- Published: October 31, 2021
- Updated: October 31, 2021
- University / College: The University of Tennessee, Knoxville
- Level: Master's
- Language: English
- Downloads: 46
Talent Management Strategic Plan Talent for Candlelight, Inc Outline Identifying Organizational Goals/priorities
From the case, it is clear that the company is prioritizing to acquire new business unit and improve on some of its weaknesses including management misalignment, depleted talent. Low employee morale, and employee turnover. Therefore, the company’s objective is to grow its business while at the same time retaining and motivating talent to achieve higher returns.
2. Identifying organisational Strengths and Weaknesses
Some challenges of the business include depleted talent, lack of motivation, poor management, resistance to change, poor public image, employee turnover, and no training and development. Its strengths include financial performance, global reach, and innovativeness.
3. Gap Analysis
This involves an analysis of where the organisation is now, and where it should be in future in terms of talent management. The gaps that need to be filled in the company’s HRM include motivation of employees, retention, training and development, and commitment.
4. Develop Internal Talent Pools
Developing internal talent pools enhances employee retention and commitment, and reduces employee turnover. It involves training and development, motivation through compensation and rewards, and creating work-life balance.
5. Attracting and Building External Talent
To replace those employees who have left, the company should attract experienced, qualified and committed employees. One of the mechanisms to do that is to build the image of the company and an employer brand that can attract the best talent (Newfoundland and Labrador, 2008). Diversity should also be considered. To build external talent, the company should also engage students who are still undergoing their studies through internship programs.
6. Building Organizational Culture
The company should also build on elements of organisational culture and work environment to enhance employee satisfaction and retention.
7. Assessing and Evaluating performance
After all the above have been done, the company should measure the results of the talent management program and communicate the successes and failures encountered (Newfoundland and Labrador, 2008). This enables the company to develop ways to correct the weaknesses and build on the strengths of talent management.
Newfoundland and Labrador (2008). Developing an Integrated Talent Management Program: A Human Resource Management Framework. St. Johns: Government of Newfoundland and Labrador.