Talent Management Initiative for Identifying Gaps - Free Samples

Question: Discuss about the Talent Management Initiative for Identifying Gaps. Answer: Introduction: Global recession has gone for almost nine year, however high unemployment rate is still looming around the business houses. One of the main reasons for this slow growth of the employment rate and output growth is the gap in talent pool (Rincon-Aznar et al., 2014). The gap may be an existing or anticipated gap consistent with the long-term strategic objectives of an organization, however the recent trend shows that it effectively hamper the growth of the industry of a country. According to the Talent Planning Survey report of Chartered Institute of Personal and Development (CIPD) 73% of the organisations eventually feel the that there is a rise in number of the unsuitable candidates in the job vacancies (Armstrong Taylor, 2014). This assignment will discuss the various techniques of identifying gaps in the talent pool and compare the multisource assessment mechanism to develop a talent management initiative. Some techniques of identifying gaps in talent pool: Rise in competition in the job sector is a good indicator for the country, but it is not good in economic terms because it leads to rise in demand of employment, a gap between the required and acquired talent will become broader (Silzer Dowell, 2010). Identifying the loopholes in the talent pool is highly important; otherwise, it may lead to fall in productivity for the country. Education strategy: Having a skilled labour at first place may not be possible for the business houses owing to rise in demand of employment. Thus, education strategy is one of the best ways to deal with the talent pool because it will help the organisation to grow required skill in the employee. Contesting the education of an employee with the desired amount of skill, one can easily chalk-out the talent pool gap. Proactive retraining: Proactively retraining is another effective way to point out the talent gap between the desired skill level and actual skill of the employee. This measure can use for both the mitigating as well as identifying the skill gap in the talent pool. It looks into the fact that how well the employees of an organisation are performing and depending upon the result it aids the managers of the organisations to point out the talent gap (Lyon Brenner, 2015). Talent management: Talent management is one of the ways that is widely being used by the managers to identify the talent gap. Managers are being trained to become the talent managers who involve themselves on behalf of the organisations to study the targeted candidates for better screening before recruiting. It helps to reduce the problem of talent gap in the organisation and leads to high growth. Social networking: Social networking is a great option to identify the talent gap and to train the prospect trainers to become future employee. According to the Jim Holincheck, technology can help the managers to identify right people for the right job at right time (O'Neill, 2010). Process of recognizing talent to fill the talent pool gap: Talent gap is one of the major concern for all the business houses around the world and throughout a long time researches has been going on to find the process of address the talent pool gap. Talent analytics is one of the major ways that is been used by the secondary and tertiary sectors, to recognize talent to fill the talent pool gap (Davenport, Harris Shapiro, 2010). Another one is human-capital investment analysis and workforce forecast that tracks the talent pool gap. Multisource assessment: An organisation need designed analytics to crowd out the gap in the talent pool and the multisource assessment helps to identify the reason of the gap. Multisource assessment, popularly known as the 360-degree assessment analyzes performance of the employee and his or her development from the different point of view, considering peers, supervisors, customers and subordinates (Taylor, 2014). This analysis method collects series data from different sources regarding the performance of the employee and generated feedback accordingly. Utilizing the multisource assessment, performance and communication within the organisation can be enhanced. Comparison of strengths and weakness of multisource assessment: Multisource assessment records feedback from the various source including managers, colleagues, subordinates and customers. Thus, it is a compact an accurate measurement to assess whether there is any gap in the talent pool of the organisation. However, multisource assessment of the employee performance is a good way to find out and mitigate the gap in talent pool but there is a scope of false opinion, which will lead to improper calculation of the talent gap (Maxim, 2014). Besides this, multisource assessment is based on technology largely, which leads to slower execution steps in real-life. Figure 1: Multisource assessment Source: (Created by Author) Multisource assessment can be used not only for the talent pool gap but also for various other fields. For instance, it can be used for cognitive traits, self-management and interpersonal assessment. Considering the multisource assessment in the case of interpersonal trait will provide information about the characteristics of the person from various perspectives (Duckworth Yeager, 2015). Besides this, if the multisource assessment were used, then it would help the person to judge their traits and know, what society thinks of him. However, as a negative side, it may so happen that false or improper response is given for the surveyed person, which will lead to improper computation of interpersonal traits. Conclusion: The above report suggest that gaps in the talent pool is in rise since the global recession and the Talent Planning Survey reports from the CIPD also supports this phenomenon. From the above analysis, it can be found that there are various ways to identify the gaps in the talent pool and multicourse assessment along with using newer technologies like talent management and social networking may come handy to eradicate the issue of talent gap. To conclude it can be said that talent gap is there, however if an economy wants to prosper, then it have to consider valid steps to reduce the gap and employ eligible candidate who has proper skills. Reference: Armstrong, M., Taylor, S. (2014).Armstrong's handbook of human resource management practice. Kogan Page Publishers. Davenport, T. 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