What is talent management?

 

Talent management is how employers recruit and develop a workforce that is as productive as possible and likely to stay with their organization long term. When implemented strategically, this process can help improve the overall performance of the business and ensure that it remains competitive.

What does talent management mean?

Put simply, talent management means investing in an organization’s most important resource – its people. To this end, employers may recruit candidates with highly desirable skillsets, provide ongoing learning and development opportunities, and reward valued team members and encourage them to advance within the organization.

An example of talent management

Real-life examples of talent management happen every day. Consider, for instance, an apparel retailer that wants to transition its business model from simply supplying clothes to delivering customers a truly service-based experience. To achieve this goal, the organization’s leaders know they will need a new breed of associates and managers. They therefore implement assessment and applicant tracking tools to help them hire the right candidates and use real-time performance data to give supervisors the insights they need to make smarter decisions.

Why is talent management important?

Businesses that take the time to develop their employees and keep them engaged tend to be innovative and profitable. Conversely, those that are unable to source or retain talent generally have poor customer satisfaction and limited growth potential.

What are some key components of talent management?

Building the kind of talent strategy that drives an organization forward generally requires employers to:

1. Align talent goals with larger business objectives
2. Fulfill employee expectations and deliver on hiring promises
3. Rely on data to make better workforce decisions

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