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The Tipping Point

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The Tipping Point for Talent Management
HRM 532
August 20, 2011

The Tipping Point for Talent Management
Discuss how the economic environment has influenced the need for talent management practices. The current economic environment has influenced the need for talent managenment practices through the need of cultiviating current talent rather than hiring new employees. The need of practicing talent management is needed more today than ever because the encominc status of many business, the economic environment obliges that the productivity of existing workers amplify before new headcount is measured. Organizational expansion has converted from the number of talent to the value of talent. “In order to truly enable innovation and get rid of the band-aids that have been put in place during the "storm," companies must ensure that they have "A" players on board.” (“Economy,” 2011). As businesses hunt for new ways of improving workforce efficiency, talent management has become a fundamental component in launching a human capital management environment. Offering enormous business value, talent management is complex and continually evolving. Influenced by external factors such as the economy, global expansion and mergers and acquisitions, critical success factors for effective talent management include alignment with strategic goals, active CEO participation and HR management.

Discuss how globalization has contributed to the tipping point for talent management practices. Globalization refers to the progression and integration of economies, societies, and cultures through a global association of communication and trade, which drives both partnership and competition. Today, those who possess knowledge own the new means of production instead of those who possess land, labor, or capital goods. This is why globalization has contributed heavily to the tipping point of

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