The Impact of Effective Talent Management in Achieving the Comparative Advantage of Modern Companies

Vuk Mirčetić () and Svetlana Vukotić
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Vuk Mirčetić: Assistant Professor, Faculty of Applied Management, Economics and Finance (MEF)

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Abstract: Companies that want to achieve top results have no choice but to secure comparative advantages that their competitors cannot copy or buy. Hence, the employees of these companies are considered the most valuable and authentic resource the organisation possesses. Companies invest in their resources to enhance performance and generate profit, and the company's ability to outpace its competitors is made possible by its employees. Therefore, human resource management can contribute to more revolutionary changes than just accepting a homogenous workforce. The key aspect of all this is finding adequate employees, and the essence of selection is choosing the right people for the right job at the right time. A notable place in this domain is occupied by talent management, which is the research objective of this paper. Talent management issues are particularly acute in developing market economies, where organisations need to adopt strategic approaches to their management. The term strategic human resource management emphasises the strategic character of a particular approach to talent management in organisations. When discussing talent management, defining what talent means first is necessary. Talent is very often perceived as an individual who achieves high performance. It is also seen as a potential that requires engagement to turn it into capacity. Theoretical determinants regarding the definition of talent management, its retrospective framework and contemporary trends are also studied in the paper. New approaches that include talent management are indispensable in contemporary business organisations, and hence this work can be useful to the interested professional and scientific public.

Keywords: Talent management HRM contemporary companies modern business environment View publication stats; Talent management; HRM; contemporary companies; modern business environment View publication stats (search for similar items in EconPapers)
Date: 2022-12
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Published in Book of Abstracts of VIII International Scientific & Professional Conference MEFkon 2022 - Innovation as an Initiator of the Development (p. 21). Faculty of Applied Management, Economics and Finance, University Business Academy, Serbia., Dec 2022, Belgrade, Serbia

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