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:
“Lermontov died at age twenty-eight and wrote more than have you and I put together. Talent is recognizable not only by quality, but also by the quantity it yields.”
—Anton Pavlovich Chekhov (1860–1904)
“This we take it is the grand characteristic of our age. By our skill in Mechanism, it has come to pass, that in the management of external things we excel all other ages; while in whatever respects the pure moral nature, in true dignity of soul and character, we are perhaps inferior to most civilised ages.”
—Thomas Carlyle (1795–1881)