Solution
AC3.2 Different approaches to develop and retain talent on an individual or group level
In modern business environment defined with a high-level uncertainty owing to a high-level of competition and COVID-19 pandemic prevalence, individuals and group levels talent management is important.
In an individual level, Gul et al. (2012) evidence the capacity development and relevant job design, individual talent retention being attained. The findings similarly evidenced on the necessity for embracing professional learning programs need to be created in an entity as the ranking approach for retention.
For job design retention, in group level, Personnel Today (2020) highlight by establishing relevant work shadowing and learning approaches for employees, commitment is high-level, sense of empowerment achieved and job enrichment.
| Employees development and retention strategy | Similarities | Differences |
| Reward management
Culture of transparency |
By establishing reward management, it is possible to introduce policies and strategies for employees withing the business fairly and consistently (Chahal, 2017). Similarly, by having a culture of transparency, appropriate policies and approaches are in place ensuring employees evidence high-level trust to leadership and management. Both approaches contribute positively to talents retention.
Also, both reward management and culture of transparency informs on the prevalent organisation values and norms. This ensures a holistic employees satisfaction by their organisation hence an increased motivation and intention to remain for long in their organisations |
The objectives of both reward management and culture of transparency are varying. For instance, reward management is set for rewarding employees fairly, equitably and consistently in correlation to the people value to an entity. This is with culture of transparency entail establishing trust, engagement and buy-in from employees to their organisation culture.
Also, while reward management is implemented through enactment of policies and strategies, culture of transparency is harnessed through promotion of employee voice. This is with all stakeholders being actively involved in a shared platform, investing in honest feedback, consistency in communication and keeping at it.
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AC3.3 Approaches of building and supporting different talent pools
When describing talent pool, the database established is appropriate in accessing qualified staff for entities on basis of their demand. In line with SHRM (2018), this is implemented by both internal and external strategy.
Externally, this include application of obtained tools for retrieving past and today potential recruits information, referral and networks– The strengths of adoption of the external approach include saving time with reduced costs for sourcing information accessed appropriately. It is similarly reliable with customised informed by their needs. Their weak areas include information being misled and shared amongst individuals opinions with less evidence on research-based strategy. Further, it require a detailed validation noted as time-intensive and with a lot of resources applied.
Internal approach is identified as a strategy guided by outcomes of performance appraisal and management, capacity development, coaching and mentoring strategies– In line with ASB Resources (2021), this is applicable to support an entity to focus on top talents while at the same time establishing retention strategy. Besides, the process incurs immense time, risks faced and likelihood of missing an opportunity to follow a fresh thinking strategy in an organisation.
As a best practice in the past, organisations…………………….