The Impact of Talent Management For the Progress of Organization: Revolutionizing Talent Management in a Globalized Economy

Abstract

In today’s competitiveeconomy, organizations need to continuously invest in human capital. In therole of business partner, HR leaders work closely with senior management toattract, hire, develop and retain talented employees.  Yet competitive  working environment,  shortage of skilled  employees leads  to socio  economic  and cultural challenges  astalent  crosses borders. As a result theworkforce trends such  as  shifting demographics,  global supply chains,  increasing  global mobility,  forward  looking organizations must rethink theirapproach to talent management to best harness talent. Overall economic outputis a function of the number of workers multiplied by hours per workermultiplied by productivity per hour. Assuming a shrinking workforce and a stable work week, productivitygrowth is the only lever for increasing economic output (Ken Berryman, 2003).