The purpose of any successful talent agency is to find employment for actors, authors, film directors, musicians, models, producers, professional athletes, and the like. As such, it is essential for every successful talent agency to employ a staff that is both proficient enough and large enough to handle a steady influx of clients in many different areas of the entertainment business. At hand is the fictional talent company, Talent Company Y, which employs a workforce of 200 individuals, with 20 of these individuals identified as leaders who are capable of heading divisions of the company and/or projects and initiatives.
In understanding the size of the company at hand as well as the many different areas of talent with which these individuals will deal, it is essential that Talent Company Y derives a management strategy that is able to encompass the entire talent requirements of the organization. Research has found that over the past generation, talent management practices, especially in the United States, have been by far large and dysfunctional (Capelli, 2008). As such, it is essential that the goal of Talent Company Y is to streamline the admission process as well as the maintenance of clients one processed into the company.
Despite all that is known about the importance of developing talent, and despite the great sums of money dedicated to supporting the management of talent in such companies, a significant oversight occurs in the overall management of individual clients (Scott-Jackson, 2008). As such, it is essential that once a client is accepted into the agency, having been passed by one of the 20 recognized leaders within the company, he or she remains under the watchful eye of this respective leader, despite the interactions he or she will have with the remaining members of the company.
In instilling this oversight by upper-level management, one can better control the standards of excellence set in place within the company. Criteria#2 A successful management company cannot be run without certain key components of talent management, including identifying, assessing and developing talent within the agency. Certainly, many individuals who have been linked to talent agencies throughout the world had simply “that certain something” which was needed to get a foot in the door within the industry.
However, in order to prove a viable investment, an individual must prove that they willing to follow the direction of the agency in order to further his or her career in the manner that he or she and the talent agency see fit. As no individual’s career is made overnight, talent within the company must be consistently monitored and reviewed in order to interpret whether or not the individual under contract will continue to be a viable asset to the company.
While the initial “something” that allows a talent agent to identify and assess the talent at hand, in terms long-term retaining by the company, money becomes a large factor. Talent Company Y, as with any successful company, must be able to turn a profit on the talent the recruit. The right talent must be placed in the right roles in order for success (Cohn, 2005). As such, while the company may pay out of pocket to develop its talent and hone their skills, in the end, overall profit must overtake costs in order for the retaining of a client to be considered reasonable.
Criteria #3 Talent management is the key to developing competitive management for an organization. All organizations, whether in the public or private sector, aim to achieve strategic objectives which require a clear understanding and linkage between these strategic goals and the key capabilities required for this achievement (Scott-Jackson, 2008). Such is true significantly in the field of talent management. All talent managers view a client as a means to eventual success in a certain field of entertainment.
However, it is in how these clients are managed and which projects these clients are allowed to take which bring success and an ultimate competitive advantage for the talent company at hand. Such a competitive advantage is found through management’s ability to gauge the success and profitability of a project before committing a member of the talent to it. Additionally, an organization and its management must always keep a watchful eye of the status of its rival competition.
Should a company find that a rival has achieved great status and wealth from its dealings in a certain area and with a certain type of talent, that company can take a cue from these dealings and set itself in motion to mirror what the successful rival has done without encroaching on the rival’s area of success. Overall, talent management needs to be the focus of a company’s mission, projected as a differentiating strategy capability that can offer real and substantial competitive advantage to the company which utilizes it correctly (Pfeffer, 2006).
As such, talent must be viewed as profitable over the long haul rather than marketable in only a limited capacity. Management must be able to gauge which business venture is more profitable: backing talent for a small independent film that will lead to critical acclaim or backing talent in a small role in a large blockbuster film. The longevity of success of each must be weighed in order to determine the most fruitful path of action. Criteria #4
In viewing the inevitable growth of a company, one must understand that the amount of resources that are needed at a smaller level will need to be increased in order to keep profits and standards the same within the company at a later date. For instance, the current workforce of 200 individuals, with 20 representing the roles of leaders, may be able to suitably manage talent and clients at a proficient level. However, should the workforce increase significantly, more individuals would need to step into the realm of leadership in order to keep a successful balance within the company in erms of efficiency and standards of excellence. In this case, focus on long-term profitability is also the key to management success, in that a larger workforce brings with it the need for additional company funds in terms of salary, benefits, company facilities, etc. Should a company’s workforce significantly increase, so too should the company’s facilities and resources, which exist to allow new workers the ability to handle business in the same manner as workers were able to within a smaller facility.
Conclusion As seen, the most effective strategy for a talent agency looking to increase significantly in the future is an overall focus on long-term profitability in terms of clients, talent and projects. Only with significant and sustained success can a company focusing on talent management hope to carve a niche for itself in the field as well as overtake competitors in a manner that leaves the company with sustained status, profits and overall capacity to achieve at a sustainable level.