Talent identification and management consists of the ways by which an organization attracts, recruits, retains, identifies and develops talent.
There are four steps in this process:
1.Assessing talent pool needs: During this step, the capabilities of current members of the organization has to be assessed, and the future (and current) capabilities needed is gauged. The gap between the two (if any) is the new talent that is required.
2.Spot talent: Individuals with leadership and/or management potential have to be identified, as well as Subject Matter Experts (SMEs) and key knowledge holders.
3.Develop talent: Plans for developing talent within the organization (either existing or acquired) must be established in order to prepare for future needs. As well, opportunities for job rotation should be identified, in order to expose talent to new experiences.
4.Retain talent: Once a talent base has been created, it needs to be retained. In order to do so, recognition plans and reward schemes can be put into place.