Talent management is a function of human resources and can help attract, develop and retain your workforce. Talent management is the entire scope of human resources processes for attracting, developing, motivating and retaining high-performing employees. Talent management is how employers recruit and develop a workforce that is as productive as possible and is likely to remain with their organization for the long term. When strategically implemented, this process can help improve the company's overall performance and ensure that it remains competitive.
Talent management is the attraction, selection and retention of employees, involving a combination of human resources processes throughout the employee lifecycle. It covers workforce planning, employee participation, learning and development, performance management, hiring, onboarding, succession and retention. Implementing and maintaining a talent management plan can be a challenge, as it is a constantly evolving process and the role of HR is vital, Fegley concludes. Conversely, those who cannot find or retain talent generally have low customer satisfaction and limited growth potential.
Talent management is one of the main priorities in organizations, although the success and quality of these strategies vary, according to the latest survey by the Society for Human Resources Management (SHRM). Three-quarters (76 percent) of the 203 respondents said that talent management is one of their organization's top priorities and, among those who consider it a top priority, 90 percent did so in organizations with 500 or more employees; 69 percent were medium-sized employers (100 to 499 employees) and 75 percent were small (one to 99 employees), according to a September survey by email to SHRM members. Talent management strategies are designed to attract, develop, retain and utilize employees with the skills and aptitudes necessary to meet the current and future needs of a company. Talent management focuses on long-term strategy, as opposed to the everyday transactional nature of traditional human resources.
Talent management aims to improve business performance through practices that make employees more productive. A talent management framework is the model of how an organization will execute its talent strategy. So what is talent management and how exactly is it different from human resources? Understanding this distinction is the key to configuring the structure of your organization and your technology to succeed in the coming years. Talent management is the entire scope of human resources processes for attracting, incorporating, developing, motivating and retaining high-performing employees.
To achieve this goal, the organization's leaders know that they will need a new generation of associates and managers. Fegley points out that talent management has gone from being an administrative process to an ongoing organizational practice that includes succession planning, leadership development, and retention and career planning. More than half (53 percent) of the 384 human resources professionals surveyed said their organization has specific talent management initiatives. Make your human resources staff better rate your organizations in terms of work culture, planning, development opportunities, career advancement, reward management, hiring and retention.
Ask any CEO or HR leader if talent management is vital to their organization, and you'll be hard pressed to find a single person who says no. That's all talent management is about creating and maintaining a workforce to achieve the organization's goals. .