TALENT MANAGEMENT

“The ability to execute business strategy is rooted in the ability to attract, retain, and develop key talent. Successful talent management creates the most enduring competitive advantage. No company can afford to be unprepared for both the best and worst of times.”

The Society for Human Resource Management defines talent management as “the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilising people with the required skills and aptitude to meet current and future business needs.”
Talent management is a complex set of Human Capital Management processes designed to manage a company’s greatest asset: people. The set of applications needed to support these processes are defined differently by industry analysts and consultants, but most define talent management to include:
 Recruitment;
 Performance management;
 Competence management (training and development);
 Succession planning;
 Career planning; and
 Compensation.

What does it entail?
Talent management is a long-term and continuous process. Foremost, talent management requires a belief in talent. From an organisation’s perspective, the word talent defines any individuals who have the capability to make a significant difference to the current and future performance of the company. For talent management (sometimes referred to as “integrated talent management”) to be effective, two broad areas must be addressed:
1. A thorough understanding of the organisational drivers for talent management; and
2. Identification and delivery of people/competencies.

Benefits of Talent Management
The organisation with an effective talent management plan has a far greater likelihood than its competitors to retain high-potential and high-performing employees. Benefits include:
 Better recruitment decisions;
 Improved (increased) employee engagement, motivation and satisfaction levels;
 Leadership development processes aligned with strategic priorities;
 Employee goals aligned with organisational goals;
 Contributes to clear and attractive corporate identity – Employer of Choice;
 A positive organisational culture;
 A critical examination of organisational strengths and weaknesses, and the evaluation of what success looks like;
 Better productivity and ultimately profitability.

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