Talent Management is the science of aligning a human capital strategy to an organizational business strategy. The nexus of executing a business strategy and talent is where a company can best influence success. Organizations can add a great deal of value through the strategic deployment of human resource planning and implementation to put the right people in place who can meet objectives. For example, if the strategy calls for a focus on innovation, talent management processes can be used to plan what your workforce needs to look like and how to acquire new talent or develop existing employees. It can also inform your succession planning and how you reward and retain your employees to ensure there are no skill gaps in your most critical jobs within the company.
Technology, demographics, and economics are constantly shifting to create new challenges and opportunities. While your strategy sets the direction to face headwinds or leverage advantages to grow your business, people execute and win. A successful talent management strategy is the difference between being able to navigate shifting markets and delivering for stakeholders or stagnating while you retool your workforce to achieve your goals.