In simplistic terms, talent management is how an organization builds and mobilizes talent across the organization. Research has shown companies that engage in an integrated talent management strategy provide for greater learning and development opportunities and individual career management inevitably leading to lower turnover rates.
Talent management includes the strategic components of the lifecycle of an employee engaging in a new job, either new to an organization or newly promoted within an organization. Typical talent management phases include:
- Recruitment
- Onboarding
- Job Profiles (Job analysis, Job design, Job Description, Compensation, Competencies)
- Learning Plans (Individual Development Plans)
- Training and Development
- Performance Management (Job Evaluation)
- Career Development
- Succession Planning.
