Weathering the storm: talent management in internationally oriented Greek small and medium-sized enterprises

Abstract

PurposeBased on a study of internationally oriented Greek small and medium-sized enterprises (SMEs), and using the lens of institutional theory, this paper extends the understanding of the extent to which Greece's institutional context influences talent management (TM). In so doing, the authors focussed on the key TM practices employed by SMEs to enhance and sustain TM: talent acquisition, development and retention. The authors also explore how these practices are shaped by the Greek institutional context.Design/methodology/approachEmploying a multiple case-study approach, the authors conducted 18 interviews in six distinctive SMEs operating in north, central and southern Greece. The data were thematically analysed to identify patterns across all SMEs.FindingsThis study found that unlike multinational corporations, internationally oriented Greek SMEs adopt a more inclusive approach to TM practices as well as that the country's institutional context presented important yet not deterministic hurdles. The authors also found that SMEs adopt an opportunistic approach to talent acquisition by utilising appropriate available sources to reach out for available talent. The authors provided evidence that SMEs adopt a hybrid approach to talent development in addressing talent scarcity. Finally, this study reported that talent retention is significantly appreciated by SMEs, who offer a range of intrinsic and extrinsic incentives to retain their talented workforce.Practical implicationsThis study provides stakeholders with insights into how effective TM practices can be considered a lifeline to organisational sustainability – particularly for SMEs in the contemporary challenging and fiercely competitive business environment. It also highlights the potential of inclusive TM practices to be part of an effective workforce management strategy: Relative to the prevailing institutional dynamic, stakeholders (policymakers and human resource practitioners) must engage in the multiple areas of individual talent acquisition, development and retention.Originality/valueIn a context of reforms, this study reports on TM practice in internationally oriented Greek SMEs. The authors also add to the literature on TM in SMEs by providing evidence on the conceptualisation and management of global talent in this context.

Talent development: a driver for strategic flexibility, innovativeness and financial performance

“…It is a key action that transforms people from factors of production into forces of contribution to sustainability; it is a valuable investment and its contribution to a firm's performance has been highlighted. Talent development is a major factor in organizations achieving both organizational and individual desired benefits (Bratton, 2018), and it is a key element of the talent management process that should be dynamic and linked with the strategic trajectory of the organization (Kravariti et al. , 2021).…”

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“…The results of this study are also consistent with other conducted studies (Brightman, 2007;Goestjahjanti et Helaly, El-Sayed, 2022). From the same point of view, it has been found that the ability to retain employees in an organization depends on fully developing, understanding and managing their talents (Kravariti et al, 2021). Talent management can therefore be particularly helpful in retaining talented employees and motivating them to stay in the organization, thus reducing staff turnover (Festing, Schäfer, 2014).…”

Beyond competing for talent: an integrative framework for coopetition in talent management in SMEs

“…Third, the presence of powerful owners influences how practices are developed and implemented (Valverde et al , 2013). The power of key decision makers, including CEOs, owners or human resource (HR) managers was also noted in the hospitality industry (Kravariti et al , 2021).…”