The Importance Of Talent Management

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Introduction Organisation’s biggest asset and main source of being competitive advantage will be people’s knowledge, skills and talent. While corporate focus to boost productivity and cost cutting however employee related costs have keep rise to retain talented employees. Companies must constantly invest in human capital at current global economy and business trend to be on par with others. Although in recent years, continuing financial market instability and uncertainty have resulted in disruption and job losses, (McDonnell & Burgess, 2013), several studies indicate that talent management has gained a greater strategic role within organizations (Gunnigle, Lavelle, & Monaghan, 2013; Zagelmeyer, 2013). In the perspective of human resource (HR)…show more content…
Therefore, talent management plays a primary role in competitive labour market. Taking into consideration, talent management required an integrated approach as a pathway toward sustaining business outcome. In 2000, McKinsey updated their study, finding that 89% of respondents thought that it was even more difficult to attract talented people than 3 years before — 90% believed it was more difficult to retain them. (Axelrod et al., 2001). Alignment of the talent strategy with organisation’s mission will be a critical measure to its success. Successful talent management will provide a strong approach and talented people in the organisation could build a high performance workforce, develop a learning team and organisation will have an added value as employer of choice and branding. Challenges of Global Talent Management Importance of talent management for growth of bottom line but the rules of managing people are dramatically changing due to economic, technological and socio-political phenomena which affecting drastically by creating diversity, mobile and demand than ever before. The workforce is in the midst of an unstoppable and radical transformation a) Increasing…show more content…
Currently, 70% of women in the developed world and 60% in the developing world are engaged in paid employment. They participate in all industries, professions, and job levels, while men are broadening the types of industries, professions, and job levels in which they participate. Furthermore multicultural employee required talent management in organisations with diversity management together. HR need play important role and place emphasis on this matter to maintain talent management. More broadly, at the national/international level in emerging economies such as India, China, and Russia, McDonnell, Collings, and Burgess (2012) propose that companies need to link talent management more closely to diversity management, especially with the multicultural workforce, but also with increasing numbers of female employees. Diversity also present challenges related to team work, performance and

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