Talent management refers to the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs. The field dramatically increased in popularity after McKinsey's research and subsequent book on The War for Talent. Talent management in this context does not refer to the management of entertainers.
Talent Management is the science of using strategic HR to improve business value and make it possible for companies and organisations to reach their goals. Everything that is done to recruit, retain, develop, reward and make people perform is part of Talent Management as well as strategic workforce planning. A talent management strategy needs to be linked to the business strategy to make sense.
Read more about Talent Management: History, Current Application of Talent Management
Famous quotes containing the words talent and/or management:
“With one more talent one frequently stands with greater instability than with one less, as a table stands better on three legs than on four.”
—Friedrich Nietzsche (1844–1900)
“The care of a house, the conduct of a home, the management of children, the instruction and government of servants, are as deserving of scientific treatment and scientific professors and lectureships as are the care of farms, the management of manure and crops, and the raising and care of stock.”
—Catherine E. Beecher (1800–1878)