Emergence of the ‘Knowledge Economy’ and ‘Knowledge Management’, and their Importance in the ‘Talent Acquisition’ Front

Abstract

In recent years an interesting claim has been widely discussed by various researchers and academics that there has been a striking growth of knowledge based economy. The claim continues towards organizational level, where the concentration is given on the emergence of a knowledge based organizational management, and whether this knowledge can be integrated with the organizational talent acquisition (recruitment and selection) process. By aligning knowledge management with the traditional talent acquisition process, how firms can achieve competitive advantage in perspective of the modern, rapidly changing and competitive and dynamic business environment is now a foremost human resource management issue. Talent acquisition is a fundamental activity of Human Resource Management (HRM), whereas, managing knowledge and creating a knowledge based culture in organization is a new concept. This article verifies these claims by critically analyzing some statistical data and researches conducted by academicians and industry top thinkers.