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What is Talent Management? - Definition & Process

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  • 0:03 Meet Calvin
  • 0:47 Talent Management Defined
  • 1:11 Talent Management
  • 4:11 Lesson Summary
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Lesson Transcript
Instructor: Brianna Whiting

Brianna has a masters of education in educational leadership, a DBA business management, and a BS in animal science.

Have you ever wondered how an employer finds the right employee? In this lesson, we'll learn about talent management, a process by which businesses find and retain their best employees.

Meet Calvin

Calvin owns his own business, The Simple Snack Shop. Originally, Calvin had one small store in his hometown. Then his business grew to include eight shops in different cities. While Calvin was always the one in charge of finding employees, he soon realized that he might need help with the process, so he hired two new employees to become the human resources (or HR) department for his business. However, before the new employees took on the hiring duties for the company, Calvin decided that they needed to take a brief course in talent management so that they would understand how to recruit, train, and keep the most qualified employees.

Talent Management Defined

What do we mean when we use the term talent management? Well, talent management is the process of finding, developing, training, and keeping employees whose skills best align with the needs and objectives of the company. The goal of talent management is to hire the best employees the business can afford so that the company reaches its maximum potential for success.

Talent Management

While we know what talent management is, we have yet to learn how it works. What is the process that HR follows to bring in and retain the best employees? These are the standard steps of the talent management process:

1. Prepare - Before a company looks for an employee, they need to know what they are trying to find. What does the job entail and what requirements does a prospective employee need to fulfill? What are the goals for the position?

2. Know challenges - Understanding company needs and the gaps in current employee skill sets is important to talent management specialists. The HR department needs to find prospective employees that can fill those skill set gaps and overcome current business challenges.

3. Search - This is the point in the process where we locate high-quality candidates who can help the company meet its objectives. This search may take time in order to find the best possible candidates.

4. Select - Now that the company has located acceptable candidates, it is time to hire them. The candidate and the company fill out all the appropriate paperwork and discuss anything else important to getting the employee onboard at this stage.

5. Train - Now the company is ready to train the new employee. Because the company has already established where it needs the most help, it is important to train the new employee so that they have the tools to provide the necessary assistance.

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