Assignment Sample on Strategic Resourcing and Talent Management
Introduction
The present essay will provide an outline of challenges that are found for high attrition in organizations. Discussion will be primarily done based on ideal employee turnover rate and factors that are related to this. Strategic resources in organizations will be discussed in this essay and major advantages of talent management will be done. Main discussion of the essay will shed light on issues of employees that are found to work for long periods in organizations.
Body
Strategic resourcing is the criteria that helps to ensure that organizations retain and obtain people that are necessary for them. Organizational, technical and leadership properties are main factors that are included in strategic resourcing. As opined by Goetz and Patz (2017), managers of organizations are required to take certain strategies that can be implemented to complete various tasks properly. Concept of strategic resourcing is mainly the forecast of people delivering their planned results. Resourcing is generally the recruitment of most appropriate talents for the organization. Hiring well experienced candidates to complete various useful tasks for organizations is done by managers to achieve success.
Managers need to have a potentiality of identifying the right skill that is necessary to complete tasks more effectively. Important activity in strategic resource management is to select an employee in the right order. As per the opinion of Graham (2017), employees need to be allocated with tasks based on their area of expertise. Key resources of organizations need to be assigned with tasks which they prefer to do. However, Reinsberg (2017) argued that employees should even be provided tasks about which they have minimal knowledge. Giving tasks to employees out of their comfort zone is beneficial to help them know about topics out of their field.
Strategic resourcing system is done in organizations by managers by recruiting employees according to their behaviours and skills. Identification of employees and hiring them according to their behavior helps in creation of a better work environment. As stated by Sareen (2018), significant assets in organizations need to be used effectively by managers with implementation of proper business models. Roles need to be advertised effectively by employees and managers need to put employees in right places to gain better outcomes. Applying robust methods of selection provides a positive impact during the process of strategic resourcing in organizations.
Challenges in High Attrition
Attrition is the process of employee reduction that occurs gradually through retirement and resignation while they are not replaced by employees of similar talent or capabilities. Several problems such as increased hiring costs may occur when such events take place in an organisation. High attrition rate can create pressure over management to hire talented people for the organisation at shorter intervals of time. Such regular hiring of people will cause the company to organise several recruitment programs, leading to higher operational costs in hiring of employees.
High attrition rate prevents building strong bonds between employees of an organisation, hampering the sustained growth of a company. People working together for a long time have tackled different difficult situations and such experiences become worthy in times of critical operation. Workforce erosion prevents the growth of a strong organisational culture. As argued by Newman et al. (2018), high attrition rate requires companies to spend a lot of time and effort on training the new employees. Untrained employees cannot contribute towards high productivity of a company. Thus, providing necessary training becomes essential and bringing freshly trained individuals into the workforce may interrupt the flow of operations in a business in a short term.
Lack of growth opportunities often cause an increase in the rate of attrition because employees often look for better chances of career progression. Hence, a company needs to grow substantially in order to provide growth to its employees. It becomes more difficult with new individuals entering into the workforce and taking positions of responsibilities that demand for more experience. As stated by Flores (2020), quality of work is reduced due to a higher rate of attrition. Such loss of quality may lead to a drop in customer retention, causing long-term damage to the brand of an organisation. Most businesses offer great products or services due to lower rates of attrition and higher rates cause loss of performance for companies.
Issues related to employees working in an organisation for longer period
Employees working in an organisation for a longer period can be considered as assets of an organisation due to several causes. They have a sound knowledge about operations being conducted in the business and can provide invaluable support to the structure of business. However, a lot of problems occur with long-term employees in a company as the management cannot make its decisions effectively. Several experienced employees lack motivation to work harder and growth of a company is often stalled due to poor performance of employees (Khalid and Nawab, 2018).
Retention of employees for a long time also causes them to ask for more favours from the company without considerable improvement in their performance. As argued by Lee et al. (2018), favouritismpractises often discourages high-performing employees to work satisfactorily within the company. Most of the employees working for a long time feel dissatisfied due to lack of recognition of their efforts. Undue advantages may be given to long-term employees in taking posts of greater benefits within the organisation.
Advantages of Talent Management
It is becoming increasingly necessary for any company to construct a talent management system within its organisational structure. Several advantages of talent management relating to development of business are listed as follows.
Strategic Hiring Process
The hiring process conducted by companies under the talent management system offers a strategic way of recruiting new talents into the company. It keeps a database of potential talents and offers them recruitment according to job profiles. Such a process of hiring improves the quality of the individuals employed in the company. [Referred to Appendix 1]
Improvement in employee experience
Talent management system offers a framework of operations in order to involve the employees in an engaging way into the business operations. Employee experience is increased by providing those jobs that stimulate their minds and can bring greater productivity for the company (Jindal et al. 2017).
Retaining of talent
Talent retention is a big challenge for several companies in the present competitive job market. As argued by Rodriguez-Sanchez et al. (2020), profiling of employees can be done in terms of achievements, performance, acquired skills and positive contribution towards company growth in order to retain top talents within the organisation. Retaining top employees can help a company to grow persistently and attract more talents.
Customer satisfaction
As the employees remain motivated and satisfied with their jobs, their service and performance are increased. An increase in their job performance leads to improvement in the quality of the products and services offered by the company. Better products result in better customer satisfaction and long-term retention of customers (Jindal et al. 2017)
Employee Turnover Rate
Employee Turnover Rate is essential in business as it determines the number of people replacing employees that have left the organisation. In most cases, it is found that suitable replacements cannot be found for experienced employees. Years of experience gathered from working in the job as well as a dependable set of skills that they possess are immensely valuable for the company. Employee turnover rates vary from industry to industry and the rates are compared with a set standard. A benchmark of employee retention rate is set as 15% by any industry working with professionals on an international level. In most industries such as production and manufacturing, employee turnover rates are as high as 18% (Khalid and Nawab, 2018). High employee turnover rates indicate instability in the job market in that particular industry.
Low employee turnover is often expected for industries to achieve as it indicates stability in the job availability. Steps are taken by most leading companies so that very few high-performing and valuable employees leave the job. Such losses of valuable employees create gaps in the workforce and finding suitable replacement is a difficult task. Turnover rates of a company are often compared with its competitors to get a clearer insight about its situation of employee retention. As argued by Redondo et al. (2019), creating great leaders and managers are possible for an organisation due to low employee turnover rate, allowing them to succeed in the long-term.
Conclusion
Based on the above discussion it can be concluded that talent acquisition in organizations need to be done properly. Old candidates in organizations need to be replaced with new effective members. Primary reason behind it is new and modern employees have got the capability to learn technologies faster compared to older generations. Time consumed to provide a training facility is less which opens scope for managers to use it for other valuable purposes. Effective plan in the workplace is a major factor that helps in bringing improvement in organizations. Implementing resources in a more strategic way is a necessary criteria to gain better results. Finally, it can be concluded that a higher amount of success can be achieved once talent management is done properly.
References
Flores, C., 2020. Attrition and reactivation of a childhood language: The case of returnee heritage speakers. Language Learning, 70, pp.85-121. https://onlinelibrary.wiley.com/doi/abs/10.1111/lang.12350
Goetz, K.H. and Patz, R., 2017. Resourcing international organizations: Resource diversification, organizational differentiation, and administrative governance. Global Policy, 8, pp.5-14. https://onlinelibrary.wiley.com/doi/abs/10.1111/1758-5899.12468
Graham, E.R., 2017. Follow the Money: How Trends in Financing Are Changing Governance at International Organizations. Global Policy, 8, pp.15-25. https://onlinelibrary.wiley.com/doi/abs/10.1111/1758-5899.12450
Jindal, P., Shaikh, M. and Shashank, G., 2017. Employee engagement; tool of talent retention: Study of a pharmaceutical company. SDMIMD Journal of Management, 8(2), pp.7-16. https://www.researchgate.net/profile/Mohsin_Shaikh3/publication/322002581_Employee_Engagement_Tool_of_Talent_Retention_Study_of_a_Pharmaceutical_Company/links/5ab9f35aa6fdcc46d3ba36e9/Employee-Engagement-Tool-of-Talent-Retention-Study-of-a-Pharmaceutical-Company.pdf
Khalid, K. and Nawab, S., 2018. Employee participation and employee retention in view of compensation. SAGE Open, 8(4), p.2158244018810067. https://journals.sagepub.com/doi/abs/10.1177/2158244018810067
Lee, T.W., Hom, P., Eberly, M. and Li, J., 2018. Managing employee retention and turnover with 21st century ideas. Organizational dynamics, 47(2), pp.88-98. http://assets.humanresourcesonline.net/conferences/2019/TMA/TMA%20MY%20Pre-Reading%20Articles/Journal4.pdf
Newman, L., Harris, V., Evans, L.J. and Beck, A., 2018. Factors associated with length of stay in psychiatric inpatient services in London, UK. Psychiatric Quarterly, 89(1), pp.33-43. Available at: https://link.springer.com/article/10.1007/s11126-017-9498-7
Redondo, R., Sparrow, P. and Hernández-Lechuga, G., 2019. The effect of protean careers on talent retention: examining the relationship between protean career orientation, organizational commitment, job satisfaction and intention to quit for talented workers. The International Journal of Human Resource Management, pp.1-24. https://www.tandfonline.com/doi/abs/10.1080/09585192.2019.1579247
Reinsberg, B., 2017. Trust funds as a lever of influence at international development organizations. Global Policy, 8, pp.85-95. https://onlinelibrary.wiley.com/doi/abs/10.1111/1758-5899.12464
Rodríguez-Sánchez, J.L., González-Torres, T., Montero-Navarro, A. and Gallego-Losada, R., 2020. Investing time and resources for work–life balance: the effect on talent retention. International journal of environmental research and public health, 17(6), p.1920. https://www.mdpi.com/1660-4601/17/6/1920
Sareen, D., 2018. Relationship between strategic human resource management and job satisfaction. International Journal of Current Research in Life Sciences, 7(03), pp.1229-1233. https://fardapaper.ir/mohavaha/uploads/2018/07/Fardapaper-Relationship-Between-Strategic-Human-Resource-Management-and-Job-Satisfaction.pdf
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