A conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organisational needs.
Talent management involves individual and organisational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organisation culture.
Importance of talent management
Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives.
Organisations that formally decide to "manage their talent" undertake a strategic analysis of their current HR processes. This is to ensure that a co-ordinated, performance oriented approach is adopted.
Quite often, organisations adopting a TM approach will focus on co-ordinating and integrating:
- Recruitment - ensuring the right people are attracted to the organisation.
- Retention - developing and implementing practices that reward and support employees.
- Employee development - ensuring continuous informal and formal learning and development.
- Leadership and "high potential employee" development - specific development programs for existing and future leaders.
- Performance management - specific processes that nurture and support performance, including feedback/measurement.
- Workforce planning - planning for business and general changes, including the older workforce and current/future skills shortages.
- Culture - development of a positive, progressive and high performance "way of operating".
The current discussions about skill shortages and the ageing population are also helping organisations to focus on the talent management issue. It may not be possible to simply go out and recruit new people to meet operational needs. Many leading companies have decided to develop their own people, rather than trying to hire fully skilled workers.
In summary, every organisation should be implementing talent management principles and approaches.
18th May 2008 From India, Hyderabad
Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction towards the actions necessary. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.