Talent management is using strategic human resource planning to improve business value and to make it possible for companies and organisations to reach their goals. Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning.
A talent-management strategy needs to link to business strategy to make sense.
From a talent management standpoint, employee evaluations concern two major areas of measurement: performance and potential. Current employee performance within a specific job has always been a standard evaluation measurement tool of the profitability of an employee. However, talent management also seeks to focus on an employee’s potential, meaning an employee’s future performance, if given the proper development of skills and increased responsibility.
Competencies and Talent Management
This term "talent management" is usually associated with competency-based management. Talent management decisions are often driven by a set of organisational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits demonstrated through defined behaviours.
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