In recent years, corporations have learned that high-quality talent management programs can help organizations across a wide variety of strategic imperatives such as:
- Leadership development
- Change management
- Address talent gaps or strategic competencies
- Build retiree or alumni networks
- Employer branding and recruiting
However, talent management programs require a strategy that is more than simply throwing more money at high-performers in the hopes of recruiting and retaining them. Deloitte Research: "HR That Means Business: Focusing on Value Creation." indicates that:
- A company's "stars" are the first to be poached by competitors and are less likely to stay.
- Moreover, a study of investment banks found that when imported from elsewhere, stars rarely sustain their performance in the new organization.
Talent must be redefined to include not just the best and the brightest but the entire workforce-those who contribute all of the skills and capabilities that an organization needs to sustain growth.