Talent Management
Talent management – a general overview
Talent management is a very broad term and can be applied to two industries. The first is managing the talent for actors, musicians, singers, writers, editors, etc. Talent management services can aid in consulting on a CD release or getting you to the right talent agency for your headshot to be seen. The second is more in the human resources realm. They manage the talent that comes through a company and help decide who is best for the job, who should be up for a promotion and who should be on their way out.
The entertainment biz
Talent management in the entertainment sector is interesting. They are always looking to help the next big thing. Really talent management in this sense is a lot like talent agencies. If a musician contacted them for help the conversation would be a lot like: What type of music do you play? How many Cd's have you released? How many have you sold? How many people do you draw at each show? Talent management companies will usually help to map out your career. This includes help with things like: artist management, consulting, film or TV licensing, internet marketing, promotions and publicity. If you are a new emerging talent it is extremely important to know someone who knows someone in the right industry—just to get your foot in the door.
Human Resources – a whole new ball of whacks
With new technologies and changing markets, the increase for top-notch people is no surprise. Even when the workforce slows down due to a bad economy, the needs to maintain earnings and increase shareholder values are still there. A lot of companies choose to layoff employees as a quick fix but in the long run they hurt themselves because then they have to find new talent down the road. It is a constant struggle to get the right people into the right jobs. Human resources help to find new talent and screen them to see who could be a good fit. To retain their talent, i.e. their employees, they should take into account things like matching up talent strategies with business capital strategies, developing new programs within their company culture and carrying off talent programs effectively and consistently.
As the economy is starting to look up, many of the big business firms are looking to hire large amounts of people. The war for talent is on! They are looking to pull out all the stops for the right employees. Depending on which boat you are in, you will either be pulling out all the stops to hire someone or to retain someone. That is managing your talent. HR should be aware of the effects their talent has on the overall success of the organization. Not only HR, but also the people upstairs who sit in the boardrooms and decide who goes and who stays. Oftentimes they are less in touch with who is an asset to the company because they are not with them on a day to day basis. Many companies do not manage employee development well. Here are a few tips for better talent management:
- Effective talent management starts at the top.
- Strategic talent management will impact profits.
- Retention of top talent can boost cost savings.
- Understanding the needs of your talent pool is key to retention.
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