Talent management in a recession Literature review

Talent management in a recession - Literature review Example There are various guideposts for talent management in face of economic turmoil, which are central to this study. They were compiled as â€Å"Has the great recession changed the talent game? Six guideposts to managing talent out of a turbulent economy† following the release of the report earlier in 2010. The objective of this study is to articulate the challenges of talent management during recession and the ways in which they may be solved. Literature Review In face of an economic recession, financial crisis or credit crunch, various corporations may choose to focus on retrenching a section of employees, restructuring the corporate leadership through change management, or devising various cost-cutting strategies (Arthur 2011, p 89). Through such strategic operations, the corporate strategists and leaders often downplay the value of talent management in the organizational mainstream by failing to realize that talent management is a sin qua non for fostering productivity in prep aration for economic recovery. Economic experts reckon that the current economic recession fundamentally change ways in which executives develop, engage and manage corporate employees. The vital query revolves around how talent management strategies will distinguish the winners from the losers during the transition from the prevalent recession into the new economic order. This study focuses on whether the improving economy is capable of creating a â€Å"resume tsunami† as employees seek new ventures. It also seeks to address the question as to whether the time has come for companies to stop playing defense and go on offense on the issue of talent management (Axelrod 2002, p 88). According to the projected findings retrieved from the report of the yearlong Managing Talent in a Turbulent Economy survey, there are various fundamental considerations for executives as the corporate world moves past the current economic turmoil to face the emerging challenges of the new economy. Th e survey indicates that these milestone considerations can enable companies to adjust and position themselves strategically for the projected economic upturn as they implement various strategies to develop new talent while retaining the talent necessary to steer their companies back to the path of progress (Schein 1977, p 93). In some cases, companies may use economic resources as an excuse to retrench the less productive segment of the firm. According to economic experts, there is a psychological impact of this kind of arrangement on the remaining staff following the layoffs. For instance, the remaining employees may feel overloaded since they would have to undertake prior jobs exercised by their dismissed colleagues. Likewise, they would have to undertake their jobs amid growing tension and suspense of looming layoffs. One of the purposes of this paper is to ascertain how an organization can retain these talents and motivate them (Birdi et al 2008, p 498). As the current economic recession traverses with the projected economic recovery, Deloitte released a report indicating talent trends in the changing economy. Published in the New York Times April 19, 2010, this report dubbed The Great Recession Transforms Talent Management, Leadership and Development: Deloitte Survey Series was based on yearlong in-depth research. Following a series of independent surveys, the company identifies several guideposts to reflect on while confronting talent management challenges of