Talent management
From Wikipedia, the free encyclopedia
Talent management refers to the process of developing and integrating new workers, developing and keeping current workers and attracting highly skilled workers to work for your company. Talent management in this context does not refer to the management of entertainers. The term was coined by McKinsey & Company following a 1997 study. It was later the title of a book by Ed Michaels, Helen Handfield-Jones, and Beth Axelrod.
Talent management is a process that emerged in the 1990s and continues to be adopted, as more companies come to realize that their employees’ talents and skills drive their business success. These companies develop plans and processes to track and manage their employee talent, including the following:
- 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 HCM (Human Capital Management), HRIS (HR Information Systems) or HRMS (HR Management Systems), and HR Modules.[1]
Companies that are engaged in talent management (human capital management) are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization. This term also incorporates how companies drive performance at the individual level (performance management).
The term talent management means different things to different people. To some it is about the management of high-worth individuals or "the talented" whilst to others it is about how talent is managed generally - i.e. on the assumption that all people have talent which should be identified and liberated.
This term is usually associated with competency-based human resource management practices. Talent management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits (demonstrated through defined behaviors).
Older competency models might also contain attributes that rarely predict success (e.g. education, tenure, and diversity factors that are illegal to consider in many countries).
