Talent Management as a Tool for Successful Businesses
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Talent Management as a Tool for Successful Businesses

The role of human resources within the corporate structure has changed dramatically over the years. HR departments focused solely on personnel functions like hiring, payroll, and benefits until changes to corporate culture in the 1980s introduced the concept of strategic HR. Human resources departments then became involved in overall business strategy like organizational development through training, leading corporate communications, and developing total compensation systems. While HR departments continue to focus on these strategic goals, there has been a recent shift toward "talent management." Talent management introduces new strategic goals to streamline hiring and leadership succession processes using the employee lifecycle model. Using the employee lifecycle model, HR guides employees through each stage of their career with the company from competency-based recruitment to career development, through termination/transition. During each phase, HR strives to measure and manage employee performance through training, feedback, and support. Talent management is a key component to business success in the current economy as it allows companies to retain top talent while increasing productivity.

Talent Management Defined

Why Talent Management is Essential for Businesses

How to Improve Employee Satisfaction

Human Resources and Their Importance

Tips for Business Success