Business, Legal & Accounting Glossary
Talent management refers to the anticipation of required human capital for an organization and the planning to meet those needs.
Talent management refers to the anticipation of required human capital the organisation needs at the time then setting a plan to meet those needs. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organisation. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as “the war for talent”.
The issue with many companies today is that their organizations 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 practised 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 organizational objectives.
The talent management strategy may be supported by technology such as Sage Cyber Train and CyberRecruiter.
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This glossary post was last updated: 1st February, 2020