Today, companies have to face rapid changes resulting from globalization. They need to deal with those changes successfully in order to grow and to gain a competitive edge. Most companies believe that employees are critical factors to improve and enhance organizational performance. Although, people are the important asset to enable high performance in an organization, most companies recognize only people who demonstrate high performance and high potential. Therefore, many top executives recognize that people, especially the talented and expert people are the critical drivers of their business success. Therefore, the challenge for CEOs, managers and HRD experts is how to manage the talented people in their organization and how to develop effective talent management tools.
The talent management tools, are one of the most important techniques and methods, which helps the company in achieving the high performance goals, which are mainly focused at the time of resource hiring, deploying, developing, and retaining talented people. However, the research of McKinsey and company analyze from the data found, which states that, there are very few companies, which are managing their talent effectively. The companies, which are following this procedure includes general electric, which is a well known company all over the world, this strengthen the company in long admired and depth of its managerial talent. Although, many of the companies, who are operating worldwide, not following this, which is effecting their effective talent (human resource).
As there is tough competition among the large organization and they are trying to hire expert and talented employees of their competitors by giving them more incentives as compare to their previous employer. In addition to this, there is a shortage of talent management frameworks, concepts, and methodologies in the United States.
The demand of job in the job market has also increased in various business industries now days; as such, employees with versatile and dynamic skills only can cater for the job requirements. There is intense emphasis today on capabilities of employees and organizations thus are moving towards learning organizations. In which the employees are empowered and provide with the opportunities in developing and enhancing their careers. In order to make the employees more efficient; the organizations provide them with appropriate resources and afford training sessions (Kazlauskait & Buciunien, 2008). Workers, who become expert with their knowledge, bring creative and innovative ideas, which will result into increase in the organization's worth. The value, which is added in the intangible resources such as patents, reputation of an organization and to the competence of employees (Sveiby, 1997). This benefit will increase the organizational productivity and supports in improving the performances of employees.
Such workers who have the knowledge is known as intellect capital. There are three elements for the intellect capital, the human form of capital, relational form of capital and structural form of capital. Organizational culture plays a significant role in knowledge practices because it is the norms and values of an organization that alter the personnel's attitude and action. Organizations motivate their workforce to conduct brainstorming sessions through ...