The word talent represents, in particular in this essay, expertise or the knowledge gained through experience â€“ expert skills or experience/knowledge in a particular field. By the term talent management, the author refers to managing the four stages of the following process.
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First, selecting and employing skilled individuals according to the organisation’s need for skills, second, providing them with an environment in which they can apply their skills in practice with respect to improving the employers’ business performance, third, developing their talent in order to further support organisation’s business plan, and fourth, retaining those individual, or retaining their knowledge. The next part of the essay presents the investigation of these processes and interdependence between, in detail. In this essay, the author illustrates the great interdependence between the continuous improvement of the four stages and success of talent management. The two key objectives of this essay are, first, to investigate the concept of talent management, in detail, and second, to present insights into the relationship between talent management and leadership/management development.
Talent Management has been the cornerstone of Human Resource Management (HRM) strategy in many organisations for over a decade. Sparrow et al. (2014) affirm that although, over a decade, talent management has been considered an important factor in advancing business performance, the concept of talent management has not been precisely defined, nor it received a theoretical development. For that reason, success of applied talent management has not been agreed upon. Barlow (2006) explains that most of organisations focus on the leadership roles or employees who have the potential for such roles and do not have a certain clarification of what they consider talent. She adds that the talent management practices and Human Resource activity, in these organisations, become alike and interchangeable terms. Lewis and Heckman (2006) remark that this uncertainty and confusion exists for the reason that various terms are used interchangeably with regards to different elements of talent management (such as, Human Resource Planning or Succession Planning), although each has specific practices mostly different than the other ones. Davis (2007) describe that talent management is strategic corporate approach which comprises interdependent processes of first, employing individuals who have talent(s) required for a particular employ, second, retaining those employees and third, further developing their talent to achieve preferable business performance, consistently. He explains that achieving optimum business performance through these three processes of talent management would be feasible, only if the management itself is talented. Davenport, et al. (2010) explains that analysing, for example supply chain management or customer relationships is very similar to analysing talent, for the reason that they have comparable analysing process from the start to the end.
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