprehensive scenario of the talent and results (Birchall, Holley, & Reid, 2008).
As a result of confidential nature and perspective, the management process is more credible to most employees than traditional systems. The reason is that an employee receives similar feedback from different sources, and, therefore, fosters acceptance. Additionally, the anonymity of evaluators allows the employee to be confident in providing an honest evaluation without fear of retaliation. For example, traditional management processes can damage the relationship between the leaders and subordinates. Such an instance can arise when the leader bases the appraisal on the recent performance, while employees base it on an annual effect. As a result, the 360-degree feedback approach allows collaboration between the employer and employees in developing honesty in understanding their actions and performance (Venkateswara, & Chawla, 2009).
Employees derive job satisfaction by assessing organizational leaders. It proves that the management cares about employees. Nonetheless, observing changes in the management resulting from employee’s feedback increases jobs satisfaction among staff. On the other hand, businesses that aim at establishing the process must invest resources in training and development. For example, employees need to understand the need for anonymity in the process. Additionally, they should be aware of the need to provide credible information. Failure to establish the above, the process may fail since it depends on honesty. To counter the issues an organization should hire external evaluators, and structure the question to avoid bias (Venkateswara, & Chawla, 2009).
The Key Concepts Related to the Talent Pool and the Talent Review Process
Talent pool and talent review process help an organization to understand, evaluate, and nurture a talent for future needs. It is an outcome of Business Workforce Planning, which vary with the organization. Additionally, it involves identification of talent to fill a HR gap or persons with the best chance to grow their capacity and meet organizational objectives. The first concept in the talent pool and talent review process is identification of ‘at-risk’ talent pools based on the business strategic plans, workforce implications, and organizational needs to establish areas faced with inadequacy (Lewis, & Heckman, 2006). Organizations can attribute the concerns to attrition, changing skills, or new skills needed. For example, an organization can choose to group roles in order to create a talent pool. Such efforts may include senior and middle level specialists and operators. As a result, HR needs to develop fundamental knowledge and competencies to address the issue. The concept is foundation for identification, measurement, and development of standards for the talent pool (Vaiman & Vance, 2008).
The third key component is identification of talents to meet future needs of the organization. The concept involves identification of existing talents that will address future needs. The criterion would require experience, performance trends, and references from applications. Later, the management defines development opportunities, such as coaching, education, and job rotations to create a learning environment (Vaiman, & Vance, 2008). Participation is crucial in creating, owning, and working towards an employee development plan. Additionally, it requires an assessment to measure and ensure progress and readiness. Evaluation involves regular schedule to monitor performance, follow-ups, and 360-degree feedback to measure the development progress. Management should understand success of the overall succession and planning development. Additionally, they should make changes and adjust competencies as necessary (Lewis, & Heckman, 2006).
Critical measurements of success may include participant promotion rates to defined talent pools, turnover, and feedback from participants. The goal is to create an internal benchmark for the identified talent pool. If succession planning efforts are successful, the organization will have a ready pool of candidates for the potential positions. Additionally, the organization may post available positions and succession planning process. As a result, other applicants may apply for available jobs and be evaluated. However, success in the current positions does not determine the same for future roles (Lewis, & Heckman, 2006).
Talent Management Objectives to Measure Functional Expertise
Strategic talent management is essential in developing the right workforce for different tasks. As a result, business leaders must develop analytical tools to ensure talent sustainability. For example, a firm’s ability to develop and retain employees who meet business goal and opportunities for collaboration depends on strategic management process. As a result, to drive success, leaders need to engage high-performing employees. Additionally, they need to motivate employees by aligning talent development with the company’s strategies, and establish consistency in both the management and functional areas (Lockwood, 2006).
The first objective is to recruit top talents. The talent management cycle starts with attracting a potential individual. Finding the willing person to work for a company is a challenge. As a result, attracting the talented staff requires management to review HR practices and develop pools. Factors to consider include organizational culture, reputation, employee benefits, and transparent selection process. For example, employees seek the firms that will develop their profession, as well as, life. As a result, the management must motivate current employees and supports professional growth and work-life balance (Lockwood, 2006).
The second objective is to enhance information sharing and collaboration within the organization. As a result, leaders must develop strategies to overcome information barriers that prevent collaborations. For example, for effective performance, organizations must foster flexibility, knowledge, and expertise. Secondly, for the management to establish a collaborative culture, they need to determine a strategy to facilitate information sharing. Factors to consider are the leadership style and organizational structure. For example, a flat organizational structure enhances information sharing, while democratic management style is ideal for brainstorming and decision-making process (Lewis, & Heckman, 2006).
The third objective is to align both human and nonhuman resources to strategic goals of the organization. Goal alignment is a significant management tool that clarifies roles and values for employees. When the HR engages employees through goal alignment, it creates ownership and commitment to the organization. Additionally, management can develop a rewarding culture for performance. Companies can use the employee assessment metrics to understand performance since employees’ reasons for work are different. Consequently, by measuring essential factors in performance, organizations will identify the right person for a position hence utilizing talent without limitations. The approach leads to job satisfaction, motivation, and employee retention (Lewis, & Heckman, 2006).
Key Elements in Global Talent Management Applied in my Organization
The organization that I work for recognizes that establishing and sustaining talent supply is a challenge. As a result of a competitive global market, the demand for talent outweighs supply. For example, not only do the businesses adjust to the shifting demographics, they must build the capability by investing in technologies, globalizing operations to counter competitors. A shift in demographics is an important element in global talent management. The current population in developed economies is reducing and ageing. Nonetheless, the population of the developing countries is expanding while a significant percentage of the workforce is the youth. The implication of the above to the organization is creation of different generation of employees and addressing their needs, such as work-life balance and motivation. For example, the firm establishes a total reward strategy that factors the above different needs (Scullion, & Collins, 2011).
The second significant element in the global talent management is diversity. The organization that I work for defines diversity as the difference of perspectives arising from various cultures, races, regions, ages, genders, and sexual orientation among other human characteristics. It is important to establish how the dimensions influence performance, motivation, and collaboration. The organization seeks to eliminate structural barriers to diversity. Examples include the establishment of non-discrimination policies. The policies also prohibit harassments based on the race, color, religion, and sex among other attributes. They apply to all employment practices, such as recruitments, selection promotion, transfer, salary, merit increase, demotion, and separation (Scullion, & Collins, 2011).
The third element is embracing technology and information sharing. Technology significantly impacts the business environment. For example, an organization that I work for embraces technology in recruiting, training, data storage, and dissemination and performance management. For example, technology enables employee’s access to the company’s information and training programs from different locations. As a result, it is useful in preparing a significant human resource. Additionally, management can assess employee performance and get feedback. As a result, with the use of different software the organizations can assess employee performance through various metrics (Scullion, & Collins, 2011).
A Process That Optimizes a Sustainable Talent Management Process
Organizations have different experiences in using methods, such as lean, balanced scorecard, and performance hub in managing talent. However, some apply the strategies without gathering additional information of the cultural and behavioral factors that affect performance. Nonetheless, others may use the approaches simplistically, hence inefficiency. With the dynamic global labor market, talent management remains a priority in the business strategy. As a result, future of the talent management should be part of the business process. Consequently, management should establish inconsistencies and solutions. For example, leaders may acknowledge talent values but may lack consistency and integration of the talent management in their business strategies. Secondly, accountability among leaders and managements is vital for a succession process (Birchall, Holley, & Reid, 2008).
The talent measurement process will start by establishing the goals. Regulatory process should have written goals. They describe what the business plans in terms of customer satisfaction, profitability, or growth. Consequently, they should be specific, measurable, and attainable. The aim is to provide focus since it sets priorities. As a result, employees understand their responsibility and prioritize tasks to achieve the goals (Birchall, Holley, & Reid, 2008). Secondly, organizational goals motivate workers since they provide objectives for employees to strive and measure outcomes. Additionally, it improves teamwork since employees need groups to accomplish different tasks. The second phase of the process is to establish the outcome metrics to measure employees’ achievements. Factors to consider include effectiveness, efficiency, or productivity, depending on the goal.
The third phase of the process is to understand performance. It involves identifying the current performance, and targets level for short and long-term objectives. As a result, the management must breakdown the goals and assign tasks, accordingly. Finally, the process must provide a framework for improvement. It involves examining the gaps between the current targets from the metrics. Management sets minimum standards with the tasks assigned to the organizational members. As a result, management must establish a plan with a timeline, commitment, and employee involvement.
To maintain business performance and competitiveness in the global economy an organization must develop practical approaches to the talent management. An effective approach requires management support, employee engagement, and workplace performance metrics. Business that masters the talent management will create an effective succession plan for the future human resources’ needs. Anticipated workforce dynamics and cost-effective mechanism to sustain expertise is significant to the success of the firm. As a result, HR will monitor and establish strategic talent decision-making. For example, global talent management drivers, such as flexibility, diversity, total reward and information sharing are factors that HR should consider during the decision-making process.