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Introduction
Human capital has been established as the most important asset for any organization. It is widely accepted that in the long run, the organization with the best people wins. Proportionate to this observation is the fact that the most pressing concerns of business leaders are those about their people/human capital.
With an increased connectivity and globalization, organizations are more connected than ever before, giving us a need for international human resource management. The economies of the world are getting more intimately connected with each other with every passing second, and so are the people, coming together as a demographic cohort. This calls for strategies to manage talent globally and in a uniform manner, further prompting worldwide talent management practices as opposed to local ones. These aforementioned practices include standardized talent attraction, development as well as retention practices.
The practices we are talking about, however, not only arm organizations simply in the war for talent, but also serve as tools for organizations to gain competitive advantage and financially valued outcomes through talent management practices. An estimated 43 percent of senior leadership (such as global CEOs, CFOs and HR directors) maintains that inadequate management of human capital has inhibited their organization’s growth and impaired their ability to meet their financial goals. A 2013 Gallop study on talent pipeline against growth surveyed 313 professionals, 40 percent of whom mentioned proper talent management as a factor critical to their ability to innovate and ideate at the workplace.
The “war for talent” that we mention in the previous paragraph brought about a renewed and increased focus on the field/domain of talent management, both in academia and in the industry. This, in turn, created a deluge of literature and studies on talent acquisition, development, shortages, retention, metrics for gauging talent, and organizational tactics for talent management. Noteworthy here is the fact that the rise of talent management as an area of research was not restricted to a particular kind of economy, but was, true to its global spirit at present, spread across all kinds of economies. Organizations have realized that there is an impending need to attract, develop, retain and reward employees globally in a competitive environment such as ours, and efforts are being focused in that direction. The present...