What is Talent Management?
Talent Management refers to an organization's commitment to hire, manage, and develop and, most of all, retain talented employees who add value to the organizations and help them achieve their goals and objectives.
Talent management gives managers a significant role in the recruitment process and the constant development and retention of productive employees. It does not focus on whether a candidate is a good fit for a role,but explores whether the candidate is both a good fit for the role and the company as a whole. In other words, it is a more personal, integrated strategy for hiring, training, and retaining top performing employees.
Attracting and retaining talented employees is mainly the managers’ responsibility. Managers who have staff reporting to them should adopt an effective strategy that shares information about talented employees and their potential career development within the organization. When an organization fully integrates talent management, the best talent is already trained and ready to assume the next role within it. Succession planning is a perspicacious strategy that benefits both the employees and the organization as no time is wasted.
Are you wondering which processes talent management covers? Then, see below!
Job description development ->Job posting ->Applications’ review ->Candidates’screening ->Making the job offer ->Employee’s induction ->On-the-job training ->Goal setting and ongoing feedback ->Coaching and trust building ->Performance assessment ->Constant employee development ->Promotions and rewards
How does it differ from Human Resource Management?
Both Talent Management and Human Resource (HR) Management are concerned with managing employees. The HR department provides support and training, but every day interactions ensuring employees’ success come from the manager. The department can undertake tasks related to screening and recruiting of candidates. Talent Management is the part of the Human Resource Management that focuses on involving the line managers, i.e., those who are closest to employees with the organizational goals in mind. Using appropriate tools, line managers take top performers and prepare them for strategic, leadership positions by emphasizing training and personal development.
Do you want to learn more about Human Resource Management? Then read our article What is the difference between Human Resource and Talent Management?