What is the difference between Human Resource Management and Talent Management?
Human Resource Management creates a centralized system focusing on policies, benefits, payroll, recruitment, training and reward management
aiming at maximizing employees' performance. The goal of Human Resource Management is to ensure that the organization achieves its goals through its people.
Both Talent Management and Human Resource Management are obviously concerned with managing employees. The Human Resources (HR) department, however, provides support and training, but everyday interactions ensuring employees’ success come from the manager to whom talents report. The HR department can undertake tasks related to the screening and recruiting of candidates, but managers are still responsible for the recognition of the employees’ achievements and rewarding them.
Talent Management is the part of the Human Resource Management that focuses on the engaging relationships of the line managers, in other words, those who are closest to employees, with the organizational goals in mind. Talent management tools also take top performers and prepare them for strategic, leadership positions by giving opportunities for training and personal development.
Ultimately Human Resource Management includes anything related to Talent Management, plus all the additional information that HR takes care of, such as benefits, payroll, taxes, and security issues relevant to some businesses. Talent Management specifically contains all the information related to who, where, how, and when companies source and recruit employees, screen them, train them, reward and motivate them, promote, demote, or terminate them. Ideally, it includes performance management, succession planning for leadership roles, and employee relations sections, such as conflict resolutions, inductions, and team building activities.
Only organizations and companies adopting both Human Resource and Talent Management strategies achieve success by maximizing employee's productivity.
For more information, visit the Wikipedia articles on Talent Management
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