Find out what talent management is and why it's considered important in the HRM field.
Human resource management (HRM) covers a wide range of specialist areas related to an organisation’s workforce, and talent management is an important aspect – increasingly often considered as a key priority for HRM professionals worldwide.
Definition of talent management
The Chartered Institute of Personnel and Development (CIPD) – a globally-recognised professional HR body – defines talent management as the identification, attraction, development, engagement, retention, and deployment of individuals who are of “particular value” to an organisation because of their high potential, or because they’re able to fulfil critical roles within the organisation.
Talent management differs from the typical approach to HRM often utilised by organisations, where the focus is predominately on attracting the right talent.
Talent management goes much further than this to encompass the ongoing management, development and retention of that talent as part of an overall talent management strategy, to ensure organisations not only attract the right talent, but also actively take steps to further develop and retain that talent.
What are the benefits of talent management?
Globally, the labour market for highly-skilled professionals continues to tighten, employees increasingly seek more flexible ways of working, and automation, robots and AI continue to shape the future of work.
There is therefore a much greater need for organisations to shift their focus to developing, engaging and retaining their existing talent, rather than on just trying to attract and buy-in new talent.
This is where having an effective talent management strategy in place can come into play to help.
Just some of the benefits having a talent management strategy in place can deliver to organisations include:
Demonstrates a clear investment in one of an organisation’s greatest assets – its people
Creates meaningful work and professional development opportunities for staff
Builds a high-performance workforce and organisation
Contributes to diversity and inclusion
Promotes continuous professional learning and development
Adds value to the employee value proposition
Why do businesses need a talent management strategy?
Having a clear and effective talent management strategy in place can prove to be a crucial component to the success of an organisation’s overall HRM strategy.
In addition to the benefits highlighted above which a talent management strategy can bring to an organisation, a talent management strategy can also greatly aid and help to facilitate an organisation’s workforce planning.
An organisation’s workforce planning helps organisations in:
Assessing workforce supply and demand
Identifying current staff demographics
Predicting skill shortages and surpluses
Analysing the labour market
Identifying current and potential future workplace trends
Determining the future needs of an organisation
A talent management strategy can help an organisation to set and prioritise the activities it will undertake according to their workforce plan to not only attract and recruit, but also to develop, engage and retain its workforce.
How can an MSc Human Resource Management help you succeed as a professional in the field?
An MSc in HRM can equip you with the advanced knowledge and skills in HRM, talent management, and leadership you need to confidently and significantly boost your success as an HRM professional.
Under the support and guidance of global industry-leading experts and academics in HRM, you’ll be empowered to master the knowledge, skills and expertise you need to effectively develop and implement talent management strategies that drive organisations to continued success – now and into the future.
Discover how UCLan's online MSc Human Resource Management can empower you with the specialist knowledge and skills you need to confidently lead organisations to success and position yourself as an in-demand HRM professional in the global job market: