In other words, talent management is less about management and more about enablement. Companies that invest in the employee experience, from retention to development and more, enable their employees to not only successfully complete tasks but also achieve business outcomes.
What’s the Difference Between Talent Acquisition and Talent Management?
Talent acquisition and talent management are closely connected, but there are important distinctions.
Talent acquisition focuses on sourcing talent outside of the organization, and it involves everything needed to recruit, interview, hire, and onboard talent. Talent management, on the other hand, focuses on nurturing talent from within the organization and providing employees with skills development opportunities, as well as measuring their performance. A good talent management plan brings out the best in employees. It helps them build career paths that enable them to flourish, identifies needed skills with jobs and particular workers, and ensures that learning is targeted and continuous.
In other words, talent management shouldn’t be a separate business process—it needs to be integrated with most activities across the company. Talent management can include such things as connecting people to development opportunities, as well as companywide programs designed to elevate talent through training, learning, mentoring, and personalized workplace experiences. In other words, people don’t just want jobs anymore—they want an employee experience.
While retaining and growing talent is widely considered a top HR priority, that isn’t HR’s only function. At a foundational level, HR institutes workplace policies, benefits, and payroll. And although these tasks are sometimes considered transactional, they are foundational operations of every HR department at any company. Sometimes, depending on the company, HR responsibilities can also include talent acquisition, compliance tracking, and workforce planning. But when operating as a strategic function to the business, HR typically takes an active role in the organization’s people strategy, such as building the employee brand and engaging the workforce.
Despite having many responsibilities, HR collectively places a priority on growing talent and improving performance, increasing employee engagement, shaping company culture, and understanding business needs.