15TH FEBRUARY,2016.
TALENT MANAGEMENT THROUGH SUCCESSION PLANNING
Talent management is a process by which organizations identifies managers and develops its people now and in the future. Management takes initiative to identify and determine the organization’s needs and match the needs with human resources needs. This is to ensure that the organization acquires the best talent from the labor market.
Hiring the best from the market trickles down to the organization’s success. It is with this reason that the human resources are key assets in an organization. Retaining talent is crucial if the organization is focused on remaining competitive and increasing its profit margins.
Succession planning is concerned with identifying posts that are critical to the success and how best to satisfy future requirements. Recognizing your core competence and the talent required to sustain it in the future will help to focus on the key talents that are essential. Succession planning is a key tool in talent management. It involves the following elements:
1. Assessment of key positions which are competencies and experiences needed to attain strategic goals.
2. Identification of key talent. These are people working for the organization with exemplary performance. They are therefore in disposable and an organization therefore prides
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It reduces the turnover rate in the organization and promotes the corporate culture. Managers that develop good working relationships with their subordinates or juniors play a critical role in ensuring that talent is retained. We could therefore state that talent management starts with creating a good and conducive working relationship between an employee and his manager. A stressed employee will not give the best to the organization and he will therefore look for ways to move to another organization which includes moving to the
According to Heathfield, a succession plan is the way that an organization ensures that its employees who are recruited acquire and develop the skills needed to fill many key roles with their organizational structure. Once they have obtained these they have the opportunity to advance within the organization to more challenging roles. This way it will cut down on open positions not being filled, because these individuals can be moved into the positions within the company. This type of plan will be most beneficial to any organization whether they are a small or big
Unfortunately, businesses allow barriers to be their excuse in not formalizing a succession planning. As a result, firms will produce an informal process for short-term purposes and forgot to come up with solutions for long-term problems. Overall, succession planning must involve the very top, the board of directors, and have human resources (HR) aid in advancing tomorrow’s leaders for today’s roles.
Human Resources practices retention for the massive cost and time taken it has to replace and hire new employees. Hiring has such a high cost for the facts of ensuring all new employees meet the expectations and requirements for a business. Not only do new employees have to meet the company’s expectations but also pass employment tests, physical exams, and background checks (Nickels (290-346). They also consider consumers habits and help form solutions to meet the businesses and consumer’s needs to keep up the company up to date. (Alper (112-113). Human resource personnel also help companies evolve with new innovations. Human resources help establish future labor by helping the companies find employees that meet the new requirements. Human resources personnel also forecast future requirements for organizations that way they can ensure trained people will be on hand for the organizations (Nickels (290-346). “In the future, human resource management may become the firm’s most critical function, responsible for dealing with all aspects of a business’s most critical resource: people” (Nickels (290-346). Human resources not only has a future of importance, but its past shows its importance now. From being responsible for only one department to being in many and still predicted to grow to being in charge of many more
Organizations’ other resources can be hired, retained and discarded at any time but human resources needs special treatment. It needs to be carefully hired, deserve an extra effort to retain it and requires training & development to upgrade and improve its capabilities. Other resources depreciate with the passage of time but when the human resource gains more and more experience, it becomes more beneficial for the organizations. These characteristics have brought human resources to be the central element for the success of an organization. (Mohammed, Bhatti, Jariko, and Zehri, 2013, pg. 129, para. 2)
Importantly, human capital therefore is not merely the people – but rather their potential. As a result, human capital is a critical resource for an organization.” (Hitt and Ireland, 2002). Human capital is arguably any organizations most important resource and continually adding value to that resource is critical to success. Whether by training or mentoring programs, this helps ensure that employees continue to grow and learning never stops. Also, when an employee feels that they are being invested in, then they will not only have greater knowledge, but might be more willing to go the extra mile for their company that has invested in them. Human capital is a company’s most unique resource along with the most important, because no two people are exactly the same. This sets people apart and companies apart by the employees they have, train and can ultimately keep, as headhunters are always on the lookout for talent. Evidence of this at BMW is that they provide its associates with training and benefit programs. “BMW doesn’t just hire tomorrow’s talent; we help build it. In addition to on-site training, BMW offers tuition assistance for courses taken by associates at local universities. You’re in the driver’s seat controlling your destiny, and we stand ready to help at each turn. It’s part of a corporate philosophy that includes respect for the individual and dedication to self-improvement.” (BMW Group,
...ccording to the successful managers hand handbook, "people are the key to your organization's present and future success. Organizations compete for talent as well as for customers. Having a reputation as a desirable place to work helps organizations attract and retain top people. It is to your advantage to know the talent of your organization and to know what needs to be done to help each person develop, and understand the priority of a particular talent so you can meet your business goals".
It is essential for organization to hire the right mix of people for their organization to run efficiently and effectively. All positions hold the key; even though every position is not that of an executive or manager. According to Silzer and Dowell (2010), whether a company succeeds or fails is determined by its talent. This writer believes with the global and technological expansion of the 21st century talented people will always be in demand. …“Collins (2001) suggests that having the right people comes before having the right strategies” (p. 3); as a result, this writer believes that organization will remain competitive with their internal and external quest for talent.
Gaining and retaining the best possible employees is something every company wants to do. The best way to accomplish this is by implementing talent management into the fabric of human resources. It may take a high level of commitment and planning, but the rewards can be astounding. From specific training, to motivation, optimizing each aspect of talent management allows for businesses and groups to reach their goals. “It is difficult to identify the precise meaning of talent management because of the confusion regarding definitions and terms and many assumptions made by authors who write about talent management” (http://www.irproje.com/media/userfiles/610013.pdf).
Those who are in this category also help the ones in the middle acquire additional skills” (NCHL, 2010). VIRTUA differentiated their company’s strategies from others through a grading system that involved supervisors, nurses and managers to interact with all employees as a whole firm, rather than individual sectors in the organization. Succession planning strategy and strategy for management talent engages an annual system of talent refinement and talent rebuilding, coined as the, “Best People Review (BPR). Annually, 500 managers select the right candidates for the right position. BPR provides incentives to the workforce, contingent on their values and performance demonstrated. The program is able to sustain their principal talents while constructing positive criticism to augment the areas of needs and improvement for each employee.
Human resource management (HRM) encompasses the activities of acquiring, maintaining, and developing the organization's employees (human resources). "The traditional view of these activities focuses on planning for staffing needs, recruiting and selecting of employees, orienting and training staff, appraising their performance, providing compensations and benefits, and making their career movement and development." HRM involves two aspects:...
An organizational human resources department utilizes the hiring and firing process to meet the organization’s personnel needs. Organizational human resource departments are charged with the oversight of an organizations administration department. The practice of hiring and firing people is a process employer’s conducts on a daily basis. This process has to be done in a proper manner and not in haste. The implication that can occur from the improper hiring and firing process could and can have a positive or negative impact on an organization. Therefore, employers must carefully evaluate their decision to hire/fire individuals and its impact on the organizations’ workplace environment and others employees. Human Resource Management is important for an effective organization. In today’s organization, HRM is valuable to the organization because of increase legal complexities and its known for improvement in productivity. However, management should realize that poor human resource management could result in an outburst of hiring process followed by firing or layoffs. According to (Satterlee 2013, p. 194), “Hiring the best candidate who is also a good fit for the organization is crucial for the success of an organization, because a poor hiring decision will have repercussions across the entire organization”. Satterlee made a valid point because poor hiring could have an impact on the bottom line performance of the firm. In other words, HRM is the contributing factor to the success of the organization including motivating and maintain the staffs. The purpose to the motivation is to ensure that all employees grow to a full potential. According to (Sims 2006, p. 5), “HRM efforts are planned, systematic approaches to increasing organizati...
The relationship between employer and employees plays a pivotal role in the performance of the organization. Employers and employees have certain responsibilities towards each other which facilitate a fair and productive workplace. Positive work relationships create a cooperative climate with effort towards the same goals. Conflict, on the other hand, is likely to divert attention away from organizational performance.
Human resource is the most valuable and unique asset of an organization. The successful management of an organization’s human resource is an exciting, dynamic and challenging task , especially at a time when the world has become a global village and economies are in a state of flux. The lack of talented resource and the growing expectation of the modern day employee has further increased the difficulty of the human resource function.
... the company occurs when there is a position that need to be fill immediately and the employees who have capabilities to get the job may apply for it. All four steps in career management process are important and none of it can be skip.
The human resource management stands for the management of an entity’s workforce and all that relates to the workforce. The significance of human resource management includes recruitment, orientation, and the ability to retain employees. The human resource management with other managers utilizes these practices in order to produce a solution that relates to challenges. A competitive advantage refers to the business ability to gain the advantages of its economic activities that, it recognizes the organization’s ability to survive and overcome competition in the marketplace. This paper will discuss the concept of competitive advantage in human resource.