Silzer and Dowell

Silzer and Dowell (2010) go on to state that after determining the talent requirements that are strategically important to the organization, the next step is to consider whether there is a sufficient internal talent to meet that short and long term business needs of the company, this could involve either making or building the needed talent from within the company or buying from outside company (p. 97).

Bersin, J. (2011) provides a table to identify competencies for leadership talent (p. 30):

Critique the components of the talent management strategy and suggest alternative ways to achieve effective results.

Silzer and Dowell (2010) stress that the business world today is more dynamic than ever with an accelerating pace of new technologies, increasing globalization of markets and competition, changing regulatory requirements, and increasingly commonplace mergers, acquisitions, and divestitures have forced organizations to continually renew their capability to achieve competitive advantage. Consequently, the demand for talent is outstripping the supply. The ability for a firm to create an integrated system that yields a continual flow of talent ready to address specific strategic and operational opportunities may be the single most enduring competitive advantage. While organizations often find that their strategies, products, services, or markets require change, the need to have relevant, differentiated talent to achieve these business goals remains constant (pp. 73-35).

Boudreau and Ramstad (2002) propose focusing on “pivotal talent” or the talent where improvements in capabilities will make the most significant impact on competitive advantage. When talent management is integrated into strategic business planning, there is an opportunity to discuss the capabilities and skills needed to execute the plan. This helps leaders create proactive plans to ensure that they have the talent they need to achieve the strategy (p. 7). According to Aguirre, D., Hewlett S. A., and Post L. (2010) the global recession has compelled CEOs to recognize the competitive advantage in the knowledge economy is determined and driven by human capital. People are the only asset that innovates, and innovation is the only path to sustained breakthrough performance. As part of the process of prioritizing critical capabilities, senior management should identify their key talent or pivotal talent (those with specialized skills, knowledge, and/or abilities) that drive competitive advantage and contribute disproportionate value to the fulfillment of the company’s strategic objectives. Other key workforce segments include “core” employees