Talent Management Strategy

Assignment 3 – Talent Management Strategy

Talent Management – HRM 532

February 17, 2013

Formulate a talent management strategy to encompass the entire talent requirements of the organization.

As a company grow they must be mindful that their achievements are through the results of the talent capabilities of their employees. The success of any organization is based on its ability to attract, engage, and reward talented people effectively.

Company executives are realizing that in in order to be successful the attraction of high performing talent requires a brand of employment more unique than their competitors. Rewarding performance to high caliber talent for their excellence further encompasses the attraction of trust, dignity to them as an individual. Balancing the needs of the organization and the highly talented workforce is the foundation of top management philosophy (Martin & Schmidt, 2010).

As companies continue to grow, they must also ensure that the capabilities of their employees in in place to meet the challenges before them. In order to meet the company's strategies, new approaches in employee competencies should engage a talent strategy that rewards performance and satisfying occupation. This strategy should also ensure that high level development, the management of the employee talent and succession planning are in place to develop future leadership. Acknowledgement through employee appreciation should be on a consistent basis (Jusko, 2012).

Based on a market based process, the market median for exceptional performance would be target at the 50th percentile. Talent must be rewarded at various levels and should demonstrate the core competencies of the organization's objectives. By establishing the relationship between performance and compensation, the organization would be able to leverage high performers over time. Salary increases and incentives would be drastically less for the low performers.

Another essential practice is communication. Organizations must be committed to open communication with its employees that they completely understand how their abilities and performances are aligned with the organization's management strategy. The organization must maintain transparency with its stakeholders and Board of Directors and maintain full disclosure of the high level compensation with the Internal Revenue Service.

Determine the key components of talent management, including identifying, assessing, and developing talent.

To accomplish successful talent strategies, talent management programs must be "practical, efficient and easy to use" (Silzer & Dowell, 2010). Succession planning and development planning for the high-potential