The influence of talent management on organisational performance in Bosnia & Herzegovina as a developing country

Abstract

In today's globalized, fast-changeable, and digitalized market, companies strongly need and seek talents, who, besides basic skills, possess higher levels, as well as the optimal mix of different competencies and qualifications. Attracting the best employees, developing and retaining them represents a crucial success factor for any firm and requires well-organized talent management. The purpose of this study is to analyze the influence of talent management, viewed through attracting, developing, and retaining talents, on organizational performance improvement in companies in Bosnia and Herzegovina. Data collection is based on a questionnaire, related to core elements of talent management and organizational performance (profitability and sales growth), with respondents from the population of talented managers, who work in companies in Bosnia and Herzegovina. The findings indicate that talent management has a positive statistically significant influence on observed organizational performance in companies in Bosnia and Herzegovina. Since talented managers are a key strategic resource, who lead organizations to accomplish excellent organizational performance, companies in developing countries need to tailor effective and customized talent management strategies, to achieve continuous improvement of organizational outcomes.