Talent management is a continuous human process that identifies, evaluates, develops, and maintains productive employees to achieve current and future business goals.
It is a strategy that ensures that the right people are hired to perform the right tasks at the right time and achieve the expected results. This strategy helps companies assess their current situation, project talent gaps, and take the necessary actions to address them.
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Why do companies need to develop a talent management strategy?
Increased professional mobility. As competition increases, the cost of living increases and the job market gets tougher, companies are willing to pay generously to hire the best talent on the market, and employees switch careers between companies for more wages.
Best talent becomes the best outcome: The way talent is managed can change the way organizations play, as customers and stakeholders associate the best talent with the best results.
The strategic value of talent management
Management strategy must be an integral part of the HR strategy, which in turn must be aligned with the overall business plan. In today's highly competitive market, a company's products, services, or business models can easily be imitated by competitors.
In addition, talent management should not be seen as a goal, but as an ongoing path that leads to consistently higher levels of performance. Companies must plan and implement acquisition decisions effectively.