Talent management refers to the investment of a company in their employees in order to maximize their performance and potential.
Talent management begins with the successful hiring of the right resources, through talent acquisition. The term talent acquisition is often used interchangeably with recruitment. However, talent acquisition is a term that is coined more often in a corporate context as part of a company’s overall employment PR and brand strategy. Incorporating the term ‘talent’ into the title alludes to the fact that companies are not simply looking to fill holes within their teams when they hire new staff, rather they are looking to make qualitative enhancements to their workforce.
Talent management involves the strategic placement of these resources in the right area of the company to increase sales and ROI, as well as to improve the operational function of teams and to raise the overall standard and quality of work.
A company’s talent can be managed well by keeping employees engaged and motivated, ensuring that employees have realistic KPI’s to strive towards achieving and also have the right amount of support and competitive motivation to keep them goal-oriented toward success. See more on KPI’s here.
On an executional level, talent management involves implementing regular performance reviews, providing mentoring and training to staff, and creating opportunities for employees to be adequately rewarded and compensated for hard work.