SUCCESSFUL TALENT MANAGEMENT THROUGH POSITIVE CSR-DRIVEN TRANSACTIONS
DOI:
https://doi.org/10.12775/JPM.2015.007Keywords
human resource management, talent management, corporate social responsibility, transaction costs, modelAbstract
Purpose: The purpose of this paper is to study the meaning of talent management (TM) in the context of corporate social responsibility (CSR) and transaction cost theory (TCE).
Approach: This is a literature review paper.
Findings: The study suggests that, contrary to economical predictions, TM is a socially unpredictable process that has to be based on a clearly articulated and contingent input-output perspective provided by positive CSR strategies. This study shows (against a backdrop of the boundaries of the socially responsible organization) the transactional nature of talent management and highlights the issues that affect the process of talent acquisition, development and retention. The study proposes a CSR driven talent management model, to fill the gap between talent management processes and organization development requirements, that enhances in-house talent satisfaction, engagement and commitment talented employees to continue employment as well as attracting outside talents to the organization.
Research limitations: This study is based on theoretical analysis and its assumptions should be tested empirically. Practical implications: The study shows the need for integration of the CSR practices and talent management to decrease transaction costs. The study stresses that CSR-driven TM has to consider the initial growth of transaction costs and their decline at the end of the TM process.
Originality/Value of the paper: The study addresses a research gap by integrating TM with CSR and TCE perspectives. It is also suggested that instead of well-developed talent management processes companies have to consider striking a balance between profitability and responsibility to find an appropriate regulator of the future transactions.
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