Running Head: TALENT MANAGEMENT STRATEGY Talent Management Strategy Beverly Santiago Dr. Daniel C. Frost Strayer University Talent Management – HRM 532 10 August 2017 1 TALENT MANAGEMENT STRATEGY 2 Introduction to Talent Management Talent management is vital for any organization. It is imperative that an organization maintain a pool of talented employees to drive the success within the operational framework of the organization. Talent management refers to the process of recruiting, retaining, developing and rewarding talent within an organization with anticipation of maintaining a required human capital within an organization (Armstrong & Taylor, 2014). Organizational executives and Human Resource managers (HRM) ha always been focused on the essential talent management within an organization. To drive optimal success, human capital including talents, skills, and expertise must be developed to realize the success that comes as a result of proper and welldeveloped abilities within an organization. It should be noted that managers must be able to ensure that all the required techniques for talent management are in place to ensure effective management of telnets within the organization (Armstrong & Taylor, 2014). Talent management also requires organizational leaders to provide effective employee engagement and motivation. When discussing and planning a corporations future, organizational leaders often consider not just organizational goals, objectives and initiatives but also how to achieve those goals more efficiently and effectively. The most important factor to consider is the employees of the organization since they contribute a great deal towards the realization of the organizational goals. Talent management, therefore, incorporates aligning the business strategy with the expectations and aspirations of its employees (Neeley & Kaplan, 2014). It is important for organizational leaders to align the right employees with the right positions in the organization. Employees aligned to the right position tend to be higher achievers when confident with their job and the required training to do the job. Talent management is a business strategy that aims to TALENT MANAGEMENT STRATEGY 3 attract and retain a pool of skilled and talented employees within an organization (Neeley & Kaplan, 2014). HRM is responsible for ensuring effective talent management strategy is put in place to ensure that skilled and competent employees are retained within the organization (Ashton & Morton, 2005). Such a strategy should also involve providing proper motivation of the employees to remain loyal and more committed to the organization. A successful talent management strategy engages in the practice of sharing data about high profiled employees as well as their employment history within the organization. Also incorporated are the achievements in their previous places of employment (Ashton & Morton, 2005). The process of sharing information about employees and their performance within the organization ensures a culture of openness makes it possible for people to recognize the available talents within the organization for future assignments. Talent Management Strategies When developing a talent management strategy, it is important to understand the dynamics of employee’s capabilities, skills, knowledge, experience level, and educational achievements. HRM must also determine organizational, critical skills gaps and the required talents to support the organizational goals and objectives. It is imperative to note that developing a talent management strategy that aligns with the organization's overall goals and objectives produces results that associated with overall organizational success (Ashton & Morton, 2005). The following are some unique talent management strategies that can support the growth and success of Loews Hotels- a luxury hospitality company that operates a chain of hotels in the United States. TALENT MANAGEMENT STRATEGY 4 Creating highly skilled internal talent pools Strategically minded organizations such as Loews Hotels can develop and maintain a talent pool by planning and develop a workforce with the right skills and competencies. It is important to develop a pool of the right skills and competencies to be able to respond more efficiently to the organizational needs. At some point, organizations are faced with situations of limited time to assess viable candidates for the job due to unplanned changes in the industry conditions or organizational structure. In this case, it is easier for an organization to source for own talent pool for the required expertise needed for a particular job position within the organization (Ashton & Morton, 2005). Successful talent management requires an organization to develop a talent pool within the organization to be able to access their talent pool whenever there is need without sourcing for outside talents. It is also important to note that developing skilled talent pool makes it easier for an organization to develop a desirable skill set for its employees. The result is greater performance and organizational achievement. Cultivating internal talent pools allows an organization to have a pool of experienced and skilled workers prepared to assume leadership roles within the organization as they become available. Breaking down information silos and developing collaboration Another important talent management strategy is breaking down information silos and developing collaboration. Such human resource efforts are also used by performing organizations to create pools of skilled and talented employees within its organization. To drive success within the organization, organizational leaders must do whatever it takes to break information silos within the organization. The corporate leaders of Loews Hotels should ensure the free flow of TALENT MANAGEMENT STRATEGY 5 information throughout the organization. It should be noted that for an organization to perform more efficiently, knowledge, experience, and skills must be shared and distributed throughout the organization. Information sharing allows employees to learn more from their fellow employees. In other words, developing a culture of collaboration allows the exchange of information which is a critical aspect of organizational success. In most cases, the innovation and expertise required to meet the needs of the new marketplace challenges exist within an organization; the challenge is how to tap it and makes it a reality. Creating a pay-for-performance culture Creating a pay-for-performance culture within an organization is also an important talent management strategy within the organization. A culture of creativity is often realized when an organization can pay for the performance of its employees. To develop a talent pool, the organization should be able to create a culture of pay-for performance to encourage a culture of creativity within the organization. Many organizations use employee evaluation and assessment to help them motivate their employees to perform to their optimum potential. In this case, all employees will ensure they perform to the best of their ability to be able to get the reward associated with the best performance. In this case, the organization will be able to have a pool of dedicated and skilled employees within the organizational framework. A culture of pay-forperformance also allows the organizational employees to utilize their skills without any form of limitation and this eventually results in greater job satisfaction, improved morale and high employee retention rates within the organization. TALENT MANAGEMENT STRATEGY 6 The key components of talent management The Talent Management process is all about the human resource strategic planning since it all revolves around recruitment, training, and development, retention, assessment, and management of employee talents within an organization. It should be noted that talent management consists of three essential components namely identifying, assessing and developing skills. These elements culminate into six key elements that drive organizational success. These components include talent acquisition and retention, performance management, workforce strategic planning, training and motivation, career development and succession planning. Each of these elements is essential to the general organizational success. Workforce strategic planning, for instance, incorporates the aspects of recruitment, selection, and hiring process within the organization. Workforce strategic planning is an important component of talent management. It appoints the talent exigency according to the organizational set goals and objectives while working in a bid to achieve the organizational goals and implement the overall plan. Talent acquisition and retention, on the other hand, focuses on hiring new talents, skills, and knowledge, recognizing and cultivating talents within the organization to ensure proper adaptation to the culture of the organization. It is often encouraged to promote from within the organization since it is more cost efficient and encourages employee loyalty and engagement (Berger & Berger, 2010). Other critical components of talent management that are essential for organizational success include performance management which ensures that the roles of employees align with the corporate business strategy to achieve the desired goals and objectives. Career development is linked with the talent retention within the organization, and it is an TALENT MANAGEMENT STRATEGY 7 important component of talent management since it is based on the belief that developing internal skills is cost efficient and a productive means of growing the organizational employees. Talent management advantage for Loews Hotels Strategic talent management process is an important process that incorporates execution of techniques and systems that are designed to improve the organizational productivity. The process is an important strategy for competitive advantage for Loews Hotels in the sense that it provides a system and methods that enable Loews Hotels to attract, develop and retain productive and talented workforce within the organization. Loews Hotels is one of the most successful hotels in the United States, and this success is linked to the unique culture of Loews Hotels that is focused on attracting, developing and retaining unique talents within the organization. It should be noted that for an organization to develop unique skills, it is important for the organizational leaders to define the differentiating capabilities. In the case of Loews Hotels, the organization utilizes unique workforce attraction, development, and retention as a sure means of ensuring sufficient growth and success of the organization (Berger & Berger, 2010). Most successful companies usually consider their corporate culture as their source of competitive advantage. This is true with Loews Hotels that focuses on its core values as a sure means of success through consolidating their core values and business principles into hiring, talent management, and performance management system and leadership development within the organization (Berger & Berger, 2010). This is also true with the organization’s employee TALENT MANAGEMENT STRATEGY 8 compensation strategies that are focused on rewarding talents and motivating innovation within the organization. How talent management strategy should change The effectiveness of a future organizational strategy is dependent on the efficiency of its current strategy. Talent management is critical for companies that are positioning themselves for future growth. Concerns over the ability to attract and retain viable skills are vital for future organizational performance. This makes sense since talent, expertise, and knowledge that employees acquire through talent management are critical for the success of the organization. Good talent management practices are primary assets for future organizational success as the organization prepares itself for growth and development in the future (Lewis & Heckman, 2006). The anticipation of future corporate growth may prompt the organization to change its talent management strategy in the sense that the organization must be able to develop the required skills to support the future growth. To retain or attract new talents, the organization must be able to demonstrate that the work that will be done by these individuals has value for future growth and success of the organization (Neeley & Kaplan, 2014). On the same note, the organization must be able to show how the roles of these people will align with the goals and objectives of the organization at the same time demonstrate how these talents will add value to the organization. To realize this strategy, the organization must be able to implement a unified workforce management system and provide information about the employee’s skills and how they are evaluated and rewarded within the organization (Neeley & Kaplan, 2014). TALENT MANAGEMENT STRATEGY 9 References Armstrong, M., & Taylor, S. (2014). Armstrong's handbook of human resource management practice. Kogan Page Publishers. Ashton, C., & Morton, L. (2005). Managing talent for competitive advantage: Taking a systemic approach to talent management. Strategic HR Review, 4(5), 28-31. Berger, L., & Berger, D. (2010). The talent management handbook: Creating a sustainable competitive advantage by selecting, developing, and promoting the best people. McGraw Hill Professional. Collings, D. G., & Mellahi, K. (2009). Strategic talent management: A review and research agenda. Human resource management review, 19(4), 304-313. Lewis, R. E., & Heckman, R. J. (2006). Talent management: A critical review. Human resource management review, 16(2), 139-154. Neeley, T., & Kaplan, R. S. (2014). What's Your Language Strategy? It should bind your company's global talent management and vision. Harvard Business Review, 92(9), 70-76. 
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