Talent is a term used to define highly skilled workers. These individuals possess significant job experience in their functional areas and a strong knowledge of the industry they work in.
Talent management is a set of entrepreneurial human resources processes and practices ensuring the sustainable effectiveness of the most skilled workers within an organization.
Talent management is highly strategic. It aims at maintaining the company's innovation and performances relying on the long term capacity of its human resources. An effective talent management is one of the highest valuable assets an organization can have. If talent management is performed professionally it can become an organizations backbone for economical success.
Talent management comprises three major pillars: Talent Acquisition, Talent Development and Talent Retention. However there are many more subprocesses which are part of talent management: talent identification, sourcing, assessment...
Not all organizations have implemented a set of HR tools to manage their talents. Until recently most of them were not aware of its strong potential for corporate performances.
Moreover HR departments tend to be swamped with daily business tasks such as payroll and recruitment in order to develop long term strategies.