Talent Pool/ Succession Planning (Aging Workforce) Case Studies Examples
The ability of a company to retain its workforce and maintain talent is subject to its focus on the employee career development. The problems going on in Galaxy Company may not enhance talent pooling in the company. This is because the company has already reduced some of its workforce. In addition, the employees who are still working for the company live under fear for they do not know their future fate. In such a scenario, it is difficult for the workforce to grow thus the best way they can do is to get another alternative they will definitely leave the company. There are various solutions that the company needs to implement in order to enhance talent pool.
First, Galaxy requires borrowing from other successful businesses in the world on how they treat workforce and enhance talents. It is good for the company to benchmark with other successful companies in the world as far as workforce development and talent retention is concerned. Learning from other companies will help the company to improve the competency of its workforce hence boosting their morale. In addition, bench management will also assist the company to focus on identifying the rights its workforce hence respecting them at all levels of management. In so doing, the company will enhance workforce satisfaction something that will further lead to increased productivity and career development of the workforce. Satisfied workforce is productive and their focus is to remain the company and deliver their best.
In addition, Galaxy needs also to focus more on employee retainment and engagement. It is easy for any company to recruit new people to its business operation. However, it is difficult to retain existing workforce and it is also expensive. Just as the problems within Galaxy dictate, it is hard for the company to retain its workforce with the underlying situation. However, the company can improve this mess by nurturing resources through training programs and career growth plans. Some of the career growth plans include being transparent to employees, promoting them and encouraging job rotation among many others.
Furthermore, there is great need for the management of Galaxy Company to focus on bringing expertise and hidden skills into the limelight. This is to mean that there is need for the management of Galaxy to develop the knowledge and skills of its workforce. For instance, the company can help settle the underlying situation by hiring high qualified educators to help the workforce to learn more about their expectations within the company. Such educators are very important in making the workforce to understand some of the hidden skills that are crucial for their development which further play a great role towards enhancing success within the company. This move will play a great role towards helping the company workforce grow and develop career wise hence able to retain it within the company (Baker 266).
Moreover, the company management needs to appreciate its workforce for their effort. In addition, being friendly and guiding them as they perform their duties and responsibilities is another area that the company needs to focus on. Supervising the workforce in a friendly manner and guiding them through their work is a form of motivation to them. This is because the workforce will always be willing to ask for any assistance whenever they need it. By so doing, they will enhance their productivity hence work towards the success of the company. Such a move is also important in enhancing their knowledge and skills thus developing their career.
Succession planning is key in helping Galaxy Company understand the overall talent management process. Therefore, it is important for the company to understand its workforce potential and areas of retention risk as a part of solving its problems. This means that Galaxy Company management should conduct an appraisal process to establish its high-potential workforce. As a result, this will assist the company to target the high-potential employees and understand some of the areas of talent that are under risk. Galaxy Company will therefore be able to improve those areas thus strengthening its workforce.
Besides, it is also important for Galaxy Company to develop internal talent pools among its workforce. It is good for the management of Galaxy to prepare talent succession for all its functional areas rather than concentrating on leadership. This will assist the company to align its workforce requirements towards meeting its targets. In so doing, Galaxy will be able to define competencies hence develop plans within skill groups. This will impel the company to conduct talent assessment after which it will stand to close the underlying gaps.
Finally, it is important for Galaxy to closely monitor its workforce development plans. Succession planning is a continuous process and thus it is important to evaluate it and make necessary adjustments. This is to mean that the company needs to keep on improving the development plans for its workforce and adopt them to changing needs. The business environment is ever changing and thus close monitory of the workforce development plans can help in injecting new changes that match with the changing needs as per the business environment. As a result, the company will be able to succeed in enhancing workforce growth and development. It will also be able to overcome challenges affecting its performance hence able to succeed.
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