The (as of yet) Unfulfilled Promise of Talent Management

07/20/2011 02.40 EDT

...

Talent Management is the new black. It’s trendy, chic, and virtually every Fortune 100 company wants to have it. But, what exactly is it? The American Society for Training and Development (ASTD) defines it in the following manner. A holistic approach to optimizing human capital, which enables an organization to drive short- and long-term results by building culture, engagement, capability, and capacity through integrated talent acquisition, development, and deployment processes that are aligned to business goals. Do me a favor. Walk into your CEO’s office and give him/her this definition and tell me how long it takes for their eyes to glaze over. I’ll bet you $5 you don’t get past holistic. But, if you ask him or her what drives the business, having the best people is most likely going to come out in the first sentence of their answer. The rush to establish talent management as a function is based on the perception of the C-Suite that people are indeed important coupled with the uneasy feeling from those same leaders that they don’t know how to get, develop, and keep the best people to work in their organizations. The knee jerk reaction is to create a talent management function that owns “get, develop, and keep” for the company. A leader is appointed, several functions are assigned to them (most likely executive and organizational development, performance management, talent acquisition, and perhaps diversity), and this newly created organization often finds that they have no mandate, specific objectives,...