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Definition of Talent Management:

Talent management is the continuous cycle of HR processes of attracting, selecting, nurturing, developing, motivating, training, and retaining high performing employees. Talent management involves a contribution from all levels of management. Managers identify potential talent, make a note of the skills gap, and train them to perform better and grow in the organization. HR team organize and help in strategising a talent management plan for the organization.

5 reasons why should you have a talent management strategy?

  • Performance management, leadership, and professional development are some important aspects of talent management that help in retaining top talent, thereby improving business performance. 

  • When job seekers learn about the growth opportunities in an organization, they are eager to work for the organization, attracting great candidates to the organization. This helps in building your employer brand in the job market.

  • It plays an important role in boosting the morale of existing employees. They attain job satisfaction and work to their full potential.
  • It plays a vital role in succession planning and career development of your employees. 
  • When companies take measures to retain talented employees, it provides a scope for innovation and growth for the company.