Talent Management refers to the development and integration of HR processes that attract, develop, engage and retain the knowledge, skills, and abilities of employees that will meet current and future business needs. The goal of talent is to increase workplace productivity. Talent Management is a strategic approach to managing human capital, and such initiatives should be aligned with the organization's strategic business goals.
According to the SHRM 2005 Future of the U.S. Labor Pool Survey Report, in the next 10 years, HR professionals expect three out of 10 employees in their organization's workforce to retire. HR professionals are acutely aware of talent shortages in various business sectors and regions of the country. There is a new emphasis on passing institutional knowledge on to employees who will be remaining with the organization and on retaining those valued employees. Retention is the ability to keep talented employees in the organization.
The strategies to align, develop, motivate and maintain a high performance workforce, are:
- Orientation and onboarding programs
- Career development programs.
- Employee development programs
- Special programs for the changing needs of employees.