Abstract
With the emerging trends in human resource practices, talent management has become an area of concern globally. Talent management activities are occupying a very significant amount of organization resources. Most organizations have formed a link between talent management and the overall business strategies. Several studies have been carried out with the aim of finding out the impact talent management has on organization performance, as it has become very popular. This paper critically looks at studies conducted on the subject, identifying empirical and contextual gaps that exist in the literature subject, and proposing a conceptual framework on the subject. From the studies, talent management is at the centre of the survival of the profit organizations in the contemporary world and the stiff competitive business world. The study concludes that even though there is a high correlation between the management of talent, and both financial and non-financial performance of organizations, it would be of worth to include other variables which may include the organization strategies, its structures and policies, the leadership styles and beliefs and others that might be of help to explain the relationships extensively.
Highlights
From a talent management perspective, today is a unique time
Integrated strategic talent management is an alternative to the talent management practice as the talent soars up
It is clear that talent management takes a considerable quantity of the organizations’ resources. This is supported by the Economist Intelligence Unit, which revealed that the Chief Executive Officers (CEO’s) spent more than 50 per cent of their crucial time in talent related matters.[4]
Summary
From a talent management perspective, today is a unique time. Boston Consulting Group argues that there has been an irreversible shift from lifetime employment. 1 There is a growing propensity for talent to move and a narrowing focus on high potential talent. The second wave of talent management occurred at the beginning of the 1990s to the mid-2000s At this time, talent was acquired and shed through acquisition and layoffs. Talent was acquired and shed through acquisition and layoffs In this wave the term talent management was introduced in 1997 by a group of Mckinsey consultants who coined the phrase the War for Talent The lifetime employment contract began to disappear. Rise of the outsider ‘white knight’ executive.[8] The third wave of talent management began in the mid-2000s and is still occurring now. Rise of the outsider ‘white knight’ executive.[8] The third wave of talent management began in the mid-2000s and is still occurring This wave was characterized by the end of the lifetime employment contract. This wave resulted in a “rate my company” generation.[9]
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