Once all issues have been identified and analysed, the important question is: how should these challenges be treated? With which TM strategy can the company achieve their goals?
Lawler states that important elements in a successful TM system are: a precise company vision and goal, a recruitment process, a training program, and a performance management system in combination with a reward process and information system (Lawler, 2008). Fürst Wallerstein has a basic and informal approach to TM and in dealing with their needs to attract, choose, arrange, develop and retain staff. Investing in an annual meeting, Fürst Wallerstein examines projects and future perspectives and required skill set, based on business strategies and goals. Through talent landscape analysis, the company knows which talents are in the company, and how much talent is available at their competitors. After realising what activities need to be achieved and how these tasks should be completed, the company can decide how to continue effectively (Oettingen-Wallerstein, 2014).
Prince Carl-Eugen zu Oettingen-Wallerstein has an unofficial recruitment process model, varying for different positions in different segments. Included are:
1. Objectives (job description, number of positions needed, type of applicants: level of education, experience and knowledge, etc.),
2. Main Recruitment Facts (time of hiring, costs of the position, retention rate, etc.),
3. Evaluation (Personal insights and opinions, position attributes, organisational fit, etc.).
These guidelines help him and the company to have an overview of the situation and all applicants (Oettingen-Wallerstein, 2014).
Through the low unemployment rate and str...
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...ial talents across the world and adopting to new, foreign approaches and working processes.
In conclusion, TM is a string of processes that each company has to implement individually according to match their approach, goals, and future plans. Through environmental, social, and economic drivers, future issues and opportunities concerning TM will be provided for every company.
Fürst Wallerstein has an informal TM strategy, yet they mostly combine these responsibilities with HR tasks. This however will complicate HR procedures and should therefore be elaborated thoroughly with TM tools to solve the above-mentioned issues of maintaining and seeking talent. Fürst Wallerstein plans to further develop these programs, because they are extremely committed to their employees and realize that they are an important key factor for a successful company.
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