Amid volatile and erratic economic cycles, organization in the 21st century find themselves in greater need of positive and effective talent management strategies to ensure competitiveness in a rapidly changing market. In this rapidly evolving market, organizations will, in my opinion, remain as competitive for talent in the future market. This is because organizations have been increasingly creating and tapping into the readily available talent pipelines. These talent pipelines include both the internal and external avenues and pipelines.
Internal talent pipelines are most commonly used as they require the company to identify highly creative, efficient and effective employees that show potential to be lead (Johnson, 2010). This makes the company’s offers very lucrative for employees allowing the company to retain highly skilled employees, ensuring competitiveness.
External talent pipelines mainly involve bringing in highly skilled individuals, or identifying individuals with potential and moulding them into highly efficient employees (Raedy & Conger, 2007). This mainly occurs through channelling tertiary education institutions. This has become a very competitive front as most organizations aim to hire the best students in the market.
The core principles that should be the basis for building a talent pipeline include:
It should identify and address the any and all existing gaps between current leadership capabilities and strategic needs. This is done via recruitment of external resources or focused internal development
It should provide for the re-evaluation of the need for talent and the existing talent on a regular basis (Silzer & Dowell, 2010)
Organization should align talent pipelines to their talent management initiatives by employing a competency framework that maps strategic objectives to the standards of performance as well as the whole Talent Development framework stream of the organization (Greenberg & Sweeney, 2010).
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