Performance management in a rapidly changing world: implications for talent management

Purpose This conceptual work examines how, in times of post-COVID-19 paradigm shift, the employee performance management (PM) process can help multinational corporations (MNCs) strengthen their talent management and, at the same time, meet their future needs. Design/methodology/approach We take a conceptual approach and present our perspective on what we see as the most critical trends shaping PM and talent management. Contingency theory and Volatility, Uncertainty, Complexity, and Ambiguity (VUCA) theory provide a sound theoretical framework for understanding and responding to the complex and rapidly changing business context post-COVID-19. Findings Drawing on these theories, we create a framework providing a means of understanding why and how MNCs can maintain talent and, at the same time, develop new talent through the PM process. Practical implications Importantly, our study emphasizes the critical role that project management and talent management techniques play for both practitioners and scholars. In order to gain and sustain a competitive edge in the ever-changing VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) landscape, these processes necessitate ongoing reassessment and adaptation. As Plato eloquently stated, “Our Need Will Be the Real Creator,” encapsulating our vision for the proactive and dynamic nature of effective project management and talent management practices. Originality/value The study establishes the benefits of an agile and flexible PM approach to help develop talent and pave the way for future research in this increasingly critical area