So, what is talent management, anyway?
When I think of talent, I think of musical and artistic talent: stage performers, actors, and singers. I think of Star Search, Canadian Idol, and America’s Got Talent.
When I think of talent management, I think of talent agencies and talent scouts. But talent management reaches far beyond Hollywood’s casting couch and the doors of Motown’s recording studios.
Talent management is the process of developing and retaining current employees, and of recruiting and attracting highly skilled workers for your business.
Talent management may also be referred to as human capital management (HCM), human resources information systems (HRIS), or human resources management systems (HRMS)—and it’s something that every growing business should know about.
While talent management emerged in the 1990s, the term was originally coined by McKinsey & Company in 1997. Since then, it has been adopted by scores of businesses looking to improve the processes of tracking and managing their employee talent.
Why Is Talent Management So Important?
One of the biggest challenges businesses face today in the area of human resources (HR) is the recruitment and retention of skilled talent. According to 2007 HR Trends Report: People to Profitability—answered by more than 500 executives of small and medium sized companies—talent management is the greatest business concern after revenue.
People are the most important resource in today’s global economy. And whether companies are willing to admit it, at the end of the day, it’s their people that are going to make the difference to their bottom line. To remain competitive in today's job market, employers need to know about their employees—what they're doing, what their skills are, how they're progressing, and where they fit in the business’s future. As such, companies need to integrate talent management into their wider business strategy.
When it comes to managing talent, HR and talent managers definitely have their work cut out for them. In order to deliver results that will positively influence their organization, these managers must develop and implement an integrated talent management strategy or plan.
A successful talent management plan must flow seamlessly from strategy to practice, putting effective techniques into efficient practice.
What Are the Two Key Challenges?
1. Employee Recruitment and Retention
Recruiting and retaining the “best and brightest” requires more than just offering fringe benefits and signing bonuses. Managers must be ready and willing to help their current employees develop the skills that will prepare them for higher-level roles. The search for the best and the brightest can be a constant and costly battle, so companies need to find more imaginative ways to keep their best people.
Don’t lose the skilled talent your organization needs to your competition. Understanding which employees have the greatest value in particular business areas will enable you to create an effective workforce plan. Having a workforce plan will help determine whether you have the right type and number of employees with the right skills to meet the demands of your business.
2. The Global Workforce
Globalization has changed the face of business. While most organizations have adapted their operations to this new reality, too many are falling behind in developing HR strategies, policies, structures, and services that support their global operations. To create a truly global workforce, companies—especially organizations that operate on an international level—must incorporate a talent management strategy throughout their global environment.
When I think of talent, I think of musical and artistic talent: stage performers, actors, and singers. I think of Star Search, Canadian Idol, and America’s Got Talent.
When I think of talent management, I think of talent agencies and talent scouts. But talent management reaches far beyond Hollywood’s casting couch and the doors of Motown’s recording studios.
Talent management is the process of developing and retaining current employees, and of recruiting and attracting highly skilled workers for your business.
Talent management may also be referred to as human capital management (HCM), human resources information systems (HRIS), or human resources management systems (HRMS)—and it’s something that every growing business should know about.
While talent management emerged in the 1990s, the term was originally coined by McKinsey & Company in 1997. Since then, it has been adopted by scores of businesses looking to improve the processes of tracking and managing their employee talent.
Why Is Talent Management So Important?
One of the biggest challenges businesses face today in the area of human resources (HR) is the recruitment and retention of skilled talent. According to 2007 HR Trends Report: People to Profitability—answered by more than 500 executives of small and medium sized companies—talent management is the greatest business concern after revenue.
People are the most important resource in today’s global economy. And whether companies are willing to admit it, at the end of the day, it’s their people that are going to make the difference to their bottom line. To remain competitive in today's job market, employers need to know about their employees—what they're doing, what their skills are, how they're progressing, and where they fit in the business’s future. As such, companies need to integrate talent management into their wider business strategy.
When it comes to managing talent, HR and talent managers definitely have their work cut out for them. In order to deliver results that will positively influence their organization, these managers must develop and implement an integrated talent management strategy or plan.
A successful talent management plan must flow seamlessly from strategy to practice, putting effective techniques into efficient practice.
What Are the Two Key Challenges?
1. Employee Recruitment and Retention
Recruiting and retaining the “best and brightest” requires more than just offering fringe benefits and signing bonuses. Managers must be ready and willing to help their current employees develop the skills that will prepare them for higher-level roles. The search for the best and the brightest can be a constant and costly battle, so companies need to find more imaginative ways to keep their best people.
Don’t lose the skilled talent your organization needs to your competition. Understanding which employees have the greatest value in particular business areas will enable you to create an effective workforce plan. Having a workforce plan will help determine whether you have the right type and number of employees with the right skills to meet the demands of your business.
2. The Global Workforce
Globalization has changed the face of business. While most organizations have adapted their operations to this new reality, too many are falling behind in developing HR strategies, policies, structures, and services that support their global operations. To create a truly global workforce, companies—especially organizations that operate on an international level—must incorporate a talent management strategy throughout their global environment.
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