INTEGRATED TALENT MANAGEMENT - A CHALLENGE OR NECESSITY FOR PRESENT MANAGEMENT

The current highly competitive and unstable business environment, the requirements of the knowledge society and the development of new technologies is a reality which presents new challenges directed at various areas of the society, including human resources, to organizations and their management. It is becoming increasingly evident that the quality of human capital and practical implementation of human resources development are ones of the decisive factors of organizations´ success and competitiveness and a key source that considerably determines the operation and economic performance of organizations. The importance of the talent management concept for organizations is growing as a consequence of the ongoing globalization of the labour market and as a result of changes in the structure of labour force, particularly due to the aging and inadequate qualification structure of workforce on the one hand, and growing demands on the knowledge and skills of employees and the need for skilled labour on the other hand. Business practice but also studies carried out in the given area (CIPD, 2009, Deloitte, 2010) confirms that the talent management is becoming one of the main tools of business competitiveness. Above all, the organizations that are able to recruit, develop and retain existing but also future talents will gain a competitive advantage over the others. Talented employees are those who significantly contribute to the implementation of the strategy and objectives of an organization and thus to the success and prosperity of every organization.