Talent management is a strategic and deliberate approach to attracting the best people to an organization, managing and retaining them once they are in, and developing their talents as they move through the business. The approach needs to be linked closely to an organization's culture and strategic direction.
In today's competitive business environment, it is increasingly difficult for companies to find ways to outperform their peers. In the past, reliable processes and execution were the keys to an organization's success. Today, it is much more about an organization's ability to innovate quickly to meet the changing needs of a fast-paced world. Managing talent is now the key to enjoying a long-term competitive advantage.
The essence of talent management is:
Having a talent management strategy that aligns with the business strategy enables the organization to proactively manage its workforce to make certain it is developing or acquiring the talent needed to succeed.
Talent management begins with defining the critical knowledge, skills, behaviors and values that drive success in the organization. It organizes human resources programs to attract people who have those skills, then it motivates and enables them to maximize their capabilities. Finally, it develops them for future roles, creating new leaders for the organization.