This research aims to develop a theory of talent management. The research method is qualitative based on grounded theory. Data were gathered in investment market as theoric sampling and 16 interviews were done by managers of investment market. The results of open, axial and selective coding lead to develop Dual-core HR architecture theory. Based on this theory, organizations should differentiate their HR system into two sections (core). In the first core, non-key people (B players) and in the second core, key people (A players) should be managed.
