||Associated with the progressive globalization, the raising competition as well as the critical demographic changes on the market, skilled workers are becoming more and more indispensable for an organization's growth. Additionally, these economic aspects force human resource professionals around the world to rethink their talent management strategies in order to create long-term organizational success and use their talent as competitive advantage efficiently. Even though talent management will be one of the most important challenges faced by organizations in the coming decades, too often the effective implementation into the overall business strategy is severely lacking.
As the topic of talent management gets more popularity in practice in an organization's human resource management, the need for understanding the nature and scope of talent management is increasing. Hence, the aim of this study is to deepen this understanding through an integrative review of literature as well as an empirical analysis. As part of this thesis, five major themes within the talent management have been identified and evaluated: talent selection, talent engagement, talent development, talent retention, and talent transition.
Moreover, a comprehensive research in the field of human resource management related to talent management in the Republic of China, Taiwan, as well as semi structured in-depth interviews with experienced employees of one single Taiwanese multinational corporation provide insights into the talent management practices of this specific Taiwanese multinational corporation. The subsequent suggestions for improvement are based on the key findings within the empirical analyses. These core results include the lack of transparency of the talent management program, the insufficient communication during the selection process, the lack of skilled leaders in relevant management positions, the inadequate training development opportunities, the missing incentive systems and the insufficient consideration of and efficient knowledge transfer within the transition phase.
Improving the talent management process of the specific Taiwanese multinational corporation will lead to an enhanced talent development for the skilled and motivated workers. Consequently, lower turnover costs, higher labor productivity and an pleasant working environment can be realized. Hence, a high level of organizational performance as well as a sustainable competitive advantage in the market can be achieved in the future.