You might be asking what is the difference between talent management and performance management?
Talent management and HR can be said as two sides of the same coin and cannot go without each other in today’s date. As far as the origin of both is considered then we can say that HR existed since the time of dinosaur while Talent Management can be said to be newly born.
Let’s take the things in an analytical way rather than giving mere definitions.
- HR deals with more administrative work like hiring, benefits, pays, vacations while Talent Management is only focused in improving the top talent of the organization that will help the company in the long run.
- HR deals strategically with day to day work of the organization while Talent Management is much calculative which establishes wide long term plans which lead to the overall growth of the organization.
In the words of Johns Hopkins University, Talent Management can be described as a set of integrated organizational HR processes which is designed to attract, grow, inspire, and retain productive, involved employees.
Why Talent Management is Necessary
Talent Management can be said to be our future that will help the company to run based on “talents”. It is not something that is programmed and will run automatically. Without talent, no companies will grow in the long run.
The confusion is that talent Management is like a new born and its exact definition still needs to be cleared and applied.