Talent Management: Importance, Strategy and Practices

Running head: TALENT MANAGEMENT
Talent Management
Name of the Student
Name of the University
Author’s Note:

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TALENT MANAGEMENT
Table of Contents
1. Introduction...............................................................................................................2
2. Discussion................................................................................................................2
2.1 Brief Idea of the Case Study...............................................................................2
2.2 Importance of Talent Management Strategy and Practices as well as Potential
Consequences for not paying Attention to them.......................................................3
2.3 Development of a Comprehensive Talent Management Policy for
Organizational Operations with Detailed Discussion on Carrying out Several HR
Practices in the Talent Management Strategy..........................................................9
3. Conclusion..............................................................................................................13
References.................................................................................................................15

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TALENT MANAGEMENT
1. Introduction
Talent management can be stated as the proper anticipation of every needed
human capital for the company as well as planning for meeting those specific
requirements (Noe et al. 2017). This talent management helps in utilization of
strategic human resource planning for better improvement of business values and
even for making it absolutely possible for the organizations or companies to reach to
the goals and objectives. Few activities are present for performing talent
management in an organization, which include talent acquisition and performance
management for understanding the entire scenario of strategic execution (Al Ariss,
Cascio and Paauwe 2014).
The other activities in this sector are assessment, high potential management,
succession planning as well as employee development. With the best employees in
a company, it becomes quite easy to execute the process of decision making within
the business (Cappelli and Keller 2014). The following report will be outlining a brief
discussion on talent management for a US based hospitality company that has
decided to open 2 boutique hotels in Singapore in 2020. This report will be focusing
on talent management strategy and practices for the organization and even
developing a proper talent management policy for organizational operations.
2. Discussion
2.1 Brief Idea of the Case Study
A popular US based company has taken the decision for opening up of two
new boutique hotels in Singapore during the first half of the year of 2020. Each
boutique hotel would be having around 50 to 60 rooms and would have unique
features in comparison to other hotels in Singapore. They have recruited a human

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TALENT MANAGEMENT
resources consultant for providing advice to the organization regarding the practices
and strategies of talent management that should be put in place for ensuring the
entire team of management and other employees to make it a subsequent
contribution towards business success (Deery and Jago 2015). The organizational
senior management has given the responsibility to the HR manager for ensuring that
these two boutique hotels become successful and only the best employees or talents
are being recruited in their business. Hence, it is needed to pay adequate attention
to the talent management practices and strategies for understanding the entire
scenario in a better manner.
2.2 Importance of Talent Management Strategy and Practices as well as
Potential Consequences for not paying Attention to them
A talent management strategy is the type of strategy that is required for better
management as well as allocation of talent supporting to the business performances
(Oladapo 2014). The most significant and important components of this talent
management strategy include strategic employee planning, performance
management, compensation, talent acquisition and retention, learning as well as
motivation, succession planning and even career development. The most effective
programs of talent management with a better chance than any other company for
outperforming their competitors and amongst the publicly owned organizations for
outpacing the returns of peers to the respective shareholders (Festing and Schäfer
2014). There are few distinctive practices of a talent management strategy, which is
required to ensure that there exists an effective management of human capitals.
It would have a major impact on the total efficiency of talent management and
organizational performances for rapid talent allocation, a strategically minded team
of human resources and proper involvement of the human resource functionality for