Talent Management: Conceptual Approaches and Practical Challenges

The challenges associated with managing talent in modern labor markets are a constant source of discussion among academics and practitioners, but the literature on the subject is sparse and has grown somewhat haphazardly. We provide an overview of the literature on talent management—a body of work that spans multiple disciplines—as well as a clear statement as to what defines talent management. The new themes in contemporary talent management focus on (a) the challenge of open labor markets, including issues of retention as well as the general challenge of managing uncertainty, (b) new models for moving employees across jobs within the same organization, and (c) strategic jobs for which investments in talent likely show the greatest return. We review the conceptual and practical literature on these topics, outline the evolution of talent management over time, and present new topics for future research.