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Talent management for the twenty-first century
1Wharton School, University of Pennsylvania, Philadelphia, USA. cappelli@wharton.upenn.edu
Harvard Business Review
|April 17, 2008
Summary
Companies need a new talent management strategy. Applying supply chain principles to talent acquisition and development creates a flexible, cost-effective talent-on-demand system.
Area of Science:
- Business Administration
- Human Resource Management
- Organizational Behavior
Background:
- Most companies lack formal talent planning, relying on costly external hires.
- Traditional internal development programs are ineffective in today's dynamic business environment.
- Past talent management practices originated in stable eras with captive talent pools.
Purpose of the Study:
- To propose a novel, effective approach to talent management.
- To adapt supply chain management principles for talent acquisition and development.
- To establish a talent-on-demand system for modern businesses.
Main Methods:
- Analyzing the limitations of current talent management strategies.
- Drawing parallels between supply chain management and talent development.
- Identifying four key practices for a new talent management paradigm.
Main Results:
- Recommends balancing internal development ('make') with external hiring ('buy').
- Suggests modularized training and just-in-time candidate delivery to mitigate forecasting risks.
- Proposes cost-sharing programs and internal opportunity generation to enhance ROI and retention.
Conclusions:
- A supply chain-inspired talent-on-demand system offers a fundamentally new and effective approach.
- This paradigm shift addresses the shortcomings of traditional talent management.
- Implementing these principles can lead to more resilient and responsive talent pipelines.
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