Talent Management Strategy Research Paper Example | Topics and Well Written Essays - 1500 words

Talent Management Strategy - Research Paper Example The current employment size of the organisation in over 20,000 people worldwide and the company is continuing to expand into newer markets. The company has come a long way from its humble origins in the early forties when it was founded in a small state in Europe. Currently Hilti operates in over 120 countries worldwide and tends to operate in one of the most competitive markets in the world (Hilti, 2009). In order to gain competitive advantage over its competitors Hilti has a continuous need for innovation that it tends to meet using talent management methods. The added pressures to make the workplace safer have meant that health and safety regulations have been changing around the world in the past few decades (Fung et al., 2010). In order to keep up with the challenge, Hilti has been employing a number of different talent management strategies that are discussed in detail below. 2. Talent Management Strategy Talent management has grown to encompass human resource management throug h the active anticipation of human resource requirements. These requirements are tabulated and plans are devised in order to meet the identified human resources needs (Carpenter, Bauer, & Erdogan, 2010). Generally businesses engaged in talent management transfer the grooming of employees from the human resources department to the line managers directly in order to produce more efficient strategies. It also tends to make more sense given that the line managers have far greater expertise in determining the needs and requirements of individual employees. These can be used to align the development of individuals with the developmental needs of the organization far more flexibly. The largest reason for the enhanced flexibility is the simplification of the overall framework that does not remove the human resources department but instead tends to simplify the process flow. Typically talent management programs can pursue either of two preferred paths in order to enhance the overall human re source potential. The simpler strategy is to hire talented individuals from the labor market and to manage them accordingly. Another alternative strategy is based on the assumption that all individuals carry some form of talent. This strategy relies on grooming the individual talents of all employees in order to garner human resources. Therefore, talent management in an organization could be diverted at a select few individuals or to the entire labor set in order to develop human resources to empower the organizational objectives and goals (Rammer et al., 2010) (Perdomo-Ortiz et al., 2009). While some organizations have chosen to pursue the former path over the latter but Hilti has chosen to use the latter path. The development of a few select individuals tends to lower the costs for talent management but exposes the business to greater risks. These risks arise when the talented and groomed individuals choose to leave the organization for any number of reasons. Above anything else, this could occur due to the â€Å"war for talent† (Michaels, Handfield-Jones, & Axelrod, 2001) where an organization decides to capture the available talent pool from the market by providing better pays and perks. The human resources that leave an organization in this scenario represent a large