Talent Management as a Core Source of Innovation and Social Development in Higher Education

In the new millennium, talent management (TM) has become more important and has received attention from institutions that seek a foundation on the map institutions of excellence. Higher education institutions are represented by their possession of highly qualified employees who are able to show initiative, creativity and excellence in performance. Those individuals are the core resources of innovation and social development. It is apparent that there is a great competition among institutions in this modern technology era, driving an increase in knowledgeable employees along with vast market changes. Consequently, academic institutions have started to rethink their procedures and policies to achieve better attraction, development and retention of those employees. Therefore, this chapter aims to improve the theoretical and pragmatic comprehension of TM as an essential source of innovative and educational development. Through pragmatic use of elements of previous research approaches combined with a comprehensive qualitative study, this study concludes that higher education institutions are aware of innovation sources that are currently used in managing talent in their divisions and faculties. These were talent attraction, talent development, and talent retention. Both empirical research represented by the case study in the higher education sector and previous research confirm that the best practices of TM are considered as attraction, development and retention of talent.