---

Guest post by: Stephen Blakesley Become an Author

Tweet

---

---

What exactly is "Talent Management" anyway? That is a good question. Millions are spent every year finding good people, yet, sometimes when we find it, we do not always keep it. Talent Management is a process designed to improve the performance of talent and keep it, once you have it.



That all seem simple enough, right? Wrong, it is much more complex than you might suspect. First, everyone knows how expensive it is, just to find the talent, much less grow it and keep it. According to a recent study by Deloitte, every percentage point increase in the turnover rate within the Big Four Accounting Firms costs from $400 - $500 million dollars annually.

Second, talent management is complicated today by the retiring of the Baby Boomers and the emergence of the "Gen Ys." It seems that the Gen Ys are competent enough but they are not as willing to "pay their dues" as the Boomers were. As a result organizations are scrambling to adjust everything from compensation to career development.

Third, the cumulative knowledge is said to be doubling every 2 days. That means that the value of a college education declines rapidly, if measured by

what you need to know to be current in your field. A 50 year old, with a degree in electrical engineering, who did not engage in updating their knowledge on a regular basis might as well have a degree Psychology.

Fourth, the development of new leaders with new and current skills directed toward a new generation and a new agenda.

Fifth, as a result of a world of accelerating change, tremendous skill gaps develop quickly and widen rapidly. The delivery of new tools in a package designed for a new generation with updated instruction manuals will be a challenging task if we are to keep up.

Should your organization invest in Talent Management? Only if you want it to be around 5years from now. Just a few short years ago the Hackett Group, studied many of the top performing organizations in the world and found that those companies that excelled in talent management posted earnings 15 percent higher than those who managed talent poorly. Today, with the cost of finding talent escalating, it is even more important to have a structured talent management process in place. Organizations are beginning to see the ROI in talent management as a legitimate strategy for more than survival.

Related Articles

  LEADERS LOVE FORMULA : TALENT+ EXECUTION.
  Talent is Never Enough
  Most of the Time Talent's Not Enough
  America’s Got Talent?
  Building an Effective Talent Management System
  The overuse of "people" as competitive advantage
  Organizational Talent You Need To Succeed
  9 Advantages to Using an Executive Search Firm
  Talent Management Merits Your Board's Full Attention
  Five Benefits of Leadership Development Coaching
  Take the Money Issue Off the Table & Sell More
  4 Building Blocks of an Effective Talent Management System
  How to Say Your Price Without Choking
  Your Greatest Investment
  Managing Skills for Business Continuity
  Identifying Future Leaders: Creative Leadership Development Strategies in Tough Times
  How Celebs Can Find An Agent
  Talent Management – Maximum Impact with Minimum Spend!
  SAP, ORACLE And The CLOUD….
  Quick Tips For Hiring In A Recession

Related Forum Posts

Which kind of industries are you interested in?
HRPreneur
Investment Advisors vs Faciltators
No B.S. Time Management
Seek Venture Capital & Funding

Share this article. Fund someone's dream.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Hire the Best Staff - Part Two 'Selection'

SEO and the Entrepreneur

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.