Effective Talent Management Processes

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Talent management (and development), on the other hand, refers to a body of theories (including models and empirical studies) that offer managerial insights on how to identify such talent systematically and provides mechanisms on how to nurture and utilize the talent so acquired towards fulfilling the organizational objectives (Berger &amp. Berger, 2010). In practice, talent management requires every individual organization to design, develop, and implement its own unique and adaptive talent management strategy in line with the organization’s objectives, operations, culture and environmental influencers (Berger &amp. Berger, 2010). Talent management has become a core human resource function. Trends and Emergent Issues in Global Management Globalization has led to a radical paradigm shift in how organizations conduct their business. Similarly, the managerial focus has now broadened from a restricted focus on how the organization can achieve profitability and survive within the domestic and regional market. It now includes the emergent issues in global business today and the way they affect the organization’s profitability, as well as the way an organization impacts both its internal members and the communities where it is situated. The emergence of Brazil, India, China, and Russia as economic giants has led to increased focus of industries and top quality human resource skills on these markets due to the shortage of managerial talent elsewhere. The number of excellent leaders and managers has not increased (at least not at par) while the level of companies and industries seeking these crucial human resources has (Goldsmith &amp. Carter, 2009). Talent management has increasingly grown from the need to find individuals whose competencies ‘fit’ within the organizational agenda in times of growth and expansion. It is clear from the recent, historical effects that the globalization of former national markets has not only brought opportunities forth for economies of scale and, therefore, more profits, but also created an integrated system that channels a ripple effect, in case of a collapse of one segment of its market, onto the rest of the global system (Carnall, 2007). Global recessions like the one experienced in 2008 had the effect of cutting down jobs globally. A focus of managers now shifts to identification and development of individuals with the ability to lead during such lean times, talents which can consolidate, engage, and sustain a proactive yet consistent approach to operational business cycles. Finally, global business means that multinationals need to obtain employees with different skills and competencies, which blend together to provide synergistic benefits for the organization (Schiemann &amp. Meisinger, 2009). The differentiation amongst individuals in terms of behaviors, culture, attitudes, and interests means that a delicate and deliberate effort is required in obtaining a harmonious fusion of all these elements (the list is by no means conclusive) that is self-sustaining and provides an environment suitable for creativity, innovation, and employee growth. Present managers have exposed a high&nbsp.affinity for mobility in addition to having increased demands and higher expectations of their career paths than prior generations.