Talent management is essential for identifying an organization’s guiding talent principles and linking them to the business strategy. It is implemented by defining capabilities, attracting the right candidates, having specific selection criteria, developing needed skills, and retaining high performers and potentials. Changes in technology, global competition for talent, and worker needs and expectations have considerable implications for talent management strategies and the practices needed to stay profitable, productive, and competitive. Corporations have learned that designing and implementing the right human resources policies and programs increases loyalty and commitment to the organization, promotes better decision-making for both the organization and the employee, and generates measurable returns (e.g., increased productivity, cost reduction).
In today’s globally competitive and constantly changing business environment, effective human resource management skills are more important than ever before. If managed carefully, human resource management becomes a strategic advantage to the company. To meet this challenge, effective and competitive organizations realize that human resource recruiting and selecting employees, with professional expertise as well as ongoing training, is the key to achieving corporate goals.