Effectively Managed Talent Pools
Characteristics of Effectively Managed Talent Pools for Leaders
Synthesize the key characteristics of an effectively managed talent pool for leaders. Justify how you would initiate and maintain this talent pool of potential leaders.
Effectively managed talent pools help in ensuring that there is a constant flow of qualified candidates when required. Talent pools exist fundamentally to best suit the needs of an organization for its success (Sohel-Uz-Zaman, 2018). Effectively managed talent pools for leaders are characterized by the ability to suit the talent needs of the company both in the present and in the future, high levels of engagement, and the inclusion of internal talent. A well-managed talent pool should be considerate of both the current and the future workforce needs of an organization. This consideration allows for the assessment of talent against organizational strategic planning (Yarnall, 2011). Talent engagement is essential for nurturing the identified talent. Well-managed talent pools for leaders encourage talent honing mainly through adopting a proper performance management system (Sohel-Uz-Zaman, 2018). Lastly, well-managed talent pools must take in internal talent. It is quite easier to identify and nurture talent from the existing workforce in an organization (Sohel-Uz-Zaman, 2018). This talent recruitment process is highly effective as current employees are more informed and experienced in the running of the organization.
Creating and maintaining an effectively managed talent pool of potential leaders could be an uphill task, especially in the modern dynamic organizational environments. At the initiation stage, I would engage various steps. Firstly, I would evaluate the organizational strategies to identify the required competencies. Secondly, I would assess the existing talent in the organization to determine the talent gaps (Yarnall, 2011). Thirdly, I would select potential employees capable of filling the talent gaps and engage them in various activities to boost their skills. Lastly, I would monitor the progress of the identified talent pool and make necessary adjustments with time. To maintain this talent pool, I will ensure that the team is highly motivated to increase their job satisfaction (Yarnall, 2011). Ensuring high levels of job satisfaction would discourage employee turnover.
References
Sohel-Uz-Zaman, A. S. (2018). Understanding the Fundamentals of Talent Management for Effective Business Application . International Journal of Economics, Finance and Management Sciences, 6(3), 98-103. https://doi.org/10.11648/j.ijefm.20180603.14
Yarnall, J. (2011). Maximizing the effectiveness of talent pools: A review of case study literature. Leadership & Organization Development Journal, 32(5), 510-526. https://doi.org/10.1108/01437731111146596