Exploring Talent Management Strategies

Introduction

Talent management refers to the anticipation of the human capital which is required for the organisations to enhance their performance and achieve future success (Davis et al., 2017; Sparrow and Makram, 2015). The aim of the study is to manage the human capital of the organisation and enhance the management of the talents among the employees who are the major stakeholders if the organisation in achieving success in near future. Through this study, it is possible to identify the components of talent management in the organisation which are important aspects of talent management in the companies. Collaborating the organisational strategic planning of the talent pipeline as well as acknowledging the impacts of the talent management in the organisation and how the organisation is successful to manage their talents are effective of the organisation to retain the staff and achieving the organisational success. Through this study, it is also easy to understand the perception of the employees, employers and the line managers who take active part in managing the talents among the employees at the workplace. In this study, the talent management of PWC will be evaluated for understanding the talent management strategies where the organisation focuses on retaining the staff for long run and enhancing their performance as a whole in the market. PWC is the multinational professional service networking firm, headquartered in London, UK. It is ranked as second largest professional service firm along with Deloitte, EY and KPMG (PWC, 2019a).

Organisation and talent pipeline

As per the talent management pipeline, the strategies of managing talents depends on the recruitment and selection of secured talents, flexible utilisation of talent across the organisation, strategies to reward talent and retaining talent within the organisation (Taylor, 2018). All the companies across the globe focus on talent management where the leader or the managers of the multinational corporate firms aim to manage the employees and crate values for them so that they can retain the skilled workforce for long run (McDonnell et al., 2017). As the per the talent pipeline, strategy of reward the talents is the major planning of the organisation PWC where the management team and the leader of the company develop the planning for the employees to provide rewards so that they can create values for all the employees (Mayo, 2016). In this regard, the strategic planning of rewarding the talents will provide a scope to the organisation to retain the employees and skilled workforce for long run and it further provides an opportunity to enhance their performance and achieve future success. In addition to these, through providing rewards, the managers and the CEO of the company try to maximise the choice and preferences of the employees and provide them a chance to develop their personal and professional skill and improving their reward system at the organisation (Gallardo-Gallardo and Thunnissen, 2016). It in turn helps the organisation to develop strategic planning to strengthen their employees base ad retain the skilled workforce for contributing in the organisational process positively and maximising the organisational profitability (Sparrow, Hird and Cooper, 2015).

Components of talent pipeline and its impacts on talent management

There are several components of the organisation through which, the organisation develops the strategy of rewarding the talents at the workplace (Webb, 2017). Through developing the components, the organisation aims at encouraging the employees and retaining them for long run. In this regard, PWC focuses on talent management through providing proper salary to each of the employees where the staff members, technicians and store management and other employees get proper structured salary as pr their job role and designation in the organisation. This is considered to be an effective component through which the talent management can be possible where the organisation tries to fulfil the basic requirements of the employees, where the preferences of the employees are basic needs, food, clothing and shelter, psychological needs, self esteem and self actualisation needs. PWC is successful in providing appropriate structured salary as per the designation of the staff here the staff members are also satisfied with their salary (Mazzei and Noble, 2017). This in turn motivates the employees to contribute in the organisation efficiently and encourage them to work efficiently for fulfilling the organisational aims and objectives. The employees are the major stakeholders of the business of PWC where they try to provide proper products and quality services to the customers and thus managing talents at the workplace is necessary for the brand to enhance their performance in the market and retaining the skilled staff for long run (PWC, 2019a).

Providing proper training and development program is another way to reward the talents at the workplace where the organisation PWC has proper induction process as well as the managers arrange appropriate training and development program for the employees at the workplace. The training and development program provides a scope to the employees to develop their personal knowledge and professional skill by taking active part in the training (Vaiman and Collings, 2015). In addition to these, the training and development program provides a scope to the managers and the CEO to share important information about the organisational and provide proper tactics to manage the customers in the market. Apart from that, technical skill and knowledge can be improved among the employees where they have the chance for personal professional skill development. This is another way to reward talent at the workplace where PWC provide suitable training program for the benefits of the employees and encourage them for contributing positively in the organisation in near future and grab further opportunities in achieving professional growth. Hereby, development and career opportunities further influence the employees to perform better and contribute positively at the workplace (Mihalcea, 2017).

In addition to these, there is the strategy of providing compensation and benefits to the employees where the organisation PWC is taking care of developing appropriate strategy to reward the employees and manage their talents in the organisation. In this regard, the organisation provides performance related pay to the employees so that they can earn higher as well as yearly compensation and benefits further create values for the employees and maximises their needs and preferences at the workplace. Hereby, the strategy of providing compensation and benefits as well as performance related pay to the employees is beneficial for managing talent at the workplace and retaining the staff for long run. In addition to these, the company PWC provide health and safety to the employees at workplace as well as health and wellness facilities to the staff so that they can feel safe while working with others at the workplace. In this context, the organisation providing safety and security at the workplace as well as give insurance benefits to the employees in case of any accidents of the staff. This is also considered as important component for providing rewards to the employees and managing their talents at the workplace (Gallardo-Gallardo and Thunnissen, 2016). Performance and recognition as well as health and welfare of the employees further maximises values for all the staff where PWC is successful to manage talent at the workplace and improve the performance of the organisation as a whole (PWC, 2019b).

Apart from that, developing the organisational culture is another component which is beneficial for managing talent at the workplace and in this regard, the company PWC aims at developing suitable workplace and organisational environment where the employees can work collaboratively. Incentive for group work and encouraging the cooperative working practice are also necessary components through which PWC is able to manage the talents at the workplace and encourage the staff to work as a team and serve the customers with quality products and services. In addition to these, the managers are concerned about employee’s flexibility where they provide the chance to the employees to choose the working time as per their convenience and this is also considered as important factor that has positive impacts on staff retention and managing talent a the workplace. Suitable organisational environment provides a scope to the staff to work collaboratively and contribute positively in achieving the organisational success. In this context, the management team of PWC is also concerned about motivating the employees as well as encouraging their innovative and creative so that they have proper freedom to work efficiently. These are the major organisational culture where the company is successful to manage the talents at the workplace and create values for all the staff members (PWC, 2019c).

As per the talent pipeline, it is crucial to develop effective strategic planning to provide rewards to the telnet so that it is easy for the manager and the CEO of the company to manage the talents at the workplace and retain the skilled workforce for long run. Additionally, the above mentioned components are crucial for the organisation PWC in order to manage talents and strengthen their employment base where they are successful in retaining skilled staff, technicians and managers to run the organisational operational activities proficiently and serve the customers with quality products and efficient services at the market (Mazzei and Noble, 2017). Hereby, the talent pipeline and the component of strategies for rewarding the talents are beneficial for the organisation PWC to achieve future success and secure future sustainable development where the employees are knowledgeable and skilled to serve the customers which is the main mission of the brand. Through talent pipeline, the organisation tries to manage the employees across the international nations and retain the skilled workforce for managing the organisational operational activities proficiently. Providing motivational speech, freedom and harmony at the workplace as well as partnership working practice are also the strategies to give rewards to the employees where the employees can feel valued and they can contribute to active future success (PWC, 2019d).

Perspectives of employer, managers and employees in talent management

The perspective of the employer, managers and employees are necessary to be understood so that it is possible to acknowledge the impacts of the acuities and measure the organisational performance as a whole.

Employer’s perception:

The employers are playing crucial role in talent management in the organisation PWC to manage the market as well as the talents at the workplace. In this regard, the employer is efficient to develop reward system in the organisation to control the staff and employees and provide them a chance to contribute in the organisational success. As per the perspective of the employers, providing rewards, both the monetary and non-monetary to the employees are beneficial to satisfy the employees and retain them for long run. It shows that, the employers believe that, the business of the PWC depends on the performance f the employees where they think that the employees are the major stakeholders of the business who are contribution in achieving the organisational success in the market. Hereby, managing talent through the above mentioned components of talent pipeline are necessary in the organisation to retain the employees and skilled workforce as a whole for long run (Davis et al., 2017; Sparrow and Makram, 2015). As per the perspective of the employers the organisation should focus on rewards management system and monitor the performance of the employees so that continuous improvement can be possible at the workplace. Rewards management has negative impact on the organisation where as per the perception of the employers, there is financial resources allocated for the employees to provide rewards to them where it is costly for the organisation to reallocate the resources for talent management (Sparrow, Hird and Cooper, 2015). Though it is costly to the employers, it will have positive impacts such as boosting performance and achieving future organisational success. Hereby, it is necessary to reallocate the financial resources of the organisation OWC to improve the efficiency of the staff and manage their talent for long run.

Perspective of the employees:

The perspectives of the employees are that, more rewards system is beneficial for talent management where the company can satisfy the employees and fulfil their needs and aspirations at the workplace. Structured salary, flexibility at workplace and cooperation further help the employees to work as a team and it in turn motivate the staff to perform better. Continuous improvement of work as well as proper supervision and cooperation from the managers and supervisor further encourage the employees to work proficiently. As per the perspective of the employees, they feel satisfied and they can feel valued at the workplace for such strategies of rewarding the talents at the workplace (Sparrow, Hird and Cooper, 2015). The structured salary as well as organisational working environment further enhance the performance of the employees and improve their interest to perform better in future to contribute primitively in the organisational success.

Perception of line managers:

The line managers focus on talent management so that they can lead the employee towards achieving success ad in this regard, the mangers are responsible to reallocate the resources and cooperate with the employers for talent management at the workplace (Gallardo-Gallardo and Thunnissen, 2016). The managers are also cooperative in nature where they try to collaborate with the employees and carte values for them at the workplace. Hereby, the above mentioned components of rewarding talent at the workplace in turn help the management team to lead the employees and supervise them properly. Additionally, proper monitoring, managing flexibility at the workplace and providing harmony and freedom to work are possible in the organisation PWC where the managers can motivate the employees and encourage their innovation and creativity for long run. Moreover, the components such as training and development as well as arranging general meeting are also preferred by the line managers where they focus on improving the skill and knowledge among the employees so that they can perform better and achieve professional success (Davis et al., 2017; Sparrow and Makram, 2015).

Hereby, there are positive impacts of talent management through reward system where the employers, line managers and employees, all have advantages as the strategies and components of talent management provide a scope to improve employee’s contribution and achieve the pres-specified goals of the organisation in long run.

Conclusion

It can be concluded that, talent management and developing talent are necessary in the multinational organisation like PWC, where the components such as training and development program, health and safety, providing structured salary, managing organisational culture and harmony, providing freedom and flexibility to the employees as well as performance related pay, health and wellness and compensation are necessary for successful talent management. As per the perception of the employers, employees and also the line managers, the talent management strategy of providing rewards to the employees as per the talent pipeline are effective for the organisation to active future success and strengthen their employee’s base by retaining the skilled workforce who can contribute with their full potential in enhancing the organisational performance. Hereby, PWC needs to focus on talent management practice through providing rewards to the employees where the employers and the managers can manage talent and encourage the employees for improving their performance.

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Reference List

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Mayo, A., 2016. Human resources or human capital?: Managing people as assets. London: Routledge.

Mazzei, M.J. and Noble, D., 2017. Big data dreams: A framework for corporate strategy. Business Horizons, 60(3), pp.405-414.

McDonnell, A., Collings, D.G., Mellahi, K. and Schuler, R., 2017. Talent management: a systematic review and future prospects. European Journal of International Management, 11(1), pp.86-128.

Mihalcea, A., 2017. Employer branding and talent management in the digital age. Management Dynamics in the Knowledge Economy, 5(2), pp.289-306.

Sparrow, P.R. and Makram, H., 2015. What is the value of talent management? Building value-driven processes within a talent management architecture. Human resource management review, 25(3), pp.249-263.

Taylor, S., 2018. Resourcing and talent management. London: Kogan Page Publishers.

Vaiman, V. and Collings, D.G., 2015. Global talent management. The Routledge companion to international human resource management, pp.210-225.

Webb, S.P., 2017. Knowledge management: Linchpin of change. London: Routledge.