Talent management is the ongoing, coordinated and strategic process of attracting, developing, deploying and retaining people with the right skills, experience and potential an organisation needs to meet its current and future objectives.
What is talent management?
Talent management aligns with business strategy and means doing whatever’s needed to ensure the right people are in the right roles at the right time to drive success.
It includes workforce planning and resourcing (attraction, recruitment and onboarding), performance and potential assessment, learning and development, career and succession planning, internal mobility and retention strategies, and employer branding.
Talent management is driven by HR in partnership with functional line managers and leaders. It also requires sound people data while being supported by clear policies, talent reviews and individual development plans.
Things to know
- Talent management is continuous and much more than just hiring; it spans attraction, development, deployment and retention and should link to business goals
- Core elements range from workforce planning, recruitment, onboarding and performance management to learning & development, succession planning and internal mobility
- Quality data and metrics are essential — these should be gleaned from skills inventories, talent pools and measures such as retention, internal fill and time to hire rates
- Done well, talent management improves engagement, productivity and succession readiness
- Poor talent management practice increases turnover, skills shortages, operational risk and recruitment costs
- Clear policies, talent reviews and documented development plans help make it fair and effective.
FAQs
Why does talent management matter?
By reducing skills gaps and staff turnover, supporting business continuity and leadership pipelines, driving engagement and productivity and lowering long term recruitment and operational risk, it can empower an organisation to achieve it strategic objectives.
How is talent management undertaken?
Although talent management is usually driven by HR who lead with strategy and processes, functional line managers and senior leaders share responsibility for identifying talent, coaching, development and retention.
How do employees benefit from talent management?
Employees enjoy clearer development paths, training opportunities, performance feedback and potential internal moves and promotions. All of which improve their career visibility and progression, as well as their overall employee experience.
Where can organisations find out more about talent management?
Business and functional leaders should consult their HR teams, professional bodies such as the Chartered Institute of Personnel and Development (CIPD), the relevant consultants and even HR technology vendors for the latest tools and best practices.
