What is talent management?
Most people agree that employees are vital to a company’s success. But it’s not enough to say that people are important. Organizations need to be designed and managed in ways that optimize the attraction, retention, and performance of talented individuals.
This approach is strategic in that it involves making decisions about how to manage human capital in a way that takes into account the organization’s needs.
So the decisions you make about employees — whether in hiring, developing, or retaining them — will shape your organization’s competencies and its ultimate success.
That’s where talent management comes in.
Talent management is an ongoing process for recruiting, developing, and retaining talented individuals to meet current and future business needs and objectives. It helps a company stay competitive.
Talent management isn’t succession planning, replacement planning, or succession management. Although it’s related to these areas, talent management takes a broader approach.
Succession planning focuses on identifying employees within an organization who can fill key positions in the future.
Replacement planning focuses on identifying individuals within an organization who can assume key positions if the employees currently in those positions leave — either over the long term or as just a short-term measure.
Succession management focuses on daily preparation of employees earmarked for future promotion to key positions.
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