Talent Management Strategy Term Paper Example | Topics and Well Written Essays - 1500 words

Talent Management Strategy - Term Paper Example Conversely, it is through courtesy of proper talent management strategies that organizations have sprang from small corporate fledglings, to reputable multinationals. The blueprints of proper talent management may be seen in the ensuing discourse. Introduction The organization in point is a profit-making business entity which deals in food and beverages. The organization is still in the process of growth and development as it comprises 200 employees, of which 20 are identified as leaders and may be called Swift Foods Ltd. In itself, talent management denotes the anticipation of essential human capital that an organization may need at a given time, then setting a plan and then carrying out that that plan to meet organizational needs. So sacrosanct is talent management in aiming at specific performance target that it has become the science of employing strategic human resources [HR] to strengthen organizational value and to help the organization reach its value. Determining the Key Com ponents of Talent Management, Including Identifying, Assessing, and Developing Talent There are several components of talent management. The first component involves identification. ... Apart from academic credentials, Swift Foods Ltd may use overall individual performance of the potential recruit in the interview, experience and letters of recommendation, among others. Academic credentials for instance will help Swift Foods Ltd ascertain formal skills and expertise an individual candidate possesses, in light of the office to be filled, while experience will help the organization determine the degree of the candidate's ability to perform. Testimonials for instance will help ascertain the behavioral predisposition that a given candidate possesses, in relation to the role that he is to discharge. All these factors will be important in identifying talent since talent is an element compounded by other desirable attributes such as personal traits, skills and abilities. The second component of talent management is the assessment of talent. This involves, setting performance target for an employee and then analyzing his actual performance against the already-set target. It is from this juncture that measures may be taken to uphold and enhance the talent that is extant and to inculcate upon the employee, new talents that are desired in the organization. To develop talent, there are several strategies and approaches that may successfully apply. Swift Foods Ltd can use the compensation management system, where it maintains competitive remunerations while managing payroll costs, total compensation, compensation for planning and awarding and pay-for-performance arrangements. Going by the recommendations that Fayol (2010) makes, the organization can also use global human resources that help maintain and manage core elements of the global workforce- county-specific attributes also included. Swift Foods Ltd may