Talent Management is a relatively new field, and exemplifies one of the shifts in thinking happening in the modern economy. Before the downsizing of the 1980’s, executives largely ignored the concept, focusing more on manpower planning, largely as a statistical measure of supply and demand.
As the service economy began to replace the old industrial structures, it became clear that the skills and talents of employees could no longer be ignored. In those early days, talent managers focused on grooming new business leaders, and not on talent throughout the organization. The practice of talent management since then has rapidly evolved, and increasingly affects businesses at every level from the top down. Talent management has never been more important or more pervasive, and this overview of the state of the art is essential reading to anyone who hopes to keep up with the changing times.
Today’s talent management operates based on a 5 key principles:
• Determining what skills will be necessary for future success
• Planning accordingly to determine how to acquire those skills, taking into account market limitations and talent deficits.
• Determining the skills necessary to fulfill key roles in an organization
• Focusing on the skillsets of individuals, and ensuring that a process of positive change is constantly occurring
• Making sure that the process of instilling talent in individuals coincides with personal goals and desired career outcomes.