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Talent Management System: Attracting and Retaining the Best

The case scenario:

What is the definition of talent management? Explain why companies are placing intense focus on attracting and retaining the best talent at all levels of an organization.
For a fictitious company, what kind of talent management system would you develop?

The solution provides a thorough explanation of what talent management is. Using "Fake Company" (FC) as an example, there is a detailed talent management program defined for getting top performers. As employees are often the most expensive resource a company has, retaining top performers is also critical. Having promotional opportunities and competitive salary/benefit packages will help to ensure employees do not walk out the door.

Solution Preview

Talent management is having a clear bio on every employee; defining their current knowledge, skills and abilities (KSAs). This should include KSAs that may not be required and/or utilized in the current position of employment. Performance evaluations should be conducted on an annual basis; at a minimum, for management to have discussions with all personnel - about where they are in their current career; along with where they want to go. Having a database and/or inventory of KSA resources, the organization can easily know how many ...

Solution Summary

This solution is about 350 words and provides a talent management system, for a fictious company, that will attract the best employment candidates for a job - and ensure top performers are retained.