What is talent management?
Talent management is the set of programs and practices that are used to recruit, hire and initiate employees; manage their performance, development and career progression; compensate and reward them; and transition them out of the organization. Another way to look at it is the process of managing employees from "hire to retire."
In practical terms, talent management typically includes HR processes such as:
- Recruiting/talent acquisition
- Performance management
- Learning management/employee development
- Compensation management
- Succession planning/management
But talent management is more than a set of processes. Holistically, these programs must support the creation of a high-performance culture, one that delivers the experiences people expect and drives business impact.
The benefits of talent management
A people-centric talent management strategy aligned to the needs and priorities of the business drives better business performance.
According to research from Bersin & Associates, companies with highly effective talent management strategies, on average, achieve 26 percent higher revenue per employee and 41 percent lower turnover among high-performing employees. And according to the Hackett Group, companies excelling in talent management can increase earnings by nearly 15 percent.
In today's competitive business environment, talent management isn't a nice-to-have; it's a requirement.
Keys to success
An effective talent management strategy supports both the needs of your people and your business. It's aligned to business priorities and supports a personalized environment of continuous development, empowerment and engagement for your people.
In our Center of Excellence, you'll find templates, ebooks and webinars to assist you in implementing a talent management strategy that engages and inspires your people and teams to bring their best every day.