Although Talent Management certainly has a substantial "training" aspect to its approach, the focus is more than just building skills and creating a culture that is centered around performances. The type of performance your business will require shortly.

Talent Management involves a variety of processes that are linked and facilitated by an organizational structure. It starts with an understanding in writing of the fundamental capabilities needed to carry out tasks that are linked to information that is used by the business. You can learn more about the early career talent management community at LDP Connect.

One of the more thorough models of a Talent Management Strategy, I have discovered includes the following techniques:

Recruiting & Staffing

Performance Management

Rewards and Recognition

Workforce Planning

Talent Review

Succession Management

High Potential Development

Leadership Development

Employee Development

This is perhaps the main reason that many companies have appointed an executive director in Talent Management to design, develop and implement the plan. For it to be successful there is no other job that can complete the current workload.

In the end, you as well as your co-leaders should decide on how crucial an effective Talent Management Strategy is to your business. If you're planning to expand or simply exist for over the coming 10 years, you should develop a strategy. When you've got the strategy in place, you need to be prepared for the results of the synergy that was created and the infinite possibilities that your business can explore from this point on.