Very well defined the Talent Management. Adding to the topic
Talent management refers to the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." Talent management is also known as HCM (Human Capital Management).
Talent management is a term that emerged in the 1990s to incorporate developments in Human Resources Management which placed more of an emphasis on the management of human resources or talent. The term was coined by David Watkins of Softscape published in an article in 1998 and further defined in the book "Talent Management Systems" in 2004 " however the connection between human resource development and organizational effectiveness has been established since the 1970s. Talent management is part of the Evolution of Talent Measurement Technologies.
The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company, but spend little time into retaining and developing talent. A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organization. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates. Divisions within the company should be openly sharing information with other departments in order for employees to gain knowledge of the overall organizational objectives. Companies that focus on developing their talent integrate plans and processes to track and manage their employee talent, including the following:
• Sourcing, attracting, recruiting and onboarding qualified candidates with competitive backgrounds
• Managing and defining competitive salaries
• workforce planning/identifying talent gaps and providing Training and development opportunities
• Performance management processes
• Retention programs
• Promotion and transitioning
• leadership development
• Implement 3 R’s-Respect, Recognition and Rewards
The talent management strategy may be supported by technology such as HRIS (HR Information Systems) or HRMS (HR Management Systems). Modern techniques also use Competency-based management methodologies to capture and utilize competencies appropriate to strategically drive an organization's long term plans.
17th September 2012 From India, New Delhi
In the above, I would like to mention a few things too. Its regarding core competence and furthering the skills of employees. The organization should look for ways to strenthen the system instead of retaining talents. Organization is indispensable but not its resources. Irrespective of any body, system should carrry on. Regarding the core competence , every organization builds its core competence over a period of years. In addition to that, organization should also explore the un explored. Because we all know change is the only thing that is unchangeable......
3rd December 2012 From India, Mumbai