The vast majority of US organizations are small to medium sized enterprises. These small to medium sized enterprises significantly affect job creation, innovation, and competitiveness on the macro level (Huslid, 2003). A survey by Western Management Consultants (2011) indicated that small to medium sized enterprises (SME’s) are uncertain in the recruitment, assessment and retention of the talent that is required to successfully operate and grow their organization. On one hand, the survey showed that business leaders of SME’s understand the need to recruit the right people, the competitive challenges of attracting and retaining talent, the costs associated with turnover of key staff, and the impact of not having enough staff. On the other hand, in spite of the perceived need for successful talent management programs, most companies lack structured and standardized recruiting, assessment and retention processes. Additionally, organizations have not put much effort into improving their talent management approach. SME’s must take the time to ask important questions. How can utilizing a talent management program support growth? Where can the organization find the best people and how do they attract and retain key talent? How can SME’s reduce bad hires and turnover? Is the current vision of the organization clear, and does it align performance goals with organizational goal? A successful talent management program must attract, retain, and target talent for development and encompasses a wide variety of factors, including training, performance management, ongoing education, succession management, and leadership development (Berger & Begrer, 2004). Criteria #1
An effective talent management strategy combines interrelated processes in an effort to align business goals and talent management in order to attract, develop, and retain key talent. Organizational and individual goal alignment is a critical step in talent management strategy. Alignment clarifies job roles for individual employees and demonstrates value of your employees to the organization. When employees are engaged in their work through goal alignment, an organization creates greater employee commitment and higher levels of performance (Armstrong, 2012). In order to achieve goal alignment successfully, organizations must first clearly communicate business objectives across the entire company. With everyone working together toward the same objectives, your company can execute strategy quickly, and with greater flexibility and adaptability. Goal alignment allows managers to focus efforts on the most critical organizational goals, understand the responsibilities associated with obtaining those goals, and enhance accountability with clear and concise expectations (Blakely, 2012). Talent management begins with the organizational goals and staff requirements needed to meet these goals with an overall objective of acquiring talent where it is and staffing where needed. The aim is to develop the organization as an employer of choice. An effective talent management strategy plans and implements recruitment and selection procedures that ensure high quality people who fit in with the organizational culture are hired (Blakely, 2012). The emphasis of a talent management program is on assessing the roles and tasks that will be required to perform job duties, identifying processes and procedures that have the greatest organizational impact, and ensuring that people who perform these jobs excel by providing them with organizational support (Coulson-Thomas, 2013). Berger (2004) lists four steps in creating a successful talent management strategy. First, talent management strategy must incorporate core competencies and the assessment scales for measuring core competencies. Some basic core competencies include communication, customer orientation, interpersonal skills, functional expertise, leadership skills, teamwork, and creativity. Second,...
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Berger , L. A., & Begrer, D. R. (2004). The Talent Management Handbook. New York: McGraw-Hill.
Blakely, A. (2012, 02). Top 10 talent management strategies for 2012. Retrieved from wIPCA: http://www.wicpa.org/Content/Files/PDF/On%20Balance/JanFeb12/Top10.pdf
Coulson-Thomas, C. (2013). Talent management 2.0: An affordable route to a high-performance organization. Ivey Business Journal, 1.4.
Dowell, B., & Silzer, R. (2010). Strategy-driven talent management: A leadership imperative. San Fransico: Jossey-Bass.
Huslid, M. (2003). Special issue on small and medium sized enterprises: A call for more research. Human Resource Management, 297.
Millar, B. (2013, 04 24). Essential tools of talent management. Retrieved from Forbes: http://www.forbes.com/sites/forbesinsights/2013/04/24/essential-tools-of-talent-management/
Western Management Consultants. (2011, 12). Best practices for effective talent management in small to medium sized enterprises. Retrieved from The WMC Blog: http://wmcblogs.net/uncategorized/best-practices-for-effective-talent-management-in-small-to-medium-sized-enterprises/
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