They cannot take he risk to lose them since it will create a lot of problems for them considering the present economic situation. This has resulted in the practices that lead to talent management.
Due to the economic environment, organizations have to focus on the planning out their sourcing decisions that would be based on the capabilities of the employees and the gaps that exist between them, emphasize on the usage of flexible work environment, pay attention to core vs. non core activities related to work.
The biggest factor that is contributing to the tipping point for talent management practices is globalization. There are a lot of factors that are contributing to the change but globalization’s impact is immense; it makes us see how rapidly changes take place and how beliefs that were once firmly held are wavering and some don’t even exist. The effects that have been observed due to globalization are as discussed below:
Initially it was considered that talent management, its development and training practices go parallel. However recent studies and researches show that it is not so; the researches show that 70% of what needs to be done at the job is learnt at the job itself. Trend has evolved and it can be seen that informal training is more efficient than the formal training sessions which includes activities such as cross functional teams, assignments at the international level, stretch assignments etc. The introduction of integrated talent management program is also another method to choose the best employees who would fit in a particular organization or job equation more appropriately. This includes various activities in which the employees acknowledge their competencies, work on them ultimately improvising on their present skills and the company also contributes to the development of attributes and qualities of the employees. This includes the process of recruitment, selection