Academic journal article Academy of Strategic Management Journal

Talent Management and Value Creation: A Conceptual Framework

Academic journal article Academy of Strategic Management Journal

Talent Management and Value Creation: A Conceptual Framework

Article excerpt

INTRODUCTION

Talent management is considered as one of the most future-oriented practice by academicians, independent researchers, and corporate professionals (BCG & WFPMA, 2010; Michaels, Handfield-Jones & Axelrod, 2014). In contrast, there is a lack of clarity in the definition and framework of talent management in the academic field (Lewis & Heckman, 2006; Scullion, Collings & Caligiuri, 2010). Due to the lack of strong research, academicians, professionals, and consultants are ignited within to explore, share, and strengthen the knowledge of talent management towards academic clarity and ease of practice. Talent management has now caught the attention of academic researchers, and the research field is rapidly developing since last decade (Nijs, Gallardo-Gallardo, Dries & Sels, 2014; Scullion et al., 2010; Tansley, 2011). This area came into focus due to the demographic shifts and challenges, like shortage of skilled workforce, the war for talent, ageing workforce, declining birth rates, cultural diversity, all these lead the talent management towards strategic importance (Benson & Brown, 2011; Chambers, Foulon, Handfield-Jones, Hankin & Iii, 2015; Michaels, Handfield-Jones & Axelrod, 2001). The trend of corporate is changing from organizational growth to organizational sustainability. Chief executive officers (CEOs) do believe in the strategic importance of human talent management, so spend a substantial amount of time on this practice and also believe HTM as a hotshot source of competitive advantage, so can't left this practice to HR alone (Economist Intelligence Unit, 2006). Talent management has been witnessed as a most critical function of HR and eminent source of competitive advantage (BCG, 2007; BCG & WFPMA, 2010). Talent management remains one of the most challenging functions for the businesses in current dynamic and volatile environment. The best of any business is to remain step ahead by strategizing the available skills in an organization and use them according to objectives of business. Despite the increasing interest of practitioners along with the academicians, research in this area is still in growing stage (Dries, 2013). The research available in this area is mostly that of conceptual, theoretical, and review based among a few empirical.

The focus of this paper is to review the existing relevant literature and to identify different constructs of human talent management (competency focus, talent pooling, talent investment and talenting orientation), and their influence on organization's value creation. Further, propose a conceptual model and few propositions, which may enhance our understanding how talent management orientation influences the value creation of a firm. Future research directions will explain how human talent management researchers will work on the integration of relationship and contribute towards the maturity of talent management by further exploring and validating the model empirically to enhance the body of knowledge.

Human Talent Management

Many researchers believe that talent management is mere rebranding of human resource management; while we analyzed that it has more specific approaches towards talent (high potential and high performers). The approach of talent management lies within the boundaries of Human Resource Management (Lewis & Heckman, 2006), and based on theories of organizational behavior and human resource management (Thunnissen, Boselie & Fruytier, 2013). In addition to that TM targets, a group of top potential candidates deployed or to be deployed at companies strategic positions, who contribute towards the sustainable competitive advantage (Collings & Mellahi, 2009). One of the most cited definitions in literature describes Talent Management shown in Figure 1 as a strategic process of,

"The systematic identification of key positions which differentially contribute to the organisation's sustainable competitive advantage, the development of a talent pool of high potential and high performing incumbents to fill these roles, and the development of a differentiated human resource architecture to facilitate filling these positions with competent incumbents and to ensure their continued commitment to the organisation"(Collings & Mellahi, 2009). …

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