Transformation of the Concept of Talent Management in the Era of the Fourth Industrial Revolution as the Basis for Sustainable Development

Abstract

The Fourth Industrial Revolution is an objective result of technological progress, which will radically change the traditional ways of doing business. This will also contribute to radical changes in the human’s role in the labour market. Employees with high qualifications and developed social-behavioural skills will experience high demand in the labour market, and a consequence of this will be necessary transformations of the talent management concept. This study aims to demonstrate the need to change the talent management concept in the era of the Fourth Industrial Revolution. The conducted research is based on the analysis of statistical data regarding labour productivity in the economic system EC-27. Economic and mathematical modelling techniques have been used for the analysis of selected statistical indicators (places of convergence and divergence, places of growth, declining and side trend have been found). As a result of the studies performed, a method of calculating the original Index the lack of talents in the economic system. The results of the completed research demonstrate: on the one hand, on the market, there is a shortage of talent and a transformation of the labour market is required for organizational and technological reasons; on the other hand, the Fourth Industrial Revolution and the accompanying transformation of economic processes create new requirements for human resources. In such conditions, the role of human capital development process management increases significantly, and the necessary transformation of the talent management concept is increasingly becoming a key element that directly determines the sustainable development of social and economic systems. The transition to this concept should proceed through modern technologies and digital solutions, pursuing the main goal, being to provide a continuous process of not only searching for talents but also creating talents by delivering knowledge and forming skills as required by technological progress.