According to an online article Targeted Talent Management, talent management is "a crucial way of securing, developing and motivating people with the right skills and approaches to meet business objectives."
Talent Management is important to the success of a business, and to have competitive advantage over other organizations.
The emergence of technology, particularly the Internet, makes this process even easier, as companies worldwide are now recruiting via the Internet ("Leadership Advantage"). The Cayman Islands, for example, recruit people from various nationalities to join the international organizations on their islands. The Cayman Islands have clearly benefited from doing so, as they form the fifth largest financial centre in the world, with over 5,945 registered companies in the financial industry (Cayman Islands Chamber of Commerce).
Furthermore, some of the current senior managers are headed for retirement, so it is important to have a new younger generation of fully competent persons for the future. It is expensive to always re-hire and re-train. Therefore, managing the talent already available within the organization is crucial (Sullivan 2005).
Duttagupta (2005) has established a framework for managing talent. The process includes executive assessment, effective recruiting, coaching, providing feedback, mentoring, empowering, leadership assessment and development, as well as creation of a rewards system.
The HRD as part of its business strategy may organize a company retreat for a weekend, perhaps at a hotel, where all the managers get together and assesses the organization's "current and future strat ...