Businesses are moving into a new era concerning human resources (HR). The emergence of Talent Management (TM) is the innovative focus that is combined with management issues and HR methods (Bersin, 2006). How can an organisation be more efficient when recruiting new staff? How can companies identify competency issues and solve these through training or development options? How can they manage their employees to affiliate them with company goals and missions? How can organisations identify their top talent and reposition them to gain maximum outcome? These encounters require new strategies and methods in which TM can achieve company expansion and success.
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II. Report Questions
1. Fürst Wallerstein Company Profile
Fürst Wallerstein is a company based in Wallerstein, South Germany, that operates in three segments: forestry (SIC code: 0201), brewery (SIC Code: 1596, 1598) and real estate (SIC code: 7011, 7012, 7020) (Thinking Data, 2007), managed and owned by Prince Carl-Eugen zu Oettingen-Wallerstein. Since 1598 the Princes of Oettingen-Wallerstein have been inseparably linked with the Fürst Wallerstein brand. The princedom is one of the oldest existing high nobilities in Europe, known for tradition, culture and high quality products in all three segments (Fürst Wallerstein, 2007).
Today the family is in its 30th generation and has been successful in producing, distributing and marketing regional and local high quality brew, allocating 15 beer brands as well as soft drinks and water (Fürst Wallerstein, 2007) selling 6 million litres of beer every year priced at a premium level, exporting some products to China and Thailand since 2011 (Oettingen-Wallerstein, 2014). In addition, Fürst Wallerstein manages forests of more than 110 square kilometre, and dealing with dozens of personally owned flats, houses, castles and significant amount of ground space (Oettingen-Wallerstein, 2014). With over 100 employees the family enterprise believes in “Vigilantia et Fidelitate” – “Attention and Trust”, the companies mission statement and motto, meaning to trust and believe in quality and knowledge and to be attentive in combining new innovations and technologies with tradition for the future (Fürst Wallerstein, 2007). Harmonising tradition with new trends, Fürst Wallerstein targets a broad local and regional group of men and women between 16-95 years, with high spending behaviours. Fürst Wallerstein employees are extremely loyal, working in average for more than 30 years in the company, in which most of the employees’ families have been with Fürst Wallerstein for many generations.
Fürst Wallerstein is located in Bavaria, the area with the highest density of breweries in the world hence, 40% of all breweries in Europe are located in Bavaria. Linking 19.000 jobs to breweries, and creating revenue of 4.3 billion Euros in 2000 (Dolphins, 2001). Therefore Fürst Wallerstein has numerous competitors locally, regionally and nationally. In forestry, there are several local and national players acting in this field, yet through high demand of wood, Fürst Wallerstein has no market pressures and difficulties in supplying their customers (Oettingen-Wallerstein, 2014).
2. Fürst Wallerstein’s Current Talent Management Issues
Effective TM can set a company apart from their competitors. Yet small organisations have problems when it comes to finding and recruiting suitable staff. The two main goals in smaller organisations are most likely to be financial stability and growth and like in any corporation of any size, the combined efforts and determination of the staff plays an essential role in accomplishing them.