How Best Practice Talent Attraction Strategy Is Key to an Organization - Coursework Example

Strategic Human Resource Management Name Institution Course Date Strategic Human Resource Management Talent attraction strategy has become one of the most fundamental strategies being incorporated in most businesses. Winning the battle of talent is very significant to the growth of a company or organization (Murbach and Royle, 2010). Managers globally recognize that the challenges begins when it comes to enrolling talents especially in key positions within a company. Therefore, talent has become a strategic aspect for organizations that are concerned with nurturing their growth. The skill’s shortage is vividly becoming a major concern. The shortage of this skill has been worsened by various factors such as aging population, recent candidate pools are selective and individuals leaving the work force (Lawler and Boudreau, 2015). Therefore, for a company to improve its statistics as well as nurture its growth, they need to comprehend a firm employer-branding element which can develop a base of talent attraction. Most successful firms identify serious factors that give rise to success in their business by centering their workforce on the main objectives of the firm (Stahl et al., 2012). This access to talent management permits firms to recognize the skills that they require now and even in the coming future which allows these firms to strategize sufficiently for talent attraction within a market which power is recurring to the job seekers. This essay will highlight how best practice talent attraction strategy is key to an organization. It will also discuss how HR systems effectively contribute to the management of human capital and the key strengths and limitations within a workplace. For firms to ensure that their business objectives are constantly met, they ought to have an idea of the fundamental skills required. Therefore, it is very crucial to always review the skills within a company because the more the company evolve, so does the skills needed (Mandhanya and Shah, 2010). The importance of talent developed particularly during the recession period when employers minimized their available workforce, which gave them the motivation to derive both productivity as well as innovation from the remaining workforce. This only occurred if they had the appropriate individual taking care of the right job (Mandhanya and Shah, 2010). This motivates employers to reassess their existent work models as well as people practices and hence create a vigorous workforce that strategizes in manufacturing talent they most desperately require in order to accomplish their long-term organizational objectives. In addition, talent development within an organization involves a skill gap analysis that has to be conducted. Identifying these gaps may assist an organization team map where the recent talent lies. It also recognizes the extent of the possible candidate pool as well as the possible outcomes that might arise in the future (Gangani, McLean and Branden, 2006). Additionally, planning also ascertains that talented individuals are utilized optimally. Values such as skill set, performance, diversity metrics, ambition, potential and length of service are very crucial within a workforce and ought to be considered within an organization. This is primarily because serve as a great motivator within an organization and also function as a retention tool. Furthermore, planning for an attrition assists leaders to create appropriate arrangements for any available talent gaps as well as back-fill suitable at the right time (Stahl et al., 2012). Talent acquisition ought to be watched as strategic rather than operational. Therefore, when it comes to matters regarding talent attraction, an organization should have a Human Resource Management team that possesses a strategic strength and at the same time understands the business and its core objectives (Gangani, McLean and Branden, 2006). Therefore, an organization ought to be creative in formulating and enforcing various source plans defined by the adaptable parameters that are the most important. For instance, candidate demand should be conducted in order to assure that highly talented individuals take a creative sourcing as well as attraction. Talent attraction strategies within an organization should have the ability to differentiate between passive and active candidates (Zou and Ghauri, 2008). Therefore, recognizing the various hiring procedures for each group is very important for it will enhance talent attraction within the organization. Furthermore, the use of pertinent media channels will be a great strategy to attracting the most appropriate talents within the industry. Therefore, using the appropriate media may depend on the type of talent one is trying to attract (Heneman et al., 2004). Also formulating a winning value proposal is a very significant strategy of talent attraction. An organization can tackle very interesting projects which are considered challenging as well. They should also demonstrate a significant career progression within the organization based on merits. For instance, Swedish Incubators and Science Parks emphasizes that incubators, science parks as well as clusters operate as a local window display for attracting the appropriate expertise to the site by offering vivid recognition to the local labour market. Flexible working environment also plays a major role in attracting talent within an organization since it is a criteria that is mostly expected by various candidates nowadays (Stahl et al., 2012). A workforce within a company are the primary money earners although they also cost the company quite a substantial amount of money. Therefore, the most pressing issues regarding human capital management is deriving their value and also minimizing the amount of money spent on managing them (Lankford et al., 2002). Human capital is considered a crucial asset for organizations globally. Therefore, business leaders need growth and thus human capital makes it possible. It is frequently treated as an operational cost rather than an investment. It is therefore significant for organizations to acquire a mindset that is centered on instilling value from their employees and not only reducing its costs. Therefore, HR plays a major role in this process. HR is growingly turning to analytics as a fundamental tool that offers evidence as well as insight to back-up decision making processes (Goldhaber, Dan and Player, 2005). Therefore, HR as a strategic function offers evidence as well as analysis in order to improve the performance of the entire workforce. Furthermore, HR has encouraged organizations to develop solutions, especially in the financial, professional or technological service on talent to drive growth. These solutions anticipate the exit risks of employees as well as the quality of recruitment (Bowen and Ostroff, 2004). The critical focus is to present predictive analysis which motivates workforce planning as well as methods that are helpful. Therefore, the fundamental focus of HR is to drive the engagement of the employees. Eventually, overall productivity degrees can be used as a sign of previous engagement levels. Nevertheless, there exists more strategic value in human capital that include absence and recruitment rates, resignation rates as well as productivity signs (Bowen and Ostroff, 2004). Therefore, a rising number reflects the necessity of analytical skills in the hiring decisions for HR operations. Talent management is a discipline which focuses on people and organization development. Various organizations make use of talent management for their strengths and this is per the size of the organization as well as their beliefs in practice. Firstly, having the right person in the right job is one of the strengths (Heneman et al., 2004). After undergoing appropriate skills, individual decisions, acquire a strategic agenda. Competency mapping allows an organization to acquire skill inventories within an organization. This is particularly significant both to the employer and the employee since the right person is assigned the most appropriate position, thus increasing productivity (Lewis and Heckman, 2006). Secondly, talent management helps to retain top talent within an organization. Retaining top talent is significant to growth and leadership. Organizations that fail to retain their top talents are prone to losing out to their competitors (Odden, Allan and Archibald, 2007). Therefore, organizations nowadays focus on monitoring employee retention programs as well as strategies in order to hire, engage, develop and retain quality individuals. Thirdly, it enhances better hiring within an organization. The quality of an organization lies on the quality of its workforce. Therefore, in order for an organization to possess top talent at its top position, it ought to have the same amount of talents at its bottom position as well (Dave, 2001). That is the reason talent management programs as well as hiring assessments have become an essential feature of Human Resource operations these days. For example, Amazon has implemented strategic human resource management in order to solve issues regarding low retention incidents seen in the company. This has enabled them coordinate the employees well and motivate them, which has increased retention rate significantly (Wright et al., 2001). In a very long time Amazon has reported of having low employee retention, therefore, it has aligned human resource initiatives within the company’s mission and objectives. The fourth strength involves the better understanding of employees within an organization. Assessment of employees within an organization with regard to their talents offers an in-depth insight about their employees (Wright et al., 2001). This gives the management an easier time in knowing the various factors that motivate them, hence assisting in the job enrichment operations. Lastly, helps in making better professional development decisions for instance, when an organization knows a highly talented employee, it therefore makes it easy to invest in their professional development (Wright et al., 2005). Talent management helps an organization call for investment decisions towards both training and development for growth, performance management and succession planning to name a few. On the other hand, the limitations of talent management include the aspect of cost. The time, resources as well as financial cost required to operate a talent management program. It occurs to be a burden minor businesses that lacks the necessary resources to enforce such a scheme (Goldhaber, Dan and Player, 2005). Numerous companies have Human Resources professionals utilizing much of their time creating and enforcing talent management which occurs to be very costly. Additionally, another limitation includes worker conflicts. Various workplaces impede the effects of talent management. Very many organizations depend on part time workers therefore in order to keep the constantly motivated while at the same time focusing on the permanent employees brings a lot of friction. Organizations of every size battle so as to develop efficient hiring strategies which doesn’t take into consideration certain elements such as age (Mandhanya and Shah, 2010). Providing rewards to employees at varying ages which have varying motivations can be very difficult. Another form of limitation includes leadership limitations since leadership channel is rarely enough to conduct a talent management. Human Resource professionals frequently plan various leadership needs for an organization together with the different skills required for every stage (Odden, Allan and Archibald, 2007). Therefore, small organizations may face a huge challenge in developing business unit leaders to contest with both small and large competitors. Therefore, in order to hire more aggressively with regard to talent attraction, it only adds up to the cost of talent management. Finally, it may create conflicts between the human resource and the management. This challenge also faces the smaller companies or organizations. This is because these talent attraction programs are created and conducted by the human resource professionals (Wright et al., 2005). Therefore, smaller organizations that may lack a full human resource team may involve the management in the hiring process while at the same time enforcing other serious organizational duties (Bowen and Ostroff, 2004). This may bring about conflicts between the human resource and the management. To sum up, talent attraction strategies are very significant in an organization since it contributes significantly to the overall growth of the company. Talent attraction strategies can be used by an organization as a competitive advantage over its competitors. These strategies include the use of pertinent media channels, creating a flexible environment and introducing interesting yet challenging projects to name a few. In addition, HR contributes immensely towards human capital management by encouraging organizations to come up with solutions on talents to drive growth. Furthermore, the strengths of talent attraction include: helps retain top talent; having the right person for the right job and enhances better hiring within an organization to name a few. On the other hand, it has its limitations which include cost, induces worker conflict and it limits leadership. References Bowen, D & Ostroff, C 2004, Understanding HRM-firm Performance Linkages: The Role of the strength of the HRM system, Academy of Management Review, vol. 29, no. 2, pp. 203-221. Burbach, R & Royle, T 2010, Talent on demand? Talent management in the German and Irish subsidiaries of a US multinational corporation. Personnel Review, 39(4), p. 414-431. Dave, U 2001, Alignment of Human Resources and their Impact onBusiness Performance, The Executive Handbook on Compensation, Freepress. Gangani, N., McLean, G. N & Braden, R. A2006, A Competency‐Based Human Resource Development Strategy, Performance Improvement Quarterly, 19(1), pp. 127-139. Goldhaber, D & Player D 2005, What Different Benchmarks Suggest About How Financially Attractive It Is to Teach in Public Schools, Journal of Education Finance, 30(3), pp. 211-230. Heneman III, Herbert G & Anthony, T 2004, Alignment of Human Resource Practices and Teacher Performance Competency, Peabody Journal of Education, 79(4), pp. 108-125. Lankford, H., Susanna, L & James, W 2002, Teaching Sorting and the Plight of Urban Schools, Educational Evaluation and Policy Analysis, 24(61), pp. 37-62. Lawler, E & Boudreau, J 2015, Global trends in human resource management: A twenty-year analysis, Standford University Press, Stanford. Lewis, R. E & Heckman, R 2006, Talent management: A critical review, Human resource management review, 16(2), pp. 139-154. Mandhanya, Y & Shah, M 2010, Employer branding-a tool for talent management, Global Management Review, 4(2), p. 43. Odden, A & Archibald, S 2007, Doubling Performance and Finding the Resources to Do It. Thousand Oaks, CA: Corwin Press of the Strength of the HRM System. Academy of Management Review, 29(2), pp. 203–221. Stahl, G., Björkman, I., Farndale, E., Morris, S. S., Paauwe, J., Stiles, P., ... & Wright, P 2012, Six principles of effective global talent management, Sloan Management Review, 53(2), pp. 25-42. Wright, P.M. Gardner, T.M., Moynihan, L.M. & Allen, M 2005, The relationship between HR practices and firm performance: Examining causal order, Personnel Psychology, 58, pp. 409-446. Wright, Patrick M., Benjamin, B & Scott, S 2001, Human Resources and the Resource-Based View of the Firm, Journal of Management, 27, pp.701-721. Zou, H & Ghauri, P 2008, Learning through international acquisitions: The process of knowledge acquisition in China, Management International Review, 48(2), pp. 207-226. Read More