A critical exploration of talent management strategy and practice within Pakistani banking organisations

Talent management (TM) has been defined as a systematic and strategic approach to the management, development and retention of human resources. Talent management proposes that people represent a source of competitive advantage for organisations. However, talent management is relatively a new concept in the field of Human Resource Management (HRM) both as an academic discipline and in practice. As a result, it lacks a definite conceptual foundation in the academic literature which hampers understanding of talent management and its implications. Talent management thus presents a topical and challenging area of enquiry. Moreover, although talent management as a concept and as a set of management practice is established within Western organisations, it is a new and under-researched area within developing economies. Accordingly, the overall aim of this research was to investigate talent management strategy both conceptually and practically within the unique context of a developing economy. This research has focused on the banking sector in Pakistan which is seen as a key driver of macroeconomic development and key to the wider development and sustainability of the economy. Following increased foreign investment in Pakistan, a substantial number of multinational corporations (MNCs) are contributing to the economic and business advancement and development of the country, and MNCs are implementing dramatic changes in HRM policies and practices within Pakistani organisations. Notwithstanding, the implementation of HRM policies and practices in MNCs, there is continuing evidence that contextual factors remain major obstacles to the adoption of strategic HRM policy and practice in Pakistani organisations both public and private. This picture is reflected in the Pakistani banking industry. Talent management is an emerging concept in the West but under developed in Pakistan, hence the current research was timely, appropriate and relevant. This empirical research was based on case study research within Pakistani banks and contributes to knowledge and understanding in four significant ways. Firstly, understanding of HRM policy and practice within a developing economy addressed a gap in the literature on the specific topic of talent management. Second, the research contributed methodologically through novel adoption of a mixed method approach. Existing research in the area of HRM in Pakistan tended to focus on survey and quantitative data whereas this research incorporated a qualitative aspect. Third, this research contributed conceptually to the holistic understanding of talent management with special reference to the banking sector of Pakistan. It explored the applicability of Western models of people management within the unique context of developing economy and identified contextual factors affecting talent management within Pakistani banks. Lastly, this research contributed practically to policymaking and the development of effective talent management strategies for Pakistani organisations.