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Talent management is how employers recruit and develop a workforce that is as productive as possible
and likely to stay with their organization long term. When implemented strategically, this process can
help improve the overall performance of the business and ensure that it remains competitive.

Why is talent management important?

Businesses that take the time to develop their employees and keep them engaged tend to be innovative
and profitable. Conversely, those that are unable to source or retain talent generally have poor
customer satisfaction and limited growth potential.

What does talent management include?

Equipping and engaging talent to optimize productivity and fuel growth is not a
singular task. There are numerous employer responsibilities, such as the following,
which must be fulfilled to excel at talent management:

 Workforce planning
Most talent strategies begin with defining the skillsets that will be required to
achieve the business’s objectives.
 Recruitment
Acquiring talent consists of representing the employer brand effectively,
determining where the right candidates can be reached, prescreening
applicants and interviewing promising prospects.
 Onboarding
A structured onboarding program that introduces employees to the
workplace culture and helps them feel connected to and comfortable with
their team and organization is essential to retention.
 Training and development
While it was once considered the employee’s responsibility to seek learning
opportunities, many workers today expect their employers to provide the
tools, guidance, and support they need to further their careers.
 Performance management
Reviews and check-ins with team leaders help employees build upon their
strengths, thereby increasing engagement and reducing turnover and making
it possible for employers to meet key business objectives.
 Compensation and benefits
Fair compensation is important, but employers who want to attract and retain
talent should take a holistic view of the perks and benefits they offer beyond
a paycheck.
 Succession planning
Preparing for the next step in the employee journey – whether it’s career
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advancement, retirement or resignation – can help people transition to new

roles quickly and limit disruptions.

What is the talent management process?

The talent management process consists of finding the right people and helping
them discover and apply their strengths so they can work and lead more effectively.
Employers who do it well generally follow these steps:

1. Recruit
Source candidates from outside or within the organization using the most
appropriate method, i.e., employee referrals, social networks, job boards,
etc.
2. Hire
Use analysis tools, prescreening questionnaires, skills tests and interviews
to narrow the list of candidates and make an offer.
3. Develop
Make learning and development resources accessible and relevant to
employee expectations and needs so they can do their jobs more effectively.
4. Engage
Keep teams connected and focused with engagement tools that help identify
potential retention risks and retain top performers.
5. Perform
Monitor employee performance and collect data to make more informed
workforce decisions.
6. Recognize
Manage compensation equitably and reward top performers.
7. Plan
Create succession plans that allow employees to advance their careers
when openings become available.
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