Monday, June 11, 2007

Talent Management: What Is It?

What is talent management?

The Buzz phrase talent management has been bandied around many recent conferences and meetings I have either been speaking at, or attending. So what exactly is talent management and why is it so important?

Talent management encompasses a range of HR, managerial and training functions including:
Recruitment and Selection
Learning and Development
Leadership Development
Succession Planning
Performance management
Human Resource Planning

So why is talent management so important? As I’ve reported in earlier blog posts , the war on talent continues, with skill shortages being forecast within the next five to ten years, as baby boomers start to retire. The cost for sloppy talent management can be high. For example, poor recruitment and selection leading to a poor fit for a new candidate can cost the organization up to a year and a half salary, taking into account the recruitment and selection process, onboarding costs such as training and development, lost productivity etc.

So who is in charge of your talent management programs? Is it HR? Is it the training department? ASTD and Brandon Hall Research recently conducted a poll to looking at who is in charge of the talent management processes and what are the trends. 60% of respondents indicated that training and HR operations are coming together in their organizations and 90% believe that the trends will continue. What does it look like in your organization?

I would welcome hearing your thoughts on talent management, the skills gap and structurally who deals with your talent management programs. Please feel free to comment below.

With best wishes,

Jennifer Brittton, MES, CPT, CPCC, CHRP
Potentials Realized
Toll Free: 1-866-217-1960
Email: jennifer[at]potentialsrealized[dot]com

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