The contemporary corporate system is highly competitive, and for that reason, it is imperative for firms to evolve their organizational structure and identify resources/strategies, which will allow a company to attain strategic and competitive advantage against its corporate rivals. Most of the studies, about the modern corporate system and firm, assert that organization’s structure and its human resource play a vital role not only in the survival of the firm, in this any highly competitive corporate system, but swells the revenue. Both organizational structure and human resource directly impact the capacity of an organization to exploit opportunities and to perform efficiently. In fact, human resource is considered one of the most sensitive and valuable resources or asset of a company. Therefore, a contemporary firm invests in human resource, so that talent of an individual could be polished, new skills could be provided, and efficiency could be increased.
Organizations, which operate in modern economic and corporate systems, recognize that talent 1) must be hired, 2) it must be polished and 3) it must be retained for a more extended period. It gives strategic importance to the talent, as it has been mentioned and discussed in great detail. However, despite the recognition of talent as an instrument to survive and excel, there is very companies fact that in fact base their strategies on talent or the human resource. We learn, from the study on this subject, that most of the companies or firms emphasize on the flexibility of capital structure, streamlining of the production process that produces both products/services, and technology for competitive advantage. It undermines talent and the potential of talent to produce desired results.
It has been emphasized, in the article, that recognition alone is not enough; companies or firms must change their organizational structure to make talent a potent instrument to realize the objectives and to bring about change. However, it must also be recognized that these changes would be of strategic nature and they may require substantial time.
It has been suggested, in the article, that organizations must shun the job-based approach for hiring and instead focus on gathering and retaining the talent of particular skills and capabilities, essential for the execution of this new business strategy. Also, companies should hire employees, after through analyzing their capabilities and capacities; how these employees can aid in the execution of a particular corporate or business strategy. In small and medium-sized enterprises, employees or talent can be hired in such fashion, by keeping in view these long-term objectives. However, for large corporations, both job-based and talent-based approach is required.
After the recognition, the question of hiring an employee or talent arises. Some studies suggest that the organization should hire a developed talent, which would allow the organization to achieve its short and long-term objectives smoothly. Another viewpoint is that talent must be developed, by an organization, by keeping in considerations the needs and objectives of a company. Both of these approaches have their advantages and disadvantages, which make the decision a discretionary sort of decision.
After the recognition and gathering of talent (hiring of employees on criterion above), comes the management of talent, which is as essential as recognition and gathering of talent. It would require a mechanism, which would vary from organization to organization and industry to industry. However, an essential part would be providing an environment, to the talent, which not only aids in retaining it but also increases positive work-deviance. We can infer, based on the study and analysis, that such system will be an evolving system. Therefore, the management of talent and their retention process will also be evolving phenomena. Though, it is apparent that all these concepts and mechanisms, from recognition-hiring-management-retaining, are interconnected and overlap.
Article Source: https://www.forbes.com/sites/edwardlawler/2017/01/10/organizations-should-put-talent-first-in-2017/
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