Why is talent management strategy important?

Answer from top 2 papers

Talent management strategy is recognized as a critical component for organizational success and employee development. The necessity of talent management strategy is underscored by its role in enhancing employee performance, satisfaction, and retention, as well as fostering a competitive edge within various industries ( and ).
Interestingly, while the necessity of talent management strategy is widely acknowledged, its application and emphasis can vary significantly across industries and regions. For instance, inclusive talent management strategies are preferred in certain sectors, such as manufacturing and banking, while exclusive strategies are more prevalent in the construction-engineering industry (). Additionally, the strategic focus on talent management is crucial in emerging markets like India, where there is a complex talent landscape and intense competition for skilled personnel ().
In summary, the necessity of talent management strategy is evident in its substantial impact on employee development and organizational performance. The strategies employed are integral to attracting, developing, and retaining talent, which in turn supports the achievement of business objectives and sustains competitive advantage. However, the specific approaches to talent management may differ based on industry characteristics and regional contexts ((Alsawalhah, 2020) and ).

Source Papers

3
10.5539/mas.v14n5p75

Talent Management Strategy and its Impact on Employee’s Development: An Empirical Study on Jordanian Pharmaceutical Companies

Apr 28, 2020
Modern Applied Science
Ayyoub A Alsawalhah

The present study aimed to explore the impact of the talent management strategy (attracting strategy, localizations strategy, investment strategy, and retaining strategy) on the employee development process, which helps stakeholders in the companies to take care of this while developing their strategies. The study is based on the descriptive and analytical approaches, A Questionnaire was designed for this study and was distributed to the sample of the community with a total of (280) questionnaires, 239 questionnaires were returned, that represent 85%. The study results show that there is an important role for strategic talent management in employee development in Jordanian pharmaceutical companies. The researchers recommend: Developing a compensation system to encourage workers to stay in companies, support talented workers and involve them in important company decisions.

2
10.34104/ijma.023.033040

Strategic Talent Management: A Comparative Analysis of Hard Vs. Soft Skills

May 19, 2023
International Journal of Management and Accounting
Nicole Stayton Evans

The war for talent is an ongoing problem for organizations. This study examined strategic talent management in the workplace. It compared three talent management dimensions including: a) attraction b) selection and c) retention in hard skills and soft skills. The research reviewed the barriers to effective talent management and successful policies. The author conducted semi-structured interviews with 24 human resources (HR) professionals, focusing on strategic talent management dimensions in hard skills and soft skills. Responses from the interviews were coded and details about the differences were summarized. The data from the interviews were evaluated using chi-square analyses to identify statistically significant differences in HR professionals’ perceptions of strategic talent management in hard skills versus soft skills. The research suggested plausible reasons for the significant differences in managers’ perceptions of talent management effectiveness in hard skills and soft skills. These results create a comprehensive framework for organizations to develop strategic talent management guidelines.