...Talent and Firms Success/ Failure Prepared for GB 540: Economics Prepared by Amare Ayalew Student in Kaplan University Talent and Firms Success/Failure Talent is the main driving force for business success. Talent management is a process by which an organization identify, attract, manage, utilize, retain, develop and engage people to meet current and future needs (Mucha, 2004). Business need to understand and respond to their employees needs in the workplace. The completion to acquire talented workforce become more strategic than ever before. Companies in today’s talent market faces a curious paradox In both economic downturn as well as at the height of a boom. Effective talent management is essential to achieving organizational excellence. If a firm cannot keep its talent, it will be buffeted by the storms of recession or in highs of a boom, it will fail to maximize competitive edge. The ability to execute business strategy is rotted in the ability to find, attract, retain, and develop key talent. Talent management strategy needs both performance and potential. Performance is about looking back on what has been done and what was contributed and it is measured against specific objectives. Performance may or may not be an indicator of potential. Potential is about looking forward and predicting what an employee may be capable of doing in the future. It is assessed by a joint combination of observations, assessments and discussions (Mucha, 2004). Although pay and benefits...
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