What is Talent Management?
Talent management is a complex collection of connected HR processes that delivers a simple fundamental benefit for any organization:
Talent drives performance.
We all know that teams with the best people perform at a higher level. Leading organizations know that exceptional business performance is driven by superior talent. People are the difference. Talent management is the strategy.
Analyst research has proven that organizations using talent management strategies and solutions exhibit higher performance than their direct competitors and the market in general. From Fortune 100 global enterprise recruiting and performance management to small and medium business eRecruiting, leading companies invest in talent management to select the best person for each job because they know success is powered by the total talent quality of their workforce.
The Talent Age
In 1997, a McKinsey study coined the term: war for talent. Now in the new millennium, we find ourselves in the talent age. During the agricultural age, the economy was based on land, a truly physical and very tangible asset. The industrial age followed with a manufacturing-driven economy. Higher business performance was derived through the most effective use of factories and distribution networks.
The knowledge age moved the basis of economic value to information assets through integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value.
The New HR Mission and Talent Management Processes
Many challenging workforce issues confront HR, including: * Heightened competition for skilled workers. * Impending retirement of the baby boomers. * Low levels of employee engagement. * Acknowledgement of the high cost of turnover. * Arduous demands of managing global workforces. *