3. Fürst Wallerstein’s Approach to Talent Management
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…show more content… When entering new markets or developing new real-estate projects, Fürst Wallerstein can decide to hire permanent employees or external consultancy. In the initiation phase of these new projects, Prince Carl has resolved this temporary problem through a third-party approach (Oettingen-Wallerstein, 2014). Through an external consultant from Munich the company gains know-how, market insight and experience. The “consultants for their part need to be ready and able to help clients elaborate and refine their approach where required” (Povah & Thornton, 2011, S. 308).
When trying to attract talent, it is essential to communicate the company brand and vision (Lawler, 2008). Fürst Wallenstein’s unique attributes such as family tradition and therefore comfortable atmosphere, work variety and “attention and trust” to its employees “is a critical asset and a competitive advantage” (Lawler, 2008, S. 68) that should be defined and stated in all company platforms and job openings to create a sense of belonging. In addition, Fürst Wallerstein could try to make applying for jobs easier, through email and website services. In addition they could offer a reward system or other benefit strategies to protect their talents against competitors (Silzer & Dowell, 2010).
“Changes in behaviour, technology, demographics, natural resources, and other areas force businesses to continually look ahead and adapt.