Organizations develop talent management strategies for many reasons. One is to ensure that they are bringing in top candidates with the right attitudes, skills, and experience to match the organization’s culture and vision. Talent management strategies also ensure that employees are properly trained and developed, both to help employees reach their personal career goals and to help organizations develop future leaders, meet performance targets, and retain the best employees.
Talent Management Is a Shared Responsibility
Talent management starts at the top, with leadership from CEOs and other executives who set the tone for how employees are recruited, developed, and retained. Human resources (HR) departments are then responsible for talent management processes and procedures, such as coordinating hiring practices and overseeing the training of new hires, ongoing performance reviews, and ad hoc feedback. There is no one set of best practices because each organization needs to develop the culture that is right for it.
An organization’s leaders not only help develop talent management strategies but also communicate the importance of talent management to managers and employees, ensuring that strategies are carried out and updated as necessary to keep pace with growth and cultural changes.
Within each division or business group, managers spearhead many specific talent management responsibilities, such as evaluating employee performance and identifying succession strategies to ensure that every position is filled by the best possible internal or external candidate.