HR105 Talent Management And Succession Planning: Human Capital Theory

Task

Prepare a Management Report on Talent Management. Apply this to a relevant organisation that operates in the UK. Your report should outline the aim(s), legal regulation (if relevant), and costs and benefits for that organisation in dealing with this issue. Your report should also briefly outline the timescale, cost and prioritisation of any recommendations.

Executive Summary

Leave this until last. It is a summary of the findings and recommendations of the report.

Introduction

Choose an organisation relevant to the topic. As this is an introductory module, the level of organisational investigation sought is modest. But you should find out how many workers it employs, its turnover and its profitability (if relevant) and have some sense of the key issues affecting it. A brief profile of organisation could be one of your early paragraphs.

Literature Review

Define what is talent from employment perspective. It is part of human resource planning from a strategic perspective. Organisations look for talent beyond their normal recruitment.

Human capital theory = links investment in the organisation’s key asset (its employees) to increased productivity and sustained competitive advantage – strategic aspect is the long-term enhancement of the firm’s resource base by linking employee skill development with retention through training and development, career management and progression

What is your talent?

Applicants should define their talent in terms of Baseline – skills, traits, characteristics, and behavior that is required of all roles e.g.
Lifelong Learner..continually developing self through CPD and further study Self-starter- does not need to be asked to take initiative.

Ability to work with minimum supervision

Role Specific – additional skills, traits, characteristics, and behavior required for a specific role e.g. Technical & end user support
Technical writing & documenting

What talent is required for what strategic roles in your organization. Relate this to an organization, eg Google needs talented programmers,Top 100 UK companies need best talent for succession. Give examples of talent.

Identifying

Identify and assess existing and needed talent

Internal and External Recruitment Methods.

What are the methods used to identify talent? Head Hunting from competitors,Linkedin, Top Universities

Identifying talent through high value staff appraisals and grow from within?

Internships,Sweetners eg incentive to resign,remuneration package

Understand adequate compensation and impact.

Engaging

Activities to make target to feel part of the new organisation

Developing

How is new talent developed for future leadership roles

Management Training Development programs

Involve top performers in mentoring and coaching.

Train within and outside the organization

Re-inforce development with obligations

Development is woven into the fabric of the organisation

Development primarily means challenging experiences, coaching, feedback and mentoring

The company owns the talent; people move easily around the company

Everyone has development needs, and receives coaching

Mentors are assigned to every high-potential person

Retention

Turnover and succession plan for the future

How does organization avoid new employees leaving?

Pay And Rewards-Talented employees are marketable and can leave

Comparing “apples to apples”

Non-financial compensation

Managing expectations …

Succession planning:

Identifying key people to grow to fit future roles

Needs a stable environment and long term career plans and opportunities

Does fulfil good retention goals if people feel there is something to aim for. Links to motivation and employee engagement

Need to balance internal and external labour markets. If there is no “new blood” an organisation can become stagnant