Evolve Your Talent Management Strategy For Maximum Business Impact

The right people, in the right roles, at the appropriate cost—these are core talent management drivers that are important to business leaders, regardless of industry. An effective and cost-efficient talent management strategy requires a deep understanding of issues ranging from talent acquisition to performance management, succession planning, learning and development and more. It also requires support from an objective, expert performance. Talent management refers to the process of developing and integrating new workers, developing and retaining current workers and attracting highly skilled workers to work for a company. Talent management in this context does not refer to the management of entertainers. 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".

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 and recruiting qualified candidates with competitive backgrounds
• Managing and defining competitive salaries
• Training and development opportunities
• Performance management processes
• Retention programs
• Promotion and transitioning

Talent management is also known as Human Capital Management (HCM), HR Information Systems (HRIS ) or HR Management Systems (HRMS ) and HR Learning Units.

Current application of talent management: In current economic conditions, many companies have felt the need to cut expenses.

This should be the ideal environment to execute a talent management system as a means of optimizing the performance of each employee and the organization. However, within many companies the concept of human capital management has just begun to develop. In fact, only 5% of organizations say they have a clear talent management strategy and operational programs in place today.