Abstract
Today, no country can claim that its business can be local or national due to the effects of globalization. The world of business has become international. In this new millennium, few economies can afford to ignore global business opportunities. The globalizing wind has broadened the mindsets of executives, extended the geographical reach of firms, and nudged international business into some new trajectories. One such new trajectory is global talent management, which has a tremendous impact on the subject matter of diversity and inclusion. Effective talent management is essential for a competitive edge and survival. Moreover, a volatile economic context makes talent management more crucial to organizational success. Similarly attracting, developing, and retaining talent particularly managerial, professional, and technical sustainably is a herculean task indeed. Hence, this chapter, through grounded research and in-depth literature review, intends to discuss how and why diversity and inclusion have become an imperative in global talent management.
TopLiterature Review
Talented employees are considered to be talents because of their knowledge and ability to affect the culture of the organization they work for and by being more than just an employee (Park, 2014). An important element to define “talent” is that it concerns authentic staff members who not only have the right skills and knowledge. They are also able not just to “play” a role, but to be able to stay close to themselves and from that notion provide naturally good service.
Talent management in an organization is an ongoing process of analyzing, developing and effectively utilizing talent to improve business value and to achieve the organizational goals. Everything done to recruit, retain, develop, reward, and make the employees perform forms the process of talent management.
Key Terms in this Chapter
Development: Means ‘steady progress’ and stresses effective assisting in hastening a process or bringing about a desired end, a significant consequence or event, the act or process of growing, progressing, or developing.
Competitive advantage: An advantage that firms has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition. There can be many types of competitive advantages including the knowledge, skills, structure, product offerings, distribution network and support.
Knowledge Management and Individual: The individual as the initial point of knowledge management have been neglected, especially as knowledge management has become a topic important in the business world. Most companies at first relied on technology-based knowledge management, which has mostly led to the implementation of databases.
Transformation: The act or process of transforming, change in form, appearance, nature, or character or alteration, especially a radical one. A change in position or direction of the reference axes in a coordinate system without an alteration in their relative angle.
Training: Organized activity aimed at imparting information and/or instructions to improve the recipient’s performance or to help him or her attain a required level of knowledge or skill.
Strategies: Method chosen and plans made to bring about a desired future, achievement of a goals or solutions to a problem. Strategies are a result of choices made. It is that set of managerial decisions and actions that determine the long term performance of a business enterprise.
Globalization: Globalization is the tendency of businesses, technologies, or philosophies to spread throughout the world, or the process of making this happen. Worldwide integration and development, the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications.
Borderless World: A borderless world is a global economy in the age of the internet that is thought to have removed all the previous barriers to international trade.
Competence: Refers to the capacity of individuals/ employees to act in a wide variety of situations. It’s their education, skills, experience, energy and their attitudes that will make or break the relationships with the customers and the products or services that are provided.
Core Competences: Knowledge based technical and human abilities and skills.
Challenges: Something that by its nature or character serves as a call to make special effort, a demand to explain, justify, or difficulty in a undertaking that is stimulating to one engaged in it.