Strategic talent management is a term that describes the various processes and procedures used to identify, develop, and make use of the gifts and talents of employees. While often cited as a function associated with the human resources team, this type of talent management can also be undertaken by managers and supervisors, as well as others in the company organization who are willing to serve as mentors. Under the best of circumstances, strategic talent management helps individuals grow in their chosen professions while also providing the employer with a greater return on the investment made in each employee.
The focus of strategic talent management begins with the process of accurately assessing the current skill sets of employees or applicants, as well as any indications of latent talents that may be developed with a little support from the employer. This approach allows the company to benefit from those skills immediately, by placing that individual into a position where those abilities may be utilized to complete essential tasks. At the same time, the assessment of other talents that are not yet fully developed can be noted, especially in terms of their future value to the business operation. With this in mind, the company may choose to devote some resources to the development of those abilities with plans of recouping the investment at a later date.
One way to understand how a strategic talent management process may come about is to consider an employee who currently holds an entry-level clerical position with the company. While very proficient with his or her assigned duties, it comes to the attention of the human resources team that the individual has some demonstrated abilities when it comes to working with finances. With this in mind, a human resources team approaches the employee with an offer to arrange for the employer to pay for night classes related to accounting, up to and including the attainment of a degree or certification in business accounting. The employee is then able to continue in his or her current work while attending classes at night, and eventually is promoted to responsibilities within the accounting department.
With this type of strategic talent management, the company ultimately benefits from having an accounting employee who knows the business model well and is fully certified. The employee has the chance to attain a more desirable and often more secure position with the company, as well as to make more money. Without this process of looking beyond the obvious and actively seeking to uncover the talents of employees, neither the employer nor the employee would have enjoyed these benefits.