Talent management

[1] The field has been growing in significance and gaining interest among practitioners as well as in the scholarly debate over the past 10 years as of 2020,[2] particularly after McKinsey's 1997 research[3] and the 2001 book on The War for Talent.

Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals.

Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning.

Poor business forecasting of economic downturn in the 1970s combined with no-layoff policies for white-collar workers resulted in corporate bloat.

As a result the hiring of outside talent largely replaced the internal development schemes seen in businesses earlier in the century and by the late 1990s had reached its limit.

[3] The following year in 1998 "talent management" was entered in a paper written by Elizabeth G. Chambers, Mark Foulon, Helen Handfiled-Jones, Steven M. Hankin, and Eduard G. Micheals III.

[need quotation to verify] It cannot be left solely to the human resources department to attract and retain employees, but rather be practiced at all levels of an organization.

Divisions within the company should be openly sharing information with other departments in order for employees to gain knowledge of the overall organizational objectives.

It has been reported that nearly 75% of the CEOs of the world have pointed out the unavailability of the required skills and capabilities as the main obstacle faced by organizations aiming for their growth (Sen, 2019) [8] Companies need to decide whether it is correct to "buy" or "make" employees.

The point of activating a talent marketplace within a department is to harness and link individuals' particular skills (project management or extensive knowledge in a particular field) with the task at hand.

[10] In today´s globalized economy, cultural agility is a behavioral trait that international enterprises especially value in job applicants at the time of hiring.

The most important factors involved in employee retention are compensation, workplace environment, growth options, and the support structure of the company (Sen, 2019).

[13] The proper and fair treatment of all employees will increase their engagement levels and in the long run result in less of a need for micromanaging.