Talent Management definition
Talent management is a unified strategy designed to help organisations make the best possible use of their human capital now and in the future, to use their human capital to help meet the organisation’s vision, and to ensure the maximum return from their talent by creating an attractive organisational culture that encourages happiness and commitment.
Originally coined by McKinsey & Company in 1997 and popularised by the book War For Talent, published by McKinsey, talent management is considered important in a world where human capital is seen as a company’s greatest asset and that companies are constantly at risk of losing their employees to more attractive competitors.
On a practical level, talent management involves using quantitative and qualitative tools to improve ROI – improving succession planning, for example, forms part of a talent management strategy. Talent management software is increasingly common as a central point for organisations to conduct their talent management activities – this can include tracking training needs, appraisals, career progression and other key focal points.
