Strategic process of attracting, developing, retaining & maximizing the skills & abilities of employees to meet current & future organizational needs.
It enables businesses to remain competitive, by identifying &nurturing the right skills, retaining top performers & ensuring a skilled workforce to achieve business objectives.
It includes talent acquisition (recruitment & selection), onboarding, performance management, learning & development, succession planning & retention strategies.
Talent management is a part of HR but with specific focus on identifying & nurturing individual skills & potential within the organization. Whereas, HR covers a broader range of responsibilities including compliance, payroll, benefits administration & more.
It includes aligning talent strategy with business goals, continuous feedback & coaching, offering learning & growth opportunities, providing competitive compensation & benefits, fostering a positive work culture & regularly reviewing & updating talent management strategy.
This can be achieved by investing in employee development programs, encouraging a culture of continuous learning, providing regular feedback & recognition, offering career advancement opportunities & leveraging technology for efficient talent management processes.