This paper aims to discuss how talent management is vital for any company. It is always important for a company to hire and develop talented staff since they impact the profits and the growth of a company. Talented individuals also have an influence on the number of customers that a firm attracts and retains.
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The importance of aligning human resource processes with business strategy
It is important to note that firms have come to understand how strategic it is to have a talented human resource on the financial results. Many companies are taking their businesses to the global level and therefore it has become compulsory for these companies to have the best people to act in accord with these expansion programs. “There has been a global demand for talented workers accompanied by a lack of availability of excellent talent and this has made the acquisition, retention and development of talent an important strategic venture of many firms” (Leighanne,2009).
The importance of running a business that is lean in terms of expenditure and very efficient has led to a paradigm shift in the management of human resources. This process of aligning human resource strategy in tandem with the business one is challenging and very complex especially if the efforts of human resources are taken into account only after the setting of the business strategy. Setting a business strategy is a process that should involve human resources.
Using benchmarking to determine the performance standards for leadership, client-facing, and specialty/support functions
The company wanted to assess to provide it with a strategic vision which it would use over five years. The vision aimed to focus on an approach that is a more client-oriented structure, planning for a client account and much emphasis on the interdependence of the global offices which serve international clients. It was noted that the company’s system of performance management was not the best since it was very complicated and heavy in process. “There lacked a source code and therefore the human resource processes could not align completely hence missing out on the chances for the mutual reinforcement that was greatly needed” (Goldsmith, 2009). There are several methods that the firm used to determine the performance standards.
There were several discussions with the company’s Chief Executive Officer, the strategy officer, and the president. These discussions revealed the need for a process that advocated for individual accountability. The senior managers worldwide were to be asked to put global priorities first other than their office considerations. This was crucial since the multi-office client accounts have become a good strategy for growth.
This was a vision that entailed the combination of business planning and a team-building venture involving senior managers. This involved providing detailed reviews of the internal analysis, coming up with alternative strategies, and also developing a new approach for the planning of the client account.
According to the business results the company was doing well since it posted higher profits over the period the strategy was planned. The senior managers were convinced that more focus on a larger and complex client base was good since it would raise revenue and improve the growth of the company. Therefore they decided to set higher goals for themselves. They wanted to achieve more and therefore had to set the bar higher.
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The company has a survey that measures the operating culture on several dimensions: organization culture, long-term focus, teamwork, stake in the outcome, communication, learning orientation, quality, leadership, empowerment, client satisfaction, and the implementation of survey results. Although the scores in 2004 were in tandem with the firm’s average, the managers aspired to raise them. This would give a good measure of the effectiveness of the human resource department and the leadership of the company.
Three objectives of the talent management system including one from each category of operations, customer, and financial objectives
There is a link between good talent management and financial objectives. Companies that have proper talent management achieve higher profits and have good cash flow. These companies also perform better in the stock market and the value of their stock is highly valued.
A company may want to form a business unit that would be developed to produce approaches that would lead to the satisfaction of the customer’s demand. Through proper talent management, there will be a need to recruit staff who have the acumen to start and develop a business. The person in charge of this new business needs to satisfy the customer’s needs and be able to respond to their demands.
Another objective of talent management is to achieve efficient operating processes. When there is proper talent management the staff will be very effective and hence will translate their talent to assigned programs systems and processes.
How the company would measure each objective
These objectives need to be measured for them to be known if they have produced the desired results. Financial objectives can be measured by looking at the performance of the company in terms of profitability. The performance of the company’s share in the stock market is also another indicator that would show if the financial objectives have been achieved. “Operation objectives can be measured by analyzing if the processes and systems that the company has started are working in line with the company’s vision and also if the finances and growth of the company are improving” (Silzer, 2009). Customer objectives can be measured by checking if the client base is growing and also the feedback of the customers regarding a certain product.
Porter Novelli’s talent management system impacts its organizational performance
There was positive feedback about how effective the process was especially in clarifying and giving priority to job expectations. There was an increase in business. The company experienced a great performance in terms of profits. This happened in the period 2006 and 2007. There was an increase in the customers at the offices worldwide. The company’s share increased and the value greatly increased.
This paper has discussed how important it is for a company to develop a talented human resource. The importance of this talent management has been discussed through Porter Novelli. The development of a talented human resource has a great influence on the growth of a company and also on the profits. Customer attraction and retention is another aspect that is directly affected by the management of a talented human resource.
Goldsmith, M (2009). Praise for Best Practices in Talent Management. Boston: John Wiley and Sons.
Leighanne, L (2009), Talent Management Systems 2010. Boston: Bersin & Associates.
Silzer, R (2009).Strategy-Driven Talent Management: A Leadership Imperative. Boston: John Wiley and Sons.