How To Transform Talent Management For The Better In The Knowledge-Economy

Today, the question remains, how can we establish the relationship between talent management and knowledge management? Well, executives can play a critical role in developing interactions and relationships. One way is by implementing more effective changes at all levels of the organization. Executives can also serve as an ideal vehicle to provide further opportunities for talent to explore new ideas and knowledge. In addition, executives can create new ideas and knowledge for innovation and motivate talent to effectively solve organizational problems. Executives today realize that knowledge is the one of most strategic factors for SMEs from a competitive standpoint. Knowledge management is a necessary precursor to creating new knowledge and ideas within SMEs. The creation of new knowledge is a process and can be essential to identify the needs of talent and also recognize changes in the business environment. Therefore, executives can effectively use knowledge management to identify and satisfy talent through increased talent satisfaction.

Executives can also develop organizational communications aimed at providing valuable resources for SMEs. They can enhance knowledge sharing among organizational members and stipulate knowledge to be shared around the organization. The new knowledge is shared with other SMEs and synthesized with an aim to provide higher quality products and services. This process can potentially improve organizational performance through increasing customer focus, improving the quality of products and services, and enhancing organizational revenue. Knowledge management can also build an effective learning SME in which internal talent can continuously engage and develop both personally and professionally. Knowledge management could, therefore, positively impact talent retention, through meeting the goals of intellectual stimulation and personal development. Knowledge management can, therefore, enable SMEs to close a gap between satisfying talent, and meeting customer needs. In addition, when executives show concern for the talent needs, individuals begin to contribute more commitment and they become more inspired to put extra effort into their work. This extra effort also improves the quality of products, customer satisfaction, and impacts the return on assets, sales, shareholder value, and eventually improves executive operational risk management.

Executives can also reconfigure organizational knowledge to meet new challenges and environmental changes as they occur.

Thus, executives can use knowledge management to increase organizational performance by improving the quality of products and putting internal talent at the top.   

In conclusion, this article can offer several implications for practice. First, this develops a new and dynamic concept of the integration between talent management and knowledge management within SMEs. Importantly, this approach advances the current business literature on talent management by offering novel insights into how knowledge management affects talent identification, satisfaction, and retention. This article suggests new insights to identify knowledge management as a primary driver of effective talent management for SMEs.