The term talent management is used to describe a set of processes that ensure a company has a high-performance workforce. A talent management organization will be part of human resources, and is responsible for processes that range from recruiting employees through performance management.
Talent management organizations have become increasingly popular. The responsibility for managing the talent in an organization normally resides in the company's human resources department. The objective of this group is to ensure a company is able to attract, develop, and retain valued employees. Processes overseen by the talent management organization may include:
- Recruiting: ensuring a company successfully attracts and hires employees needed to fill existing positions, as well as the hiring of employees with the skills that will allow them to become future leaders of an organization.
- Onboarding: supporting employees as they acclimate to the company, ensuring they understand their roles in the organization in addition to the value it provides.
- Performance Management: providing employees with systematic feedback and communicating performance expectations.
- Leadership Development: identifying high potential individuals and then providing them with the coaching, training, and development opportunities they need to be successful.
- Employee Engagement: ensuring employees feel a strong connection with their company, coworkers, and role in the organization, which results in significant contributions to a company's success.
- Workforce Planning: working with the lines of business within a company to develop succession plans that forecast employee turnover, fill gaps in talent, and ensure organizations are staffed appropriately.