War for talents. How can human resource managers attract and retain talented employees?

Seminar paper from the year 2017 in the subject Leadership and Human Resource - War for Talents, grade: 2, University of applied sciences, Düsseldorf, language: English, abstract: This work defines finding talents as one of the top priorities of human resource management and reviews the practices, strategies and plans that can be implemented in order to attract and retain talented employees. It shows the external and internal channels by which the organizations can acquire the needed talents. At the end, it reviews the challenges facing human resource managers in this framework. Finding the superior talent is the key issue for human resource managers across the world. This issue is being faced by large organizations since the business environment is changing rapidly, and the need for technological skills, professionals and the ability to operate under different conditions is growing fast. According to McKinsey, in addition to skills, knowledge, experience, astute, character and judgment, talent also includes the person´s ability to learn and grow. The so-called 'war for talent' was expressed by the America´s largest management-consulting firm in 1998 when they published a report stating that 'better talent is worth fighting for.' The gap between the demand and supply of talented people represents the scarcity of talents which form a challenge for the human resource managers. That brings us to the question, what practices, plans and strategies should be set and implemented by the human resource managers in order to attract and retain talented people? And what are the challenges facing human resource managers in finding the required talents for the organization?