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Talent management refers to the anticipation of required human capital for an organization and the planning to meet those needs. 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 to function more appropriately. Company following a 1997 study. The following year in 1998 “talent management” was entered in a paper.
Chambers, Mark Foulon, Helen Handfiled-Jones, Steven M. However, the connection between human resource development and organizational effectiveness has been established since the 1970s. The profession that supports talent management became increasingly formalized in the early 2000s.
Those surveys indicated that activities within talent management included succession planning, assessment, development and high potential management. Compensation was not a function associated with talent management. Lastly, he strategy of using talent management help organizations with workforce during WWII.
A talent management system is suggested to be used in business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather be practiced in all levels of an organization. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates.