Answer to Question #315847 in Management for Binx

Question

Talent management is not just a simple human resource key term one will come across. It is also committed to hire, manage, develop, and retain the most talented and excellent employees in the industry. In fact, talent management plays an important role in the business strategy since it manages one of the important assets of the company—its people.

Detail the challenges faced by organisations regarding the acquisition and retention of talent, justifying the significance of talent management in your discussion.

Answer 1

Lack of highly talented skilled employees makes a competition for the few talented to become a major priority in the highly competited for field of business. This is because with a talented person it is easier to acquire and maintain customers as compared to employees with only paper qualifications.These challenges are such as hiring managers relying on transaction based recruiting agencies and choosing to lean on the lighter side of the pay range.