Smart Talent Management
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Smart Talent Management

Building Knowledge Assets for Competitive Advantage

Edited by Vlad Vaiman and Charles M. Vance

This book takes a fresh look at human talent in organizations, focusing on employees at all levels who represent key agents of knowledge management in acquiring, transferring, and applying important knowledge for competitive advantage.
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Chapter 8: Reward and Recognition Concepts that Support Talent and Knowledge Management Initiatives

Nancy A. Inskeep and Bettie Hall


Nancy A. Inskeep and Bettie Hall In 1900, over 96% of the world’s population performed manual labor and lived within populated areas of less than 100 000 people. Then, the average work lifespan was 25 years. By the end of the century, only 25% of the world’s working population performed manual labor, child labor was curtailed in most developed societies, and 50% of the world’s population lived in cities with populations over 100 000. To support these changes, the average work lifespan rose to 50 years (Drucker, 1996). By 2007, people are now aware that they will probably work up to or past that 50-year milestone. How do you make working attractive when even people in well-paying jobs want to leave them? How do you attract, retain, motivate, recognize, and reward a diverse workforce that is geographically scattered and working in the electronically connected e-world? One answer is to provide sincere, valued, and well-managed reward and recognition (R&R) programs that attract and retain talented individuals, develop and share their knowledge, and motivate them to continue specific behaviors and actions. THE ORGANIZATIONAL NEED FOR R&R PROGRAMS Well-defined and supported talent and knowledge management programs are strategic imperatives for success in today’s global business environment. Products do not get developed, customers do not get served, sales do not get signed, and accounting does not collect revenues unless someone somewhere has used their talent on behalf of the organization. Organizations regardless of size now operate on a global basis...

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