Talent Management Discuss How the Economic Environment Research Paper

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Talent Management

Discuss how the economic environment has influenced the need for talent management practices.

The current economic environment is one that is knowledge-based rather than agrarian or industrial (Friedman, 2005); talent management agents working in modern society have to recognize that even now while they focus on knowledge they must shift their attention to conceptual ideas; wider audiences must be targeted. Friedman suggests than talent managers must focus on a "post-knowledge, worker economic stage" where horizontal relationships will be critical to the success of organizations (Friedman, 2009; 2005). The economic environment of old did not require specialized talent. Almost anyone could find a job, because work was not specialized. Rote memorization could get someone a job. Today, creative thinking is in high demand. Technology has allowed a global market to boom, and in this market, creativity is highly valued. Entrepreneurs are highly sought after for their creative talent. For this reason, talent management practices have shifted to seek out individuals that can think in new ways to change organizational paradigms.

Success in the talent management industry in modern society will be contingent on the ability of individuals to acquire skills in service industries and information processing (Mathis & Jackson, 2008). These industries require creative thinkers.

2. Discuss how globalization has contributed to the tipping point for talent management practices.

In the past talent management was limited to recruiting select candidates from regional or national pools of talent.

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Today there is a global marketplace however. Talent managers realize that there are entrants in a world economy, and economic growth occurs on a global level; there are foreign nationals that contribute to the human landscape on a global level (Friedman, 2009; 2005). There is creativity and innovation that contribute to the economy of the world rather than to nations alone. Today business incentives offered by many developing countries are often better than those offered by an incumbent's home country. In some countries for example, like in countries where medical tourism is offered, doctors are offered huge incentives to practice abroad, because this will bring incredible revenues to developing countries (Friedman, 2009; 2005). Outsourcing is also a way to manage talent, although many view it only as a way to minimize costs.

3. Discuss how talent management practices have evolved beyond training programs.

Talent management is not just about training; it's about adding value to a company and about engaging employees and managing operations over time. It is about optimizing the functions of an organization over time so retention becomes the primary goal of an organization (Mathis & Jackson, 2008). People can't simply memorize information and expect for it to work; rather conceptual thinking and creative thinking will be required to work in the technological and conceptual ages. This may require more horizontal thinkers;….....

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