Exclusive global talent management (GTM) has been one of the most crucial strategic practices for multinational enterprises (MNEs) in this competitive global economy. Although prior literature has focused on the positive role of exclusive GTM, recent studies started to recognize that exclusive GTM, which excessively emphasize talent, may lead to competitive culture within the MNE, resulting in a negative effect. Within this vein, this study aims at exploring the potential negative impact of perceived exclusive GTM on employees and the moderating factors that would weaken the negative influence of exclusive GTM. Survey results from 610 Korean employees working for 25 MNEs show that employees’ perceptions of exclusive GTM would have a negative effect on their intention to stay. Moreover, the negative effect of perceived exclusive GTM on employee intention to stay would be weakened when employees have satisfied relationships with their supervisors and co-workers.