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Paper on Strategic Talent Management
Added on -2019-09-19
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STRATEGIC HUMANRESOURCEMANAGEMENT[Document subtitle]
Table of ContentsIntroduction......................................................................................................................................1Importance of Strategic Talent Management at the Current Global Trend.....................................2Talent Management Theories..........................................................................................................3Effective Talent Management Practices..........................................................................................4Strategic Challenge Faced with a Talent Management Approach...................................................6Changes in HR practices and Policies.............................................................................................7Strategic Challenges due to relocation and location management...............................................7Forecasting and planning.............................................................................................................7Staffing.........................................................................................................................................8Training and developing..............................................................................................................8Evaluation of employees performance.........................................................................................8Recommendations............................................................................................................................9Conclusion.....................................................................................................................................10References......................................................................................................................................11Appendices....................................................................................................................................131
IntroductionStrategic human resource management is considered an important process of connecting thefunctions of human resources with the strategic objectives of the organizations. This will be doneto improve the significant performance of the organization as well as human resources. Instrategic human resource management, strategic talent management plays an important role inmaking it successful in its objectives. In this paper, we will discuss the strategic talentmanagement under the presence of different theoretical approaches. This will enhance oursignificant knowledge about aspects of talent management and its practices necessary to followfor gaining competitive advantage in the potential market. Strategic talent management is animportant and significant processes that contain the systematic identification of key positionswhich differentially contribute to the sustainable competitive advantage of organizations,development of human resource architecture to facilitate filling available positions, anddevelopment of a talent pool with high skilled individual incumbents to fill these roles (Al Ariss,2014). Strategic talent management approach ensures that an organization has the quality andquantity of people in place to fulfill their future and current priorities. On the other hand, it is acombination of different key components such as a clear understanding of the future and currentstrategies of the organization, and the gap between the talent in place and the talent required todrive business success. Thus, it can be said that talent management not only helpful in gaining acompetitive advantage but also helpful in managing the capabilities of organizations. 2
Importance of Strategic Talent Management at the Current Global TrendGenerally, it can be said that strategic talent management has more importance than innovationand leadership in organizations. A large number of analysts agree with the statement thatleadership and innovation have great importance than talent or capability management. But, it isnot true. In today global scenario talent management is vitally important than innovation andleadership. They all prove meaningless if talent management is not present in a particularbusiness organization. It proves a real jewel in the crown of different organizations. In todayscenario effective quality and culture are most important (Alamri, 2015). In the absence of talentmanagement, both cannot provide to customers and employees. Apart of this, talent managementhas following importance in today global trend:Gaining competitive advantages: Talent management practices mainly focuses on thetalent of organizations; the most experienced and skilled individuals. Developing,attracting, and retaining talent is fundamental to every organization for remaining aheadof its competition. Thus, it can be said that talent management is required for gainingcompetitive advantages over competitors. Attracting talented employees: One of the main reason behind the popularity of talentmanagement is the demographical trend happening in the developed countries. Talentmanagement in those countries is required to removing the shortage of talents in the nearfuture. As per the report of World Economic Forum, by 2030 the United States required25 million more skilled workers to sustain economic growth, and Europe will requiremore than 24 million employees for maintaining economic growth (Farndale, 2014). 3
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