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).
The focus of TM is to identify the specific key positions which are highly valuable and make a significant impact on competitiveness of an organization, and then create and develop a group of high potential employees to fill these positions taking care of an effective HR system as facilitator for identification of pivotal positions, preparing and developing talent pool to sustain commitment of talent towards organization. The Crucial function of Talent Management is to make an organization future-oriented by managing their human capital; it will help them to cope up with different future talent shortages. TM also takes care of both individual and organizational need in order to find talent within and retain them for tough competition times. By this approach, talent managers keep their focus on preparing a group of highly potential candidates for organizations future leadership positions (Lewis & Heckman, 2006). These positions are based on roles required at different times, and these requirements are filled with a combination of "internal development and external recruitment" (Collings & Mellahi, 2009). A more useful definition of talent management is the differential management practices and opportunities available to human capital(talent) in the organization (Blass, 2007). Such processes can be formal and informal, deliberative and unintentional, explicit or implicit. Whatever the combination, these processes constitute an organization's talent management system. Using this definition, every organization has a talent management system whether it recognizes it or not.
Our definition of human talent management is based on identifying the pivotal competencies of key positions/projects, make a substantial investment in developing these competencies in a group of high performers (Hipe) and...