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A talent pool refers to individuals with the skills and potential to occupy future job responsibilities within an entity (Billet, 2020). It is an employer’s source to draw on when an opening pops up, assisting them in quickly occupying the role with the appropriate individual.

Approaches

Learning and development initiatives

Entities could apply learning and development initiatives to build and support talent pools. The initiatives could encompass online courses, mentoring, coaching, leadership growth and on-the-job training (Billet, 2020). Each initiative has pros and cons depending on the organisation’s environment, resources and goals.

 

Mentoring

The initiative encompasses giving employees guidance and support from an expert mentor. It is advantageous as it could assist employees in gaining valuable experience and insight and could assist in identifying and developing future leaders. However, mentoring is linked with time consumption, and finding suitable mentors could be challenging (Billet, 2020). This means some organisations might need a different method to use.

 

Online courses

An organisation can build and support its talent pool by sponsoring or investing in its online courses. The courses allow employees to acquire learning at their pace and can be accessed from any location. The advantages of these courses encompass their cost-effectiveness and convenience and could be tailored to an entity’s particular learning requirements. However, online courses, like in-person training, may need more effectiveness since the employee does not get direct guidance or feedback (Billet, 2020). This might mean unaccomplished organisational goals through the method.

 

Analytical tools

These are approaches organisations could take to build and support different talent pools. The tools allow entities to gather and analyse data concerning present employees and potential hires to create efficient and effective staffing. Through analytics, organisations could acquire insights into the present and prospective employees’ experiences, competencies and skills (Joos, Burbach and Ruël, 2021). This could then be applied to creating a talent pool tailored to their particular requirements.

 

Analytical tools enable organisations to quickly identify the best talent and evaluate their experiences and skills. This allows entities to make informed hiring decisions, leading to successful and more productive staffing. Besides, the tools give organisations a better understanding of their employees’ present capacities and capabilities (Joos, Burbach and Ruël, 2021). This enables them to understand their weaknesses and strengths better and develop targeted training and development programs to satisfy their needs.

 

Nonetheless, using analytical tools has cons. For instance, the collected data could be inaccurate or incomplete, which can result in drawing inaccurate conclusions. Besides, the collected data may lack the appropriate context and be biased. This can result in decision-making based on wrong information. There is also a risk that the gathered data could be applied to discriminate against particular individuals or groups (Joos, Burbach and Ruël, 2021). This can result in a negative organisation’s perception.

 

References

Billett, S., 2020. Learning in the workplace: Strategies for effective practice. Routledge. Retrieved 28, January 2023, https://www.taylorfrancis.com/books/mono/10.4324/9781003116318/learning-workplace-stephen-billett

Jooss, S., Burbach, R. and Ruël, H., 2021. Examining talent pools as a core talent management practice in multinational corporations. The International Journal of Human Resource Management32(11), pp.2321-2352. Retrieved 28, January 2023, https://www.tandfonline.com/doi/abs/10.1080/09585192.2019.1579748

Rewards are incentives which organisations give to employees as motivation to attain their outcomes. They encompass offering meaningful recognition, offering rewards proportional to performance, allowing workers to select rewards and applying various rewards to meet various requirements (Rudman, 2020). Rewards should be consistent and transparent.

 

Consistency

This principle asserts that rewards should be consistently administered. This insinuates that all employees should get similar rewards for similar performance levels. This principle ensures that the rewards and fairly offered without favouring any employees. This encourages the employees to strive for greater performance since they know that the organisation will recognise and reward their efforts. Consistency also assists in building organisational trust since employees know they will receive fair treatment regardless of their seniority or position (Rudman, 2020). This assists in developing a positive work environment which encourages productivity and collaboration.

 

Transparency

The transparency principle refers to the idea that employees should understand the reward system, the reward-receiving criteria, and the reward’s value. According to the principle, organisations should communicate the reward system and the criteria to employees clearly and openly. This ensures that all employees understand the criteria, the systems and the reward they could receive (Rudman, 2020). Transparency also ensures that rewards are fairly distributed and that employees are appreciated and valued. This results in higher trust between the organisation and employees and assists in motivating employees and increasing their engagement.

 

Importance of principles of rewards to organisational culture and performance management

Consistency and transparency in rewards are critical to organisational performance and culture. Consistency ensures that employees receive fair treatment and rewards, while transparency allows the employees to understand ways they will reward. Consistency and transparency can assist in creating an engaged and positive work atmosphere, driving organisational performance.

 

Consistency in rewards assists in creating a sense of fairness among employees. When all employees get rewards for exemplary work equitably and fairly, it boosts their engagement and motivation. This is because employees feel appreciated and valued for their efforts, encouraging them to continue working harder and remain committed to the entity. Besides, consistency assists in eliminating any likely inequality feelings, which could result in workplace resentment and conflict.

 

Transparency assists in creating understanding and trust among employees. When employees clearly understand the reward system, such as ways their performance is measured and allocated, they can better plan and set their career goals. This ensures that the employees know about all actions and plans that the organisation is making. This ensures that all employees are on the same page and that the team members operate in unison towards common objectives. It also makes employees feel valued because they know their hard work will be noticed and appreciated (Rudman, 2020). This could create a positive work atmosphere and foster commitment and loyalty to the entity.

 

Generally, transparency and consistency as reward system principles are critical to creating an atmosphere where employees feel respected and valued and can succeed and contribute to the organisation’s success.

 

Reference

Rudman, R. (2020, August 10). Performance planning and review | Making employee appraisals work | Ri. Taylor and Francis. Available at: https://www.taylorfrancis.com/books/mono/10.4324/9781003116684/performance-planning-review-richard-rudman

Customers

Organisational strategy denotes a plan outlining way an entity intends to attain its objectives and goals. The plan’s basis is long-term, and its design ensures the entity is successful and remains competitive in future. It is the decision-making blueprint and summaries the entity’s competitive advantages, capabilities and resources (Johnson et al., 2020). The organisational strategy has the following core areas;

 

Strategy analysis

This refers to evaluating an organisational strategy’s performance and identifying improvement areas. It comprises studying the organisation’s objectives, market share, position and resources, besides assessing the current strategy’s success in attaining these goals (Johnson et al., 2020). It assists in the identification of the current strategy’s strengths and weaknesses and pinpointing improvement opportunities.

 

Strategy development

This is when an organisation develops a plan for attaining its objectives. This encompasses defining the entity’s objectives and goals, analysing the competitors and the environment and creating an action plan to arrive at the objectives and goals (Johnson et al., 2020). The strategy should be clearly defined to ensure the entity is on track to attain its objectives.

 

Strategy implementation

It is the procedure of putting the strategy into action. It encompasses establishing the relevant resources, processes and systems to ensure strategy adherence. Besides, it involves communicating the strategy to every stakeholder, encompassing the customers and employees (Johnson et al., 2020). Hence, the strategy’s implementation should be keenly monitored to ensure its success.

 

The connection between organisational strategy and products

Products refer to the goods which a business sells and produces. The connection between products and organisational strategy comes from how the organisation utilises products to attain particular objectives. Organisational strategy directs product growth, sales and marketing. Products should be designed to align with the entity’s strategy (Pattanayak, 2020). For instance, should the organisation’s strategy focus on cost efficiency, the products should be manufactured to minimise costs and maximise efficiency. Products also require marketing and selling in ways consistent with the organisation’s strategy. For example, if the organisation’s strategy targets a particular niche market, the products should be advertised in ways appealing to the market. Hence, this connection is a critical part of any business’s success.

 

Organisational strategy and services

Services are processes or activities which organisations perform to give their customers value. The services an entity gives should align with its objectives and goals. The services should be tailored to the entity’s mission and vision and must be developed in ways considering the customers. The connection between services and organisational strategy is that an excellent strategy should have a back of effective operations and services for success. The absence of services would make the strategy remain on paper and never be actualised (Pattanayak, 2020). Besides, lacking a sound strategy would make the services inefficient or ineffective. Together, services and strategy form the basis for a successful entity.

 

Organisational strategy and customers

Organisational strategy and customers are connected since customers are a key part of any entity’s strategy. An organisation’s customers are the most critical stakeholders and should be at the core of the entity’s strategy. Organisations should design their strategy in ways maximising customer loyalty and satisfaction. A robust understanding of customer preferences and needs should underpin the organisational strategy. Companies should know their customers’ wants and ways they could meet them. Their focus should be on offering a service or product, meeting the customers’ expectations and that they can easily access. Besides, an organisational strategy should encompass building and maintaining customer associations. Organisations should understand their customers’ values, wants and needs and apply this knowledge to create a stronger customer experience. Organisations should engage actively with customers via in-person, social media, phone and email channels. Additionally, an organisational strategy should encompass a customer retention plan. Companies should ensure that customers have a positive encounter with them and are content with their services and products (Pattanayak, 2020). Hence, organisations should progressively strive to improve their services and products to meet customer expectations and needs.

 

References

Johnson, G. et al. (2020). Exploring strategy. Google Books. Available at: https://books.google.co.ke/books?hl=en&lr=&id=ieksEAAAQBAJ&oi=fnd&pg=PT25&dq=organisational+strategy-+book&ots=XDH71gIfd9&sig=gsJeGpoW0dNptNCRy9jPHLM0WX8&redir_esc=y#v=onepage&q=organisational%20strategy-%20book&f=false

Pattanayak, B. (2020). Human resource management, sixth edition. Google Books. Available at: https://books.google.co.ke/books?hl=en&lr=&id=Lif4DwAAQBAJ&oi=fnd&pg=PP1&dq=organisational+strategy-+book&ots=UYiSad4-0G&sig=bpq5dIXa6IalnC-4HwjkARzVCHY&redir_esc=y#v=onepage&q=organisational%20strategy-%20book&f=false

Analyse Connections between Organisational Strategy Products Services and Customer

The reward for performance and contribution in organisations refers to incentivising employees to give better performance and more contribution to the organisation. This could be accomplished through financial bonuses, promotions, recognition, and others (Mone and London, 2018). It is a good method of motivating employees to give their best, resulting in better organisational performance.

 

Advantages

The major pro of reward for performance and contribution in organisations is that it assists in fostering a high-performance and excellence culture. Through giving tangible rewards for exemplary performance, employees are incentivised to strive to improve and do their best continually. In addition, rewards for performance and contribution could assist employees in feeling appreciated and valued (Mone and London, 2018). This results in increased loyalty, job satisfaction and morale.

 

Moreover, reward for performance and contribution could assist top talent attraction and retention. Top performers often seek rewards and recognition for their efforts, and giving these could ensure that the brightest and best stay within the entity. Besides, giving rewards for performance could also assist in motivating non-performing individuals and putting in more effort since they will get rewards for it (Mone and London, 2018).

 

Disadvantages

 

Reward for performance and contribution could result in an entitlement sense among the employees. Knowing they will receive rewards for their efforts, they could become complacent and fail to work as hard as they would have done earlier. Also, it could result in inequality within the entity, as some employees could be rewarded more than others, even if their performance is not as better.

 

Moreover, reward for performance and contributions could be expensive for entities since the cost of giving rewards can quickly add up. Also, it could be hard to execute rewards equitably and fairly since it can be difficult to measure performance and contribution consistently (Mone and London, 2018). Hence, organisations should understand these pros to utilise them for maximisation. Similarly, they should consider the drawbacks when implementing rewarding policies and plans before evading the inconveniences.

 

Reference

Mone, E. M., and London, M. (2018, January 8). Employee engagement through effective performance management | A Pract. Taylor and Francis. Available at: https://www.taylorfrancis.com/books/mono/10.4324/9781315626529/employee-engagement-effective-performance-management-manuel-london-edward-mone-edward-mone-manuel-london