Talent Management in Small- and Medium-Sized Enterprises (SMEs)

Talent management is a discipline of human resource management. Its primary objective is to develop a long-term commitment from both current and prospective employees by acknowledging and fulfilling their professional needs. Talent management is typically categorised into three parts: talent attraction, talent development, and talent retention. In Europe, more than 99% of businesses in the tourism, hospitality and gastronomy sectors are small and medium-sized enterprises (SMEs). These SMEs often encounter challenges related to time, financial resources, and knowledge constraints with regard to talent management. Various factors, including owners׳ educational backgrounds, location, infrastructure, and the company׳s management of human resource in general, influence these challenges. To address the evolving needs of both employees and the job market as well as ongoing talent shortages, SMEs must embrace innovative concepts and solutions. One such innovative approaches to talent management in SMEs are interorganisational talent pools, which can be created through coopetition among SMEs. Based on the concept of coopetition, talent gets co-attracted, co-developed and co-retained.