Understanding the Fundamentals of Talent Management for Effective Business Application
Organizations irrespective of the nature, sector, and regions, etc. want to attain the sustainable competitive advantage. Unfortunately, in the highly volatile business backdrop, traditional business strategies often fail to bring the desired result as expected. In the search for a new avenue, scholars are showing their keen curiosity towards the value-adding role of human resource. In the knowledge economy, it is believed that human intellect and talent can add value to the business in many ways. Consequently, there is a growing realization that competent and devoted human resource can play an important role in making an organization more effective, i.e. can help an organization to attain its sustainable competitive advantage. As an obvious reason, the concept of talent management could draw considerable attention across the world because of its core philosophy - ‘the right people in the right job’ which can make an organization efficient and effective. Despite the usefulness of talent management, often organizations express their disappointment that they are finding it difficult to implement this concept fruitfully and reap the benefit of it. From the initial investigation, it is revealed that there are a number of challenges in executing this concept. These are: the absence of a clear and precise definition of talent and talent management, the lack of standardized talent functions and processes, complexity in targeting people in the talent management scheme, aligning talent strategy and formulating a congruent talent strategy, and so on. The core objective of this literary paper is to address these problems as systematically as possible in order to learn the business application of talent management. It is presumed that HR practitioners, managers, business leaders would get a clear picture of it (talent management) and meaningful clues for its application. It is also believed that the discussion of this paper would contribute existing HR literature, too. Data and information have been collected through an extensive literature review, expert interview and personal experience for this exploratory paper.
Abu Saleh Mohammad Sohel-Uz-Zaman,
Understanding the Fundamentals of Talent Management for Effective Business Application, International Journal of Economics, Finance and Management Sciences.
Vol. 6, No. 3,
2018, pp. 98-103.
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