Tags
Administration
Benefits
Communication
Communication Programs
Compensation
Conflict & Dispute Resolution
Developing & Coaching Others
Employee Satisfaction/Engagement
Executive Coaching
HR Metrics & Measurement
HR Outsourcing
HRIS/ERP
Human Resources Management
Internal Corporate Communications
Labor Relations
Labor Trends
Leadership
Leadership Training & Development
Leading Others
Legal
Management
Motivating
Motivation
Organizational Development
Pay Strategies
Performance Management
Present Trends
Recognition
Retention
Staffing
Staffing and Recruitment
Structure & Organization
Talent
The HR Practitioner
Training
Training and Development
Trends
U.S. Based Legal Issues
Vision, Values & Mission
Work-Life Programs & Employee Assistance Programs - EAP
Workforce Acquisition
Workforce Management
Workforce Planning
Workplace Regulations
corporate learning
employee engagement
interpersonal communications
leadership competencies
leadership development
legislation
News
Onboarding Best Practices
Good Guy = Bad Manager :: Bad Guy = Good Manager. Is it a Myth?
Five Interview Tips for Winning Your First $100K+ Job
Base Pay Increases Remain Steady in 2007, Mercer Survey Finds
Online Overload: The Perfect Candidates Are Out There - If You Can Find Them
Cartus Global Survey Shows Trend to Shorter-Term International Relocation Assignments
New Survey Indicates Majority Plan to Postpone Retirement
What do You Mean My Company’s A Stepping Stone?
Rewards, Vacation and Perks Are Passé; Canadians Care Most About Cash
Do’s and Don’ts of Offshoring
Error: No such template "/hrDesign/network_profileHeader"!
Blogs / Send feedback
Help us to understand what's happening?
Reason
It's a fake news story
It's misleading, offensive or inappropriate
It should not be published here
It is spam
Your comment
More information
Security Code
Why Talent Management?
Created by
Tina Iantorno
Content
Why is Talent Management an important, popular topic?
Before we can answer why, we need to ask what.
What is Talent Management?
Talent Management is a buzz word these days and many equate it to recruitment. This is only one aspect. Others equate it to performance management. Talent Management is how a company attracts and acquires; assesses and develops; aligns; identifies and retains its greatest asset – people. Talent management is strategically tied to the business objectives, covering the end-to-end continuum of engaging employees, while integrating all HR disciplines. Talent Management looks forward – at the processes for identifying, developing, and retaining talent.
So why integrate Talent Management?
It has been reported that: Only 23% of organizations have a formal way to actually identify the knowledge that needs to be retained and protected. (Monster survey, report based on "Building and Securing an Organizational Brain Trust in an Age of Brain Drain")
This suggests that when it comes to retention, companies are falling short. There is a lack of retention focus and planning. It is critical to understand the labor market trends, emerging technologies and workforce demographics. Equally critical is to have the framework that fosters retention of top talent. Talent Management develops the policies and programs to support the changing labor marketplace.
Talent Management efforts focus on the strategic level. It starts with examining the organizational chart, succession planning and practices, recruitment needs and skill gaps, overall recruitment strategy and process, branding, performance management practices, leadership development, retention, career planning, and training managers to manage employees most effectively.
Strategically we want to be able to provide the right opportunities at the right time for the right talent.
So when employees leave, voluntarily or involuntarily, it has a direct impact on the company’s productivity, competitiveness, culture, and morale.
Why do employees quit? Market research has informed us that poor management, lack of a career path, lack of advancement opportunities, work life balance and money are the main reasons. Most former employees will work for the competition, so retaining top performers is advantageous. The objective is to address the reasons why employees quit head on, and foster a productive, rewarding, and competitive work environment.
Talent Management can help. Talent Management is geared towards providing the means to manage employees effectively. It involves developing a methodology to identify top talent from the application stage and then throughout one’s career.
When 70% of Operating Budget is human capital, doesn’t it make sense that we ensure our people are aligned to the right roles, motivated, skilled, and retained?
Finally, talent management is a strategic toolkit which helps counteract the many market conditions, turnover, and enables superior management of key assets – top performers.
The answer to our key question is then why not talent management?
Tina Iantorno is founder of TKA Consulting, a recruitment consultancy firm, Toronto, ON. She can be reached at info@tkac.ca
Copyright © 1999-2025 by
HR.com - Maximizing Human Potential
. All rights reserved.