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The term talent management means different things to different
people. To some it is about the management of high-worth individuals or "the
talented" whilst to others it is about how talent is managed generally
- i.e. on the assumption that all people have talent which should be identified
and liberated. Through the use of training
software, organizations can begin to leverage the their diverse skill sets.
This term is usually associated with competency-based human resource management practices. Talent management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits (demonstrated through defined behaviors).
Older competency models might also contain attributes that rarely predict success (e.g. education, tenure, and diversity factors that are illegal to consider in many countries).
In the late 1990s, technology companies engaged in a 'war for talent'.
The term was coined by McKinsey & Company following a 1997 study and then it was the title of a book by Ed Michaels, Helen Handfield-Jones, and Beth Axelrod.
Talent management is the strategy that drives the specific
events that people experience in the workplace. It encompasses seven things:
1) Corporate identity: Who are you as an organization? Do you have the desired culture? Do all of your employees understand your vision, mission and core values or beliefs? What keeps your employees coming to work each day? What drives their behavior in the workplace with your customers and with one another?
2) Recruitment and selection: How do you identify and select the “right” people for your organization? Is it based on gut feel? Is it based on their education and skill level?
3) Performance management and coaching: Are you properly managing performance and providing the kind of coaching employees need to improve?
4) Employee development and training: Are you developing your employees? Are you helping them identify a plan to improve their skill set and maximize their potential?
5) Compensation, rewards and benefits: Are you properly rewarding your employees? Do you have the proper structures in place to ensure your employees meet their financial needs?
6) Success planning and leadership development: Do you have a plan in the event that “Joe gets hit by a bus”? How are you creating tomorrow’s leaders?
7) Compliance, policy and procedures: Do you have your ducks in a row? Are you meeting your legal obligations? How are you handling employee relations?
Think of talent management as links in a chain supporting your organization. If any of these links fail, the whole chain fails, causing your organization to fail in meeting its goals. Success begins with leadership. If leadership doesn’t drive this down, middle management is doomed to fail. They end up making promises they can’t keep, and they end up worse off than before. (From "Talent Management. What does it mean?")
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