Talent Management Strategic Plan

1. Human Resources Function – the Company’s HR function has continued to lose key talent over the last several years. A few replacements have generally been at the clerical/administration level. Competent HR leadership is greatly lacking and there has been no attention or effort made by the CHRO to make any changes. The HR people in place have operated in a very reactive and generally non-responsive way. The credibility of HR with leaders and employees is considered negative.
2. Introduce a pay-for-performance compensation plan

A performance based compensation plan enhances performance in organizations. Employees who perform more are paid more. Employees who do not deliver, on the other hand, are granted low incomes. Since each employee’s needs are unique, they all devote different levels of their time and energy to enhance their performance. Performance based compensation can also be used to determine promotions and demotions. This will help in reducing employee turnover.

• Train employees

Employee training will eventually help employees to improve in all their activities. Employee training will help employees to keep up with technology as well as help in motivating them. The R&D VP can be exploited as she seems versed in this strategy. She knows that training and encouragement can be tapped to improving on company performance both in the short-run and in the long-run. She may also be asked in the coordinating such training sessions or at least play a role in training managers.

• Improve employee benefits

Employees are often motivated to do better if they like the compensation that is given to them. They will often compare themselves with other people from the same organization or other organization and if they are better compensation, they will perform better to keep their position. Employees who are poorly compensated will not perform as well and will keep looking for better employers. Attractive compensation plans will therefore help in attracting and retaining talent.

• Promote diversity

If all individuals have a sense of equality in the company regardless of their age, gender, race or religion, they are likely to perform better. Young employees in Candlelight Inc may feel discriminated and unappreciated by the older crop. It is necessary for the company to promote diversity at all its levels. Creating cultural competence in the organization may be integrated in the training programs. It will often lead to an entire change of culture. The cultural change involved will lead to a friendlier working environment.

• Leadership Misalignment – the Company’s Senior Leadership has not functioned in an aligned and effective way in the last several years. The new CEO is fully aware of the leadership dysfunction and is working to make necessary changes with his Senior Team.
• Manager training

Managerial positions have been held by the same people over long periods. The company should strive to ensure that these individuals are educated on the impact of the various leadership styles that they use. Better leadership styles should also be promoted.

• Introduce collaboration

Collaboration is the most effective form of leadership. It ensures that all individuals have access to information and skills that may be used in promoting production in the company. Employees should also be provided with tools that enhance collaboration such that they are able to get access to data from any department with ease. This will help in making employees deliver better. Collaboration should be floated to managers as they are the most affected.

• Devise succession plans

It is necessary for the company to create a clear succession plan to promote performance. Employees should know exactly which positions they are likely to take in the future. In this regard, they are going to be more active in obtaining the education that is required in those positions. Leaders will also know where to direct most of their energies in developing leadership.

• Promote ethical leadership with consequences

It is necessary for leaders to be informed of what is ethical in terms of leadership and what is not. There should be consequences in terms of demotions, terminations and suspensions for those who practice unethical behavior.  This will help in eliminating autocracy in the leadership.