Also known as Human Capital Management, talent management is a broad term that involves foreseeing the required human capital of the organisation and making plans to meet those requirements when the time comes. The field became popular after McKinsey’s research in 1997 and a book on The War for Talent.
The components of talent management are
- Making strategies for employee planning and developing organisational goals.
- Acquisition and retention of Talent
- Performance Management
- Learning and Motivating
- Career development
- Succession Planning
In short, Talent Management refers to the ability to attract and nurture highly skilled resources. It also involves the task the developing and retaining current and new employees to meet the immediate and long term organisational goals.