Talent management is a useful term when it describes an organization’s commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.
The first aspect for global companies is to not be parochial in their hiring practices and instead, welcome diversity by recruiting international talent, employees from different backgrounds, and in general diversify the employee base. Next, is the identification and grooming of high potentials that would give the organization a pool of leaders from which they can draw upon when faced with a situation where leaders are needed. Though this is a practice that is followed in many companies, the successful companies also identify emerging leaders and not only those who have established themselves. The point here is that successful talent management needs the HRM staff and the senior management to draw up a list of potential leaders at both ends of the talent development chain. In other words, these companies start from the lower levels and go on till the middle and senior management levels. The third aspect of successful talent management is the provision of both vertical and horizontal job opportunities for the existing employees. This means that the employees are provided with a menu of career options that would enable them to shift role and find fulfillment in the role of their choice. The reason why this aspect is very important is that often many companies stifle their employees by not providing change of job functions or roles leading to widespread dissatisfaction among the employees.
Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization. Attracting and retain talented employees, in a talent management system, is the job of every member of the organization, but especially managers who have reporting staff .