Abstract
The primary objective of this study was to expound the strategic significance of talent management with the help of a review of relevant literature. Virtual organization is one of the most flexible organizational forms that emerged as a direct result of advancements in information and communication technologies. In this form of organization, independent parties collaborate with each other to bring together the best possible human, physical and financial resources for exploiting the available market opportunities. Hence, alongside the procurement of superior physical and financial resources, activities that emphasize on the development of talent related to current and future business needs are imperative to the effective functioning of a virtual organization. In this direction, this research explores how talent management could act as a strategy to secure valuable human resource by advancing mechanisms to bring talent under the umbrella of a single virtual organization and its active utilization. With the help of a review of relevant literature, we have suggested propositions for research on talent management as a strategy to enhance the effectiveness of virtual organizations. We further explain various elements and activities of virtual organizations that could be improved by talent management practices. We have concluded our argument with a discussion on the implications of current research and prospects for future research in this area.
Highlights
Environmental dynamism in the contemporary globalized world has prompted radical changes in the structure and primary functions of organizations (Hagel and Singer, 1999)
Proposition 3: Talent management would help in establishing trust among parties in a virtual organization
This research is unique in its character because it provides theoretical foundations for the significance of talent management strategy in the effective functioning of virtual organizations
Summary
Environmental dynamism in the contemporary globalized world has prompted radical changes in the structure and primary functions of organizations (Hagel and Singer, 1999). Changes in the human resource strategies have been recognized in 1997 by McKinsey consultancy firm as the need for talent management in contemporary organizations (Michaels et al, 2001); while changes in the organizational structure have resulted in the emergence of most flexible forms such as virtual organizations (Davidow and Malone, 1992). Both these concepts started developing in the last decade of 20th Century as the organizational solutions for achieving efficiency in an era of intense competition. These propositions could be taken up to develop a model of talent management in virtual organizations
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