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What is Talent Management?

What is Talent Management?

Talent Management is the process of improving how people are acquired, developed, deployed, motivated and retained. Among the traditional business functions that Talent Management includes are recruitment and selection, coaching and training, succession planning, and performance management, which includes motivational incentives, benefits and compensation.

The primary purpose of talent management is to maximize the total value of the organization’s Human Assets.  In order to evaluate the success of your talent management system you can track Revenue Per Employee, Cost Per Employee and Profit Per Employee.

People are your organization’s most important asset. Without people, nothing gets done! There is a large competitive advantage to be gained by improving how your organization’s human assets are managed.

Talent management integrates a wide variety of scientific, business and accounting principles including:

  • Measuring human attributes,  talents, competencies and contributions.
  • Monitoring the asset value of employees.  Each employee has a unique profile of knowledge, skills, competencies, abilities, values, talents and motivations which result in specific performance outcomes (i.e. business contributions). The employee’s asset value can increase or decrease over time.
  • Recording and recognizing the employee’s key contributions and accomplishments.
  • Investing in the growth and development of the employee for strategic business purposes.  Estimating returns on those investments.
  • Retaining the employee to maximize ROI.

If you’re ready to start remember that we specialize in workforce planning and we’re here to help! Contact us with any questions you might have or let us know how we can assist you.

Take the first step towards developing your talent management system.  Learn about: Talent Management Strategy Step 1: Performance Plans.

Talent Management Metrics
As with any other business function, you must track metrics in order to evaluate your strategy and make fact-based decisions. Three key talent management metrics to track are:

  • Revenue Per Employee
  • Cost Per Employee
  • Profit Per Employee

 

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