CQHRM - Assignment 01: Talent Management and Succession Planning

This report, submitted by a student and available on Desklib, examines the concept of sustainable competitive advantage through workforce development, focusing on talent management and succession planning within the context of CQHRM Assignment 01. It explores various strategies, including cost leadership, differentiation, innovation, quality enhancement, and cost reduction. The report critically evaluates management development and succession planning, highlighting their importance and outlining effective strategies for improvement. It provides recommendations and justifications for an outline talent management strategy, supported by relevant references. The analysis covers how companies can build sustainable competitive advantage through their workforce, emphasizing the significance of human resources and suggesting strategies for attracting and retaining staff, alongside investment in training and development. The report also emphasizes the importance of succession planning and leadership development, offering strategies to improve succession planning and ensure a smooth transition of talent within an organization.

CQHRM - Assignment 01
[Capability Building and
Enhancement

Table of Contents
1. Sustainable competitive advantage through workforce................................................2
1.1. Concept of sustainable competitive advantage.....................................................2
1.2. Policies and procedures........................................................................................2
1.2.1. Cost Leadership Strategy...............................................................................2
1.2.2. Differentiation Strategy.................................................................................2
1.2.3. Innovation strategy........................................................................................3
1.2.4. Quality enhancement strategy.......................................................................3
1.2.5. Cost reduction strategy..................................................................................3
2. Critically evaluation of management development and succession planning..............4
2.1. Succession planning and management development............................................4
2.2. Importance of succession planning and management development.....................4
2.3. Effective strategies to improve succession planning.............................................4
3. Recommendation and justification of “outline Talent Management strategy”......5
4. References....................................................................................................................6

1. Sustainable competitive advantage through workforce
1.1. Concept of sustainable competitive advantage
The term "sustainable competitive advantage" refers to a competitive advantage that
permits a company to outperform its competitors over time. Porter initially proposed
the idea of "continuous competition" in 1985 to optimize long-term competitive
advantage in a variety of competition systems (price, direction, focus, and focus). Porter,
on the other hand, does not explain what degree of competition is sustainable. Another
interpretation of competitive advantage includes long-term advantage, as well as the
utilization of important creative processes like asynchronous and simultaneous
brainstorming, which cannot be replicated. Industry does not use the word
"sustainable," but it is defined by the drawbacks of the two-way method. This indicates
that the firm might renounce its endorsement worth at any moment, and competitors
may have to reevaluate their creative planning processes in order to support this
organization (Schuler 2011).
Policies and procedures
Porter shows that companies can build sustainable competitive advantage by following
two approaches; financial management policies or
1.1.1. Cost Leadership Strategy
The pricing policy's major goal is to achieve a cheaper price than forecasted rivals.
Decreased costs result in lower costs, which may boost demand for the product or
service; but, if the product or service cannot be provided at a lower cost, its demand is
substantially reduced. Managers must evaluate services, equipment, expenses, and
other costs, as well as operating systems that decrease product or service costs, while
dealing with cost breaches. More investment in staff infrastructure, equipment, and
skills is typically required to reduce expenses.
1.1.2. Differentiation Strategy

The fundamental goal of differentiation policy is to establish a distinct position that
distinguishes the agency's products and services from those of rivals. To put it another
way, the importance of creativity and innovation has long been recognized as a means
of bringing about the essential changes to achieve a competitive edge. Carr and
Johansson (1995) define innovation as the development of these ideas and decisions
into actual programs that lead to change and improvement, and creativity as the
production of ideas and choices. They recognize that in today's industry, redesign is a
necessary component of success. It is necessary to be able to manage change while still
fostering creativity and innovation. The advantages of self-competition that businesses
may use to gain a competitive edge include innovation, quality updates, and discounts.
1.1.3. Innovation strategy
The major focus here is on launching a product or service that is distinct from the
competition or providing something new and unique. Encouragement of workers to
enhance their talents is a vital part of any innovative process.
1.1.4. Quality enhancement strategy
The main objective is to make the product and/or service better. Improving quality
frequently necessitates a shift in manufacturing methods that necessitates more
engaged and adaptable personnel.
1.1.5. Cost reduction strategy
This is a common strategy adopted by businesses to acquire market share and become a
lower-cost producer. Who is to blame for the new society, the shrinking of political
power, and the diminution of political power? We believe it is the result of the right
individuals being pushed in the right direction by the right people. In the following
section, we'll talk about how to deal with anger and how to motivate staff.
Human activity may be a source competitive advantage, according to Wright et al.
(1994), since it follows the brand as a source competitive advantage. It is rare for social
workers to contribute value to a company if they are not supported. Human work is also
recognized for unique historical conditions, a lack of knowledge, and human perplexity.

Not all firms will be able to create human resources to compete effectively by copying
successful human resource development companies' human economies. Pfeffer (1994)
identified sixteen strategies for gaining a competitive advantage through people.
•Security of career
• Incentive pay
• Participation and empowerment
• Symbolic egalitarianism
• Long-term perspective
• Selection of recruiting
• Employee ownership
• Teams and job redesign
• Wage compression
• Measurement of practices
• Development of Training and skill
2. Critically evaluation of management development and succession
planning
2.1. Succession planning and management development
A power management system's succession planning is critical. This allows the bank's main task
to be identified, as well as individuals who possess the essential abilities and may be needed
for a short period of time. It also allows employees to save money by lowering the cost of
entering the control group into the room (Garvin 1993). Leadership development, often
known as leadership training, is a learning and development process aimed at changing
behavior. This is a lifelong process of learning. This means that employees' perceptions of the
program and their conduct toward it will alter. An individual can perform a better job at his

current work and have more job opportunities in the future (Hills 2009).
2.2. Importance of succession planning and management development
All banks may benefit from the concepts of recognizing essential talents, knowledge, social
skills, and organizational practices and passing them on to the next generation of workers,
ensuring that contributions are accessible. The following are some of the benefits of engaging
in the planning process:
• Attempting to effect societal change without having any aptitude.
• Be aware of your abilities and training.
• Academic and scholastic knowledge preservation
• Investing in personnel promotes ethics and safety.
2.3. Effective strategies to improve succession planning
Any developer who needs to provide selected personnel a sympathetic and enthusiastic
sensation should use the finest method. You must analyze and enhance the talents and
skills of the bank's workers to make this phase of the planning process more successful.
Depending on the scale of your company, this may be a significant issue. It is, however,
easier to relocate and reinforce from the inside with the proper system setup and
application tools. To train their successors, today's generation of leaders must nurture
prophesy. They must demonstrate where more assistance can be found. Also, take the
effort to guide and notify this group of any difficulties that arise. Leaders must establish
connections with people who can assist them (Claussen et al. 2014).
It's also critical that the present leadership team provides guidance to student leaders
on how to work for the bank's particular needs. An ordering system that gathers and
collects employee information (such as a social media map) will be successful. At the
same time, if the bank recognizes their potential, your staff will be more appreciative
(Jones & Temouri 2011). The inclusion of processes for intermediaries and novices in the
system architecture is critical.
Jobs, sometimes known as a job, a ladder, or a development plan, show workers that
the bank is concerned about their career objectives and wants to assist them in
identifying advancement possibilities inside the firm (Ngo & Loi 2008). This can boost
their motivation and help them stick around longer. Employees that excel at financial

abilities have a variety of employment choices (such as transitioning from junior
manufacturer to CEO and CEO). That project is generally the source of their project
development strategy. Personnel in the business sector may be looking for educational
opportunities or to improve their abilities (Bethke-Langenegger et al. 2011).
3. Recommendation and justification of “outline Talent
Management strategy”
Making money, conserving money, and rearing loved ones are three of the most
pressing concerns of employees. The introduction of the curriculum and resource
management can be essential to growth and development at all levels when it comes to
admission and exit. Let's take a look at banking best practices and how to implement an
effective management strategy in your company (Yarnall 2011).
In a recent piece on CEOs, Jack Milligan discusses the generational shift that has caused
banks and financial organizations to rethink how they manage people. More than 300
industry professionals were polled on the most pressing management issues and how
they plan to address them; the findings are astounding (Parthasarathy & Pingle 2014).
 Attracting and retaining staff is challenging and expensive, according to 45
percent of respondents.
 Sixty-one percent believe they are engaged and purposefully have a significant
influence on Generation Z's thousands of years.
To nurture new leaders, more than 70% of companies have increased their in-house
training infrastructure. "The financial industry will have to wait thousands of years for
this generational transition to occur," Jack said, "which is why training initiatives focused
at empowering youngsters in these institutions are critical."
• Putting more money into talent management

Investments in talent management and human resources are examined by Deloitte HR
Benchmarks (HR). The paper examines internal and external constraints to identify
numerous investment possibilities, notably in the field of energy management (Jones &
Temouri 2009). Important things to examine, according to the bank's research, include:
Employees' professional performance, particularly in the following areas:
 Program planning and scheduling
 Authority management
Aspects of marketing that are also successful in talent management
In conclusion, the research demonstrates that by investing in risk management, the
banking sector can improve operational efficiency, develop future leaders, and capitalize
on emerging market development. Learning and development are essential for effective
people management (Lockwood 2009). Employee perks are provided to banking sectors
involved in research and development on a permanent basis (Schuler 2011).
It is critical that everyone participating in their job, from leaders to students, be involved
in effective training programs using platforms such as Success factors and uncontrolled
learning systems. Purchase things that will aid in the identification of renewal
opportunities, individual team performance, and issue areas.
4. References
Bethke-Langenegger, P., Mahler, P., & Staffelbach, B. (2011). Effectiveness of talent
management strategies. European Journal of International Management, 5(5), 524-539.
Claussen, J., Grohsjean, T., Luger, J., & Probst, G. (2014). Talent management and career
development: What it takes to get promoted. Journal of World Business, 49(2), 236-244.
Garvin, D. A. (1993). Building a learning organization. Harvard Business Review, 71 (4).
Hills, A. (2009). Succession planning–or smart talent management?. Industrial and

commercial Training.
Jones, C., & Temouri, Y. (2016). The determinants of tax haven FDI. Journal of world
Business, 51(2), 237-250.
Lockwood, N. R. (2007). Leveraging employee engagement for competitive advantage.
Society for Human Resource Management Research Quarterly, 1(1), 1-12.
Ngo, H. Y., & Loi, R. (2008). Human resource flexibility, organizational culture and firm
performance: An investigation of multinational firms in Hong Kong. The International
Journal of Human Resource Management, 19(9), 1654-1666.
Parthasarathy, M., & Pingle, S. (2014). Study of talent acquisition practices—A review on
global perspective. International Journal of Emerging Research in Management &
Technology, 3(11), 80-85.
Schuler, R. S., Jackson, S. E., & Tarique, I. (2011). Global talent management and global
talent challenges: Strategic opportunities for IHRM. Journal of world business, 46(4),
506-516.
Yarnall, J. (2011). Maximising the effectiveness of talent pools: a review of case study
literature. Leadership & Organization Development Journal.