Definition of talent development
Talent development comprises the strategies, methods, and measures through which a business ensures that they have the right people in critical positions to enable business success. A decisive criterion for talent development is the question of whether employees have the required latent potential to perform key functions in the business. Executives have a significant role to play in talent development. However, it is the personnel department that acts as the driver, the innovator, and the coordinator for talent development processes and tools.
Core areas of Talent Development
Talent development refers to the identification, acquisition, engagement, and encouragement of functionary elites. Six areas of responsibility are associated with this talent development; these should be considered individually but are closely interconnected:
- Performance Management
- Compensation Management
- Skill and Competency management
- Career and succession planning
- Talent and Relationship Management
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