Talent management has become one of the most popular new business management concepts designed to help companies leverage human capital for maximum gain.
From strategic planning to acquiring talent to performance management and succession planning, this course will teach the elements of talent management within a framework that uses concrete examples, real language, and an eye towards current application. Whether you are starting your own business or are the CEO of a Fortune 500 company, this course can help you better understand talent management techniques and learn to use them in a profitable way. Especially during these tough economic times, find out how the talent management process can make a difference in determining your business success.
Various phrases and terms often take a turn as a buzzword, particularly within the business world: synergy, branding, client-centric, enterprise, holistic, knowledge process outsourcing, integrated marketing solution, offshoring, sustainability, value added, reverse fulfillment, mindshare, and more have all taken their turn in stride. Talent management, like many of these terms, is a legitimate concept that simply has come into its own at this time but can be difficult to grasp.
Essentially, talent management is the understanding and anticipation of sufficient human capital and the development and planning to fulfill those human capital needs. Research and business management books, over the past 20 years, have identified this technique and helped develop concepts and tools that can help business owners and managers, as well as Human Resource professionals, better develop their strategies for recruiting and managing talent.
What is talent management?
After a 1997 study, the term talent management was first coined by McKinsey and Company and has gone on to become a well popularized term within business management and Human Resource professionals. Obviously, the relationship between the development of Human Resources and the effectiveness of an overall organization has been well established for much longer. Some professionals have gone on to proclaim that virtually every aspect of Human Resources management is the same as talent management; while this may be the case in some businesses and organizations, generally speaking, talent management extends beyond the typical Human Resource management.
Succession planning, high potential management, development, assessment, and generally tasks that operate on a higher level of long term strategies fall under talent management. While many companies focus on talent acquisition alone (one of the most popular aspects of talent management), the more holistic and forward thinking professionals engaging in talent management choose to likewise explore and plan for the ongoing development and direction of acquired talent as well as planning for succession of new talent. Performance management is likewise a common aspect of Human Resources management but is only one of the many imperative functions of talent management.
What are the ethical issues involved in talent management?
as business management is riddled with ethical considerations, talent
management poses its own risks and questions when it comes to practicing
ethics and integrity. Both seemingly superfluous topics as well as much
more muddied ethical waters exist within talent management and, as both
an employee and a business owner or manager, there are many things to
At the root of talent management is the understanding that your business is likely to include both talent employees
as well as typical employees. Not every employee is likely to be
critical to the long term strategies of a company and thus will be
treated differently from those who are critical. While many first line
employees understand and recognize that they will be treated differently
from their supervisors and upper management, which will not be true of
all employees. It may be very challenging for some employees on
management levels to see managers, department heads, or other peers
receive significantly more attention. Because talent management is
focused on developing a small minority of employees who will be critical
to the long term success of the company, it stands to reason that those
employees who are not in this minority may feel left out, unimportant,
or may even predict that they will soon be laid off (whether that is the
can the company do to mitigate this issue? The most important thing a
company can do to make each individual employee feel important and
create an overall atmosphere of ethical behavior is to be
transparent. While some upper level managers may think that it would be
cruel to notify employees that they are not considered talent, most
managers and supervisors need an overview of what the company's long
term goals are and why some people are more critical to achieving of
those goals. Aside from ethics, this will also help ensure that talent
is being developed on an ongoing basis.
that is required is to let each manager know that their gifts and
abilities are crucial at their current level and thus do not require
additional development and attention that may have to be given to talent
employees. These staff members do not need to feel as though they are
less than their peers who are receiving more time and attention; rather,
they simply need to be aware that new people are coming on board (or
changes are being made to other employees' positions) to start directing
the company according to its strategy. Employees who are not talent should
still be included in understanding the new goals for the company while
also being reassured that their own gifts and abilities will continue to
be utilized and necessary for successful operations.
A related issue is that of the ethics involved in selecting those people considered to be talent. Because
these decisions are often made early in an individual's career or even
their tenure with the company, there are some ethical considerations
regarding those employees who may be overlooked unfairly. Oftentimes,
many young men and women in the business world may not seem as
aggressive, confident, and so forth due to a number of factors that may
not actually relate to whether the individual has potential to
contribute as significant talent. Sometimes it is difficult for a
company to reevaluate its current employees to determine if any of them
have become a person of talent when they are constantly looking outside
Obviously, common business ethics apply to talent
management as well. In fact, ensuring ethical business practices and an
expectation of employee ethics may be even more necessary for a business
or organization that has excellent talent. The individuals who are
selected as talent typically end up being placed at very high levels
within the company. Anyone in those types of positions has the potential
to engage in unethical business practices; those who have been deemed
talent may be slightly more of a risk due to both the level of trust a
company puts in their talent as well as potential arrogance or
entitlement stemming from being treated with more attention and respect
than other employees. Obviously, many talented employees are going to
engage in ethical business practice, but for those whom do not,
then having a company that is efficiently run with a strong level of
transparency can help lessen the likelihood of unethical or illegal
When given the opportunity, one way that talent may
be able to better your organizational ethics is by having the freedom
and flexibility to be honest with each other and with higher level CEOs
and business owners. When a company has chosen individuals with talent,
it is important when those individuals fulfill their capabilities by
having the freedom to question and challenge existing policies and
procedures within the company. Obviously, there is a right way and a
wrong way to do this but by allowing a talented individual the job
security to point out potential pitfalls and errors in judgment, a
company can become better and fulfill its own missions regarding the use
and development of talent.