Glossary of Human Resources Management and Employee Benefit Terms
Talent management is a system that an organization uses to ensure that it has the right people in the right positions to help achieve company goals. This system includes careful analysis and workforce planning, strategic recruiting and hiring, and ongoing efforts to retain employees through career growth and development. Talent management is often an organization-wide effort rather than the responsibility of a single person or department. Executives, middle managers, recruiters, and HR professionals may all contribute in their own ways to talent management.
Most talent management systems include three components:
The first is the identification of current and future skill gaps within an organization and the plan for how to address these gaps. This step helps an organization optimize its hiring process so it can identify which positions to create or fill, when to start hiring, and which candidates to target.
Second is the recruiting and hiring of employees who can fill these necessary positions and contribute to the organization’s overall goals. Strategic recruiting and hiring can increase an organization’s efficiency and productivity, as well as the overall quality of its workforce.
The final component is the growth and development of current employees. These efforts can boost retention, employee engagement, and the internal hiring potential of the entire workforce. In short, an effective talent management system strikes the balance between satisfying immediate needs in the workforce and planning ahead for long-term solutions.
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