INTEGRATING TALENT MANAGEMENT STRATEGIES WITH (L & D) TO DRIVE INNOVATION IN COSMETICS

"L&D should be increasingly part of the hiring process, ensuring all candidates are aware of their opportunities for growth and development should they join, and being open about the approach to internal mobility."

Mervyn Dinnen ( Co- Author of the New Book, Digital Talent)

In today’s competitive manufacturing world, talent management is more important than ever. Companies are realizing that their employees are their greatest asset and crucial for success. For the cosmetic industry, managing talent effectively is not just a challenge now but a key to future success. Embracing creative and innovative talent strategies will help cosmetic companies stay ahead in this fast-changing industry.

When considering the cosmetic industry, having skilled and creative people is essential for success. Just like a brand can't create top-notch products without the best ingredients, a company can't thrive without talented employees. To stay competitive, it's crucial to invest in developing the team and making sure the right people are in the right roles at the right time.

By focusing on talent management, cosmetic manufacturing industries can ensure they have the right team to innovate, meet customer demands, and stay ahead of the competition.

WHAT IS TALENT MANAGEMENT ?

Focus on ‘the development of a talent pool of high potential and high performing incumbents’ who can fill the key positions in the organization and help to deliver ‘sustainable competitive advantage’.

Collings & Mellahi (2009)

Talent management is the strategic process of bringing in the right people and helping them grow to their full potential while ensuring they contribute to the organization's goals. [1]

Talent management involves finding gaps and open positions, recruiting and onboarding the right candidates, helping them grow and develop the skills they need, and training them for future roles. It also includes engaging, retaining, and motivating employees to achieve long-term business goals. In essence, talent management is about bringing in the right people and helping them contribute to the organization’s success.

This concept needs several key parts introduced by Armstrong [2] that required to work together to ensure the organization’s success. This includes identifying current and future talent needs, finding the right candidates, hiring them, and then developing their skills. Each part supports the others, and if one part is out of sync, it can affect the whole system.

THE ART AND SCIENCE OF TALENT MANAGEMENT IN THE COSMETIC INDUSTRY

Talent management isn’t just a list of tasks to complete; it’s a strategic approach that requires careful planning, ongoing monitoring, and continuous improvement. Here are six key strategies [3] that form the foundation of effective talent management.

1. PLANNING (Detailed Job Descriptions) :

They are crucial for effective talent acquisition. They help candidates and recruiters understand the role clearly and avoid irrelevant applications. A good job description should include with factors like Job Title and Location, Main duties, Required skills, Reporting structure, Tools and equipment used, Salary and benefits.

2. RETAINING (Person Organization Fit) :

In the cosmetic industry, finding an employee who aligns well with the organizational culture is essential for long-term success. To ensure a good fit, personal and organizational values need to align. When a candidate shares similar values and understands the company's culture, they are more likely to feel at home, engage deeply, and perform well. In the fast-paced and creative world of cosmetics, hiring individuals with the right person-organization (P-O) or person-environment (P-E) fit enhances employee engagement, satisfaction, and performance. This fit helps minimize adjustment struggles and fosters a more cohesive and productive work environment.

3. DEVELOPING (Collaborate - Coach Evolve) :

The key strategy for effective talent management is fostering a culture of coaching, mentoring (including reverse mentoring), and collaboration. Providing constructive feedback helps employees grow their skills and expertise. Talent management also means preparing employees for future changes and ensuring they can rely on each other, keeping the team adaptable and ready for industry shifts.

4. ATTRACTING (Rewards and Recognize Right) :

They are crucial for motivating and engaging employees. It’s not just about financial rewards or bonuses; employees often value recognition that’s personal and meaningful to them. This approach allows companies to show they care about their employees as individuals and as key contributors to the organization.

5. TRANITIONING (Opportunities for Continuous Improvement):

Managing talent should align with the organization’s future goals. Employees need the right tools and opportunities to reach their full potential. By supporting their continuous development, the organization ensures that its skills remain current, upgraded, and enhanced over time.

Figure 1: Talent Management Model (Source: epert360.com)

HOW EFFECTIVE TALENT MANAGEMENT CAN ENHANCE COMPETITVENESS IN THE COSMETIC INDUSTRY

1. Innovation and Creativity

• Fostering Innovation: By attracting and retaining creative and skilled professionals, companies can drive product innovation and stay ahead of trends.

• New Ideas: A diverse and talented team can generate unique ideas for new products, packaging, and marketing strategies.

2. Quality and Expertise

• High Standards: Skilled employees ensure high-quality products and services, which can enhance the brand’s reputation and appeal.

• Expertise: Talent management ensures that the right experts are in place to handle complex tasks, such as product formulation and market analysis.

3. Customer Satisfaction

• Understanding Market Needs: Talented employees can better understand and respond to consumer preferences, improving customer satisfaction and loyalty.

• Effective Communication: Skilled marketing and customer service teams can more effectively communicate the brand’s value proposition.

4. Operational Efficiency

• Streamlined Processes: Well-managed talent leads to more efficient operations and reduced time-to-market for new products.

• Problem-Solving: Skilled teams can quickly address and resolve issues, minimizing disruptions and improving overall efficiency.

5. Employee Engagement and Retention

• Motivation: Effective talent management practices, such as recognition and career development, boost employee motivation and engagement.

• Retention: Retaining top talent reduces turnover and maintains institutional knowledge, which contributes to a stable and experienced workforce.

6. Adaptability and Agility

• Market Responsiveness: A well-managed talent pool can quickly adapt to changing market conditions and consumer trends, giving the company a competitive edge.

• Flexibility: Skilled teams can pivot and adjust strategies effectively in response to new challenges and opportunities.

7. Brand Reputation

• Positive Work Environment: Companies known for effective talent management often enjoy a positive reputation, attracting top talent and building strong customer relationships.

• Industry Leadership: Being seen as an employer of choice enhances the company’s position as a leader in the industry.

8. Strategic Growth

• Expansion Opportunities: Talent management supports strategic growth by ensuring the company has the skills needed to enter new markets or launch new products.

• Leadership: Developing strong leaders ensures that the company can effectively execute its growth strategies and navigate industry challenges.

The strategic approach to Talent management drives the individual performance while contributes significantly to the overall success and competitiveness of cosmetic Industry. Embracing these practices enables

A Talent management dashboard [4] is a tool that helps management to track the progress of the employees. It gives an overview of the workload and helps with managing it accordingly.

Figure 2: Model of Talent Management Dashboard Benefits (Source: epert360.com)

Figure 3: Example of Talent Management Dashboard (Source: epert360.com)

For cosmetic companies aiming to remain competitive, investing in talent management is not just beneficial—it's essential. Through well-planned and executed talent strategies, these companies can secure their position as industry leaders, continuously innovate, and achieve long-term business goals.

References:

1. Aned O, A.M. and a Mohamed Zainal, Siti Rohaida (2023) Talent Management, www.researchgate.net.Available at  https://www.researchgate.net/publication/271123235_Talent_Management/link/ /download?_tp=eyJjb250ZXh0Ijp7ImZpcnN0UGFnZSI6InB1YmxpY2F0aW9uRG93bmxvYWQiLCJwYWdlIjoicHVibGljYXRpb24ifX0 (Accessed: August 2024).

2. Armstrong, M. (2006). Handbook Human Resource Practice. 10th Ed. London: GBR, Kogan Page, 391 [10].

3. K, S. (2022) ‘Talent Management Strategies in Human Resource Management: Critical for Business- A Systematic Review’, Journal of Positive School Psychology, 6(3), pp. 3396–3409.

4. Kobi, J. (no date) ‘Developing Dashboard Analytics and Visualization Tools for Effective Performance Management and Continuous Process Improvement’, International Journal of Innovative Science and Research Technology, 9(5), pp. 2165–2456. doi:https://doi.org/10.38124/ijisrt/IJISRT24MAY1147.