It is very important that all managers know how to recruit, identify, develop, and retain talented staff. Talent Management is defined as "an organizational approach to leading people by building culture, engagement, capability and capacity through integrated talent acquisition, development, and deployment processes that are aligned to business goals." (American Society for Training and Development) It is a strategic imperative to ensure that we are properly resourced in Human Capital to meet our goals and fulfill our mission today and in the future.
Workforce demographics tell us that we will lose a significant percentage of our workforce as baby boomers retire, and there are not enough people in the workforce to replace them. Furthermore, 60% of today’s jobs require skills possessed by only 20% of the workforce. Therefore, we must do our best to identify and develop our talent, and to provide incentive for them to stay in the organization.
The key concepts of Talent Management are:
- Strategic management of the flow of talent
- Senior management involvement is critical
- Cuts across silos and levels
- Covers the entire employee life-cycle
- Emphasizes inclusiveness
- Embedded in the organizational culture
- Uses technology to identify and track talent
Talent Management encompasses the following areas: