Essay On Talent Management

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YOU BELIEVE YOU HAVE A TALENT STRATEGY, BUT MAYBE YOU DON’T 1. INTRODUCTION Talent management is one of the most important factors in ensuring sustainable organizational success according to McDonnell (2011, p. 169). Talent management refers to the anticipation of required human capital for an organization and the planning to meet organisational needs. Talent management’s popularity increased in the late 90s and early 2000’s after research done by McKinsey's in 1997 and the 2001 book “The War for Talent.” published by Harvard Business School Press. Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything done to recruit, retain, develop,…show more content…
If the social responsibility of business is to increase profits, as Milton Friedman once wrote, the above proves that talent management is a tool for achieving increased profits. Despite this, prominent researchers within human resource management and strategy write that “the workforce is the most expensive yet poorly managed asset in most organizations” (Becker, Huselid, & Beatty, 2009, p. 56). The concept of talent management emerged after McKinsey & Company in 1997 created the now legendary catchphrase “War for Talent” to describe the contemporary business world as permeated by the scarcity of talent and the struggle of the firms to attract and retain human capital – their most important asset (McKinsey & Company, 2001). Talent management has since then developed and come to mean and encompass a multitude of things – not without academic dispute on what it really is. Five reasons that support the continued existence of talent management is that the knowledge economy will persist, the new generation that has begun to enter the labour
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