The purpose of this paper is to analyze the relationship between financial and operational performance and the application of two different talent management (TM) models: internal talent development model and external talent capture model. Comparative case studies of the Football Club Barcelona and the Real Madrid Football Club allow drawing a definitive conclusion for TM in companies related to the competitive strategy.,The two TM models are examined via a longitudinal comparative case study analysis: FC Barcelona and Real Madrid CF. Present paper builds on secondary sources: first, the TM properties of the clubs were extracted from academic sources and newspapers; second, data used to analyze the financial performance were derived from SABI database and operational performance was measured as the effectiveness in winning trophies in football championships (data gathered from Union of European Football Associations and International Federation of Football Associations databases).,The case analysis reveals that the two TM models offer equally effective financial and operational performance outcomes. The internal talent development model would be more useful for companies whose competitive advantage is achieved through differentiation through teamwork. However, companies that do not achieve a clear differentiation through teamwork should opt for the external talent capture model.,Talent is one of a company’s most important intangible assets. Although there exists a growing interest among companies as to the best way to TM, practical models on how to manage talent are virtually nonexistent. Comparative case studies from the sports arena allow for the extraction of lessons for companies related to TM and competitive strategy.

中文翻译：

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人才管理：荣耀的两条途径？体育竞技场的教训

本文的目的是分析财务和运营绩效之间的关系以及两种不同的人才管理（TM）模型的应用：内部人才开发模型和外部人才捕获模型。巴塞罗那足球俱乐部和皇家马德里足球俱乐部的比较案例研究可以为与竞争策略相关的公司得出TM的明确结论。通过纵向比较案例研究分析了两个TM模型：巴塞罗那足球俱乐部和皇家马德里CF 。目前的论文建立在辅助资源的基础上：首先，俱乐部的商标属性是从学术来源和报纸中提取的；第二，用来分析财务绩效的数据来自SABI数据库，并通过测量运营绩效来衡量足球锦标赛获胜奖杯的有效性（数据来自欧洲足球协会联盟和国际足球协会联合会数据库）。案例分析表明，这两个TM模型可提供同等有效的财务和运营绩效结果。内部人才开发模式对于通过团队合作实现差异化而获得竞争优势的公司将更为有用。但是，没有通过团队合作实现明显差异化的公司应该选择外部人才捕获模型。人才是公司最重要的无形资产之一。尽管公司之间对采用TM的最佳方法的兴趣日益增长，但是实际上不存在有关如何管理人才的实用模型。来自体育竞技场的比较案例研究可以为与TM和竞争策略相关的公司提取经验教训。