Fürst Wallerstein’s Approach to Talent Management

907 Words2 Pages
bulb-icon

Recommended: Recruitment Strategies: Managing/Effecting The Recruitment Process

3. Fürst Wallerstein’s Approach to Talent Management

Once all issues have been identified and analysed, the important question is: how should these challenges be treated? With which TM strategy can the company achieve their goals?

Lawler states that important elements in a successful TM system are: a precise company vision and goal, a recruitment process, a training program, and a performance management system in combination with a reward process and information system (Lawler, 2008). Fürst Wallerstein has a basic and informal approach to TM and in dealing with their needs to attract, choose, arrange, develop and retain staff. Investing in an annual meeting, Fürst Wallerstein examines projects and future perspectives and required skill set, based on business strategies and goals. Through talent landscape analysis, the company knows which talents are in the company, and how much talent is available at their competitors. After realising what activities need to be achieved and how these tasks should be completed, the company can decide how to continue effectively (Oettingen-Wallerstein, 2014).

Prince Carl-Eugen zu Oettingen-Wallerstein has an unofficial recruitment process model, varying for different positions in different segments. Included are:
1. Objectives (job description, number of positions needed, type of applicants: level of education, experience and knowledge, etc.),
2. Main Recruitment Facts (time of hiring, costs of the position, retention rate, etc.),
3. Evaluation (Personal insights and opinions, position attributes, organisational fit, etc.).
These guidelines help him and the company to have an overview of the situation and all applicants (Oettingen-Wallerstein, 2014).

Through the low unemployment rate and str...

... middle of paper ...

...ial talents across the world and adopting to new, foreign approaches and working processes.

III. Conclusion

In conclusion, TM is a string of processes that each company has to implement individually according to match their approach, goals, and future plans. Through environmental, social, and economic drivers, future issues and opportunities concerning TM will be provided for every company.

Fürst Wallerstein has an informal TM strategy, yet they mostly combine these responsibilities with HR tasks. This however will complicate HR procedures and should therefore be elaborated thoroughly with TM tools to solve the above-mentioned issues of maintaining and seeking talent. Fürst Wallerstein plans to further develop these programs, because they are extremely committed to their employees and realize that they are an important key factor for a successful company.

Show More
Related

  • Analyzing TM Berhad using Bolman and Deal’s Four Frames

    1225 Words  | 3 Pages

    TM is the main nationwide provider of telecommunication services. It has x no of subsidiaries and operates in three core operating areas of:

    Read More

  • Marketing Sales and A Strategic HR Plan for Coach Inc´s.

    1147 Words  | 3 Pages

    ...ta on the most capable strategy to address the HR issues, make additional recommendations, if any, to address the distinguished and prioritized HR issues.

    Read More

  • Informal Succession Planning Essay

    773 Words  | 2 Pages

    Many corporations struggle with bringing in quality talent into business (Paradise, 2010). Consequently, as the workforce continues to change at warp speed, talent benchmarking strategy is the biggest challenge management faces now and the next five years in all forms of succession planning (Sims, 2014). A strategy to overcome talent benchmarking is having talent reviews along with meeting notes (Sims, 2014). Documenting what took place in the talent review is essential for management to get planning underway and refer to the order of what should happen first, second, and so forth in talent management (Sims, 2014). Although it might be true that talent benchmarking being the mightiest challenge in informal succession

    Read More

  • Pros And Cons Of Recruitment

    951 Words  | 2 Pages

    Recommendations for this company are to recruit from external applicants to increase new ideas, work ethic of employees due to pressures of competition from new recruits and to utilize an offline applicant platform such as in house

    Read More

  • Telepizza Case Study

    1310 Words  | 3 Pages

    Human resources: TP has a modern three step approach with recruiting, training and evaluating. They try to match the managers’ mentality to the TP strategy.

    Read More

  • The Boeing Company

    9144 Words  | 19 Pages

    To employ our technical and human resources with optimum efficiency, we must ensure that managers are carefully selected, appropriately trained, and work together to achieve our long-range goals.

    Read More

  • Operational Plan For Australian Hardware Company

    753 Words  | 2 Pages

    Recruitment strategies for the company will be arranging the group interaction with talented and interested candidates, handpicking the dream candidates, actively searching the profiles of each candidate, attracting the candidates through different attractive offers (Cohen, & Cohen, 2007).

    Read More

  • Strategic Analysis of Ryanair

    4040 Words  | 9 Pages

    This is a crucial part of a strategic analysis because ‘…organisations do not exist in a vacuum, they are part of a complex world’ (Bowman 1987:61) and many factors can influence operations, beneficially and unfavourably. However, these can be difficult to comprehend due to their complexity, diversity and fast changing nature. Necessarily a number of techniques have been developed to facilitate the process and to ‘…contribute to answering the key managerial question…’of what ‘…opportunities and threats might arise in the future’ (Johnson & Scholes 2002:99).

    Read More

  • Borgata Hotel Casino and Spa Recruitment Case Study

    835 Words  | 2 Pages

    ...greater number of people in an economic, efficient, and effective manner. This paper has provided a background and understanding of employment recruiting, the styles, methods, and tools available to allow customization of interviewing methods applicable to the situation or needs of the organization or project. An overview of the creative large scaled employee recruitment project Borgata Hotel and Casino notably made history and a study of best practices in employee hiring, recruiting and interviewing process that enhances corporate strategy.

    Read More

  • Recruitment and Selection Process in Southwood School

    2906 Words  | 6 Pages

    The University of Queensland Recruitment and Selection Manual. (n.d.). Retrieved from The University Of Queensland Australia: http://www.uq.edu.au/shared/resources/personnel/recruitment/RecruitmentandSelectionManual.pdf

    Read More

  • Employment Agency Case Study

    1426 Words  | 3 Pages

    You want to understand if their working methods differ substantially from the general model outlined above. As a business and a job seeker, you want to be aware of your own responsibilities in terms of ensuring a smooth and quick process.

    Read More

  • Succession Planning And Talent Management Case Study

    2132 Words  | 5 Pages

    The talent management is defined by the Five STAR program where managers “begin a process of cascading, aligning, and translating these imperatives into clear goals and SMART (specific, measurable, attainable, realistic, and timely) objectives that relate specifically to each of the five STAR points” (NCHL). The programs institutes and refines goals, stipulates accountability and heighten company objectives correlating with each employee’s potentials. The principles of the succession planning and talent management strategy are to review and assess key talents to foster innovation and advancement in their careers.

    Read More

  • Improving College Recruitment

    1823 Words  | 4 Pages

    Recruitment is a serious issue for an organization and one that ought to be afforded a considerable amount of planning in order to successfully achieve desired outcomes. Recruitment is a costly process for an organization and poorly executed recruitment can result in selecting candidates that are not appropriate for the organization. A poorly executed recruitment can also reflect negatively on the organization’s reputation, which can cost the organization solid future candidates. Due to the cost both in time and in resources, a recruitment process deserves a solid training program that covers a variety of issues. Thought should be given to the topics to be covered in a training program, aids or materials recruiters will need, practical skills to be covered in the training, the person most appropriate to conduct the training, and any additional needs to be considered to ensure the training is most effective in achieving the goal of developing strong recruiting skills.

    Read More

  • Human Resources: Performance Management

    1303 Words  | 3 Pages

    One of the most important resources of any organization is its employees, the human resource. This makes it very important that these resources are properly managed; so that they thrive and grow along with the organization. People stream defines performance management as “A process for establishing a shared workforce understanding about what is to be achieved at an organizational level. It is about aligning the organizational objectives with the employees’ agreed skills, competency requirements, development plans and the delivery of results. The emphasis is on improvement, learning and development in order to achieve the overall business strategy and to create a high performance work force”. The performance management process involves various stages such as goal setting, skills development, performance measuring against the set goals, mentoring/coaching to enable employees to focus and achieve their goals followed by assessment of performance and any further development plans as required. Let us look at these steps one by one.

    Read More

  • Recruitment Theory Essay

    5022 Words  | 11 Pages

    It is the systematic means of finding and including available candidates to apply to the company or enterprise for employment. Recruitment is said to be positive in its approach as it seeks to attract as many candidates as possible. The objective of the recruitment phase is to attract genuinely suitable candidates and to examine their

    Read More

More about Fürst Wallerstein’s Approach to Talent Management

Open Document