For the untuned eye, there might not be a lot of difference between HR and talent management. And rightly so. If the responsibility of Human Resources is to manage the humans so affectionately referred to as resources, talent management is a strategy employed by the HR department to attract, develop and retain productive, motivated employees.
Talent management is a niche of the human resource management that reinvents how employees are engaged, trained and motivated to be their best selves in the organization. It not only brings out the highest levels of potential in people but it also assures them that their talents are valued, nurtured and managed in the organization. For many employees, it turns out to be the reason they cherish working with their employers.
From the organization’s front, talent management is an opportunity to innovate in the ‘people’ space for a competitive edge. Every firm’s products and services are only as good as their people, and its people are only as good as how well their talents/potentials are managed.
When you understand how talent management differs from human resources management, you will understand why organizations define titles/ designations within the organisation, establish clear goals for different HRM teams and set your teams after pursuing them.
We’ve made a quick infographic to help you understand how they are different.