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Talent management is significantly changing due to the influence of the external factors. It is apparent that over the next decade, the resourcing and talent strategy will have transformed due to factors such as technology and strategic planning by the company. Other aspects that will have changed include the decisions, contractual arrangements, and the influence by demographics’ dynamics (Kamal and Lukman, 2017). This email entails a detailed analysis on the present developments that impact the business environment and the potential future developments. These aspects are assessed in relation to the resourcing and talent management.

Current Developments Impacting the Business Environment and Significance for Organisational Resourcing and Talent Strategy and Practice

There have been rapid changes in the business environment and the main change has been from the sellers’ market to the buyers’ environment. This reflects on the transition from a monopolistic business environment where the transaction was dictated by the service provider and the suppler. Modern development reflects on the focus in quality, cost, and time in the delivery of products and services. As described by Aman et al. (2018), contemporary companies are investing in sourcing and talent development for individuals dedicated to the customer. The implications of this aspect to talent development and resourcing is to recruit and retain individuals with vast skills in customer management. This is essential in promoting customer retention.

Another development in business environment is globalisation, which is accompanied with fierce competition among companies within and outside the headquarters. Globalisation, which implies operation on a global scale introduces aspects such as expatriation and differences in issues such as the exchange rate and expansion (Hood and Creed, 2019). Global companies, therefore, have to invest in resourcing for individuals globally. In the retail sector, for instance, companies such as Amazon and Walmart are characterised by a diverse workforce and the talent development process has to factor in the diversity and cultural issues. On the other hand, the expatriation process is expensive, which is a significant challenge for companies attempting to increase the profit margin.

The impacts of competition is the scrabble for the top talent. However, another factor arises, which involves the labour environment. When there is an increased demand for top talent, the labour market can be described as tight. The effects of the tight labour market is companies offering attractive reward packages to the top individuals to attract and retain them (Alhmoud and Rjoub, 2020). Taking the data scientist role in the retail industry, the individuals are scarce. This is attributed to the growth in technology and data management roles. In talent management, the core objective of the companies is to ensure that the employees have adequate knowledge and skills, which are in line with present and future needs of the company. There are downsides to investment in talent development, mainly the costs in ensuring that the rewards are sufficient for the employees and also for training the employees. Companies have to look at the recruitment and talent development of these employees as an investment, with the anticipation of adequate returns.

The business development is also characterised by strategic planning, effective leadership and management, change management, and demographics’ changes. These factors are crucial in making resourcing and talent development plans. For instance, in the retail industry, demographic changes are reflected in the workforce comprising of various generations, including millennial, generation C, and the baby boomers (Schroth, 2019). Although it is challenging, due to costs and ensuring that every employee’s needs have been met, having a diverse workforce implies that companies have to formulate a strategic approach to source for these individuals and address their gaps in skills, in line with the present and future needs. The business environment has also been characterised by technology advancements, which influence the practices, such as flexible working. This change has significantly influenced the recruitment approach and the talent management, which are now being conducted online.

Future Developments in Resourcing and Talent Management

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