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How the Development of Strategic Human Resource Management Fosters Knowledge Management and Talent Management Ashita Patel Walden University MGMT 8720 1
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Abstract Organizations today are adapting to a strategic human resource management (SHRM) system, however, limited research has been conducted on whether or not the adaptation of SHRM is enhancing knowledge management (KM) and talent management (TM). This paper analyzes past research on SHRM, KM and TM with accordance to an organizations performance. Key words: Strategic human resource management, Knowledge management, Talent management 2
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Introduction Human Resource Management is an umbrella term that is a collection of recruitment, selection, policies, practices, and appraisals, in order to, attract, retain, develop, and motivate new and current employees in an organization. HRM is known as a management system that can overcome challengers and gain competitive advantages. This development, from traditional to strategic HRM, can encourage the growth of an individual through talent management and knowledge sharing. By utilizing talent management (TM) and knowledge management (KM) strategies, organizations have the ability to gain sustained advantage, in addition to, improved organizational performance and productivity. This paper introduces how the development of strategic HRM can foster KM and TM. Talent Management According to Donald (2014), the term human resource management led to the idea of talent management as its main focus is of employing people, developing their resources, and compensation for their services. Talent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining, and utilizing people with the required skills and aptitude to meet current and future business needs (Donald, 2014). These strategies are comprised of five areas: attracting, selecting, engaging, developing, and retaining employees (Meyers & Woerkom, 2014). The focus on talent management has elevated because of the market saturation with job seekers causing high unemployment levels. HRM systems utilizing talent management goal is to identify investments, design employee development strategies, and calculate the return on investments to the organization (Kehinde, 2012). The utilization of talent 3
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management increases the retention of employees, morale, and productivity, in addition to, integrating employees, management, and executives into one system. Knowledge Management According to Brewer and Brewer (2010), knowledge management is the process in which organizations develop, organize, and share knowledge; it is the creation, transfer, and integration of distributed knowledge in order for organizations to achieve success (Cabrera & Cabrera, 2005). Knowledge is seen as a tacit component, which begins at the individual level and divides into two components: technical and cognitive. The technical dimensions are the informal skills that individuals “know how” to accomplish. The cognitive dimensions are the formal skills that
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