Talent management
Talent management (TM) is the anticipation of required human capital for an organization and the planning to meet those needs.[1] The field has been growing in significance and gaining interest among practitioners as well as in the scholarly debate over the past 10 years,[2] particularly after McKinsey's 1997 research[3] and the 2001 book on The War for Talent. Although much of the previous research focused on private companies and organizations, TM is now also found in public organizations.[4][5]
For management of the day-to-day business affairs of an artist, see Talent manager.Talent management in this context does not refer to the management of entertainers. Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning. A talent-management strategy should link to business strategy and to local context to function more appropriately (Tyskbo, 2019).[2]
Current applications[edit]
In adverse economic conditions, many companies feel the need to cut expenses. This should be the ideal environment to execute a talent management system as a means of optimizing the performance of each employee and the organization. Selection offers are large return on investments. Job analysis and assessment validation help enhance the predictive power of selection tools. Data points such as cost-per-placement or average time to recruit are critical in predictive analytics for talent management. These evaluation methods use historical data to provide insight. However, within many companies the concept of human capital management has just begun to develop. With more companies in the process of deepening their global footprints,[18] more questions have been asked about new strategies and products, but very few on the kind of leadership structure [19][20] that will bring them success in their globalization process.[21][22] “In fact, only 5 percent of organizations say they have a clear talent management strategy and operational programs in place today.”[23] The impact of globalization on talent management practices is specifically covered in several recent books.[24][25]