16.4: The War for Talent

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Learning Objectives

Define talent management.
Attract the right workers to your organization.
Understand how to keep your stars.
Understand the benefits of good talent management.

You have likely heard the term, the war for talent, which reflects competition among organizations to attract and retain the most able employees. Agencies that track demographic trends have been warning for years that the U.S. workforce will shrink in the second and third decades of the 21st century as the baby boom generation (born 1945–1961) reaches retirement age. According to one source, there will be 11.5 million more jobs than workers in the United States by 2010.¹ Even though many boomers say they want to (or have to) continue working past the traditional age of retirement, those who do retire or who leave decades-long careers to pursue “something I’ve always wanted to do” will leave employers scrambling to replace well-trained, experienced workers. As workers compete for the most desirable jobs, employers will have to compete even more fiercely to find the right talent.

Figure 16.6

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The war for talent is about attracting, developing, and retaining the most capable employees.

Wikimedia Commons – United Kingdom Labour Law – CC BY-SA 2.0.