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Talent Management

Talent management is a process that emerged in the 1990s and continues to be adopted, as more companies come to realise that their employees’ talents and skills drive their business success. Companies that have put into practice talent management have done so to solve an employee retention problem. The issue with many companies today is that many organisations put tremendous effort into attracting employees to their company, but spend little time into retaining and developing talent. A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organisation. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates. Divisions within the company should be openly sharing information with other departments in order for employees to gain knowledge of the overall organisational objectives.

 

Companies that focus on developing their talent integrate plans and processes to track and manage their employee talent, including the following:

 

• Sourcing, 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