Talent development, talent management, learning and development are essential components of any successful business. By staying abreast of the latest techniques and strategies in these areas, companies are able to enhance their competitive edge and create a more productive and engaged workforce. Each part of talent development has its own approaches, but they have a common goal, and that is the development and growth of employees in their areas of work. Learning & Development should even be considered as part of the talent management strategy.
In this article, we will explain the similarities and differences of each part, hoping that they can be helpful as a tool in your work. Don’t forget to analyze every aspect of both parts so that you can make good strategies in talent management and in the learning and development of your employees.
Summary
- Talent management focuses on acquiring, developing and retaining employees in organizations.
- Learning and development focuses on the growth, learning, development and improvement of skills and competencies of employees.
- Both parts go hand in hand, since one doesn’t work without the other if what is sought is to grow and achieve the organization’s objectives.
What you should know about talent management
Human talent management is the process of attracting, hiring, developing and retaining employees within companies (1). It also focuses on highlighting people who have high potential within their area of work, since it is important that the collaborator optimizes their skills to the maximum.
What is the importance of human talent management?
The importance of talent management lies in the fact that, in order to function, companies depend on all the people who are working for them, and they are also a key part of achieving their objectives.
Employees also depend on the company to help them achieve their personal goals and their professional growth. Both parties depend on each other for balance, and this is beneficial as it helps to foster a good relationship between the company and the employee (2).
What is the strategic planning of human talent management?
Strategic planning is defining and solving problems, proposing solutions, assigning tasks, determining who is responsible, allocating resources, defining how and measuring progress (1). All this is to achieve the objectives of the company. In other words, it is a plan of action through strategies with a defined period of time, for achieving the company’s goals.
Human talent management planning is also extremely important. It is a tool that helps companies identify and achieve their objectives, constantly grow by adapting new models and always try to be innovative in each area of work and in their processes. If everything is to be effective, strategic planning must anticipate the needs of each area and the performance of the staff.
Read more about Creating Talent Management Strategy
Benefits of talent management
The benefits of good talent management are significant for the organization, since, as we mentioned earlier, the aim is to maximize the performance of employees and to ensure that company objectives are met (3). Here are some of the benefits of talent management:
Talent management processes
Within talent management, the most relevant part is its processes, because in each step essential aspects are defined, such as defining the candidate with the best profile (1,4). The table below explains the processes of talent management:
| Processes | Description |
|---|---|
| Planning | Determine the objectives and strategies in the area of Human Resources, before starting to look for candidates. |
| Recruitment | Attract talent through the plan that has already been made and with the objectives already set. |
| Incorporation | Plan to achieve the employee’s adaptation. |
| Strategic plan | Define problems and look for the best solutions. |
| Monitoring | Keeping track of employees and checking that they are performing better. |
| Professional development | Providing the necessary tools for employees to achieve the established goals. |
| Knowledge program | Recognize the work of employees through prizes, bonuses, or some kind of motivation to keep them growing. |
| Retention | As an organization, you should strive to retain employees by creating a good working environment and ensuring professional growth. Read more about Employee Retention Rates |
Consider every step in order to meet organizational objectives and succeed in talent management, as it is important to empower employees and teamwork.
Human talent management indicators
An indicator is a measure of whether an action is being effective and meeting the company’s objectives (5). Below is a list of some talent management indicators:
- Turnover rate: This indicator shows employees’ compliance, commitment, and motivation with the company.
- Employee training: It is measured with the evaluations of the employees and the agility of skills when carrying out different tasks.
- Time to reach goals: Measured by the time and progress employees have made since joining the organization.
- Absence from work: This is expressed by the average absences, tardiness, or leaves of absence of each employee.
- Talent retention: It is essential to consider the most important positions and how long they have been there, in other words, seniority.
What is learning and development?
Once the recruitment and retention of employees have been achieved, it is time to focus on professional development. This growth can be through: courses, training, certifications, e-learning, and programs. Either way, learning and development is an essential part of talent management strategy.
Learning and business development benefits
Human capital is an asset that helps the organization to function, which is why it is significant to support the growth and improvement of employees’ skills (6). Below is a list of some learning and development benefits:
- Accelerate the performance and adaptation of new employees through tools that improve their skills.
- Improve employee performance by reinforcing and acquiring skills.
- Motivate employees to show that their skills have helped the organization.
- Provide autonomy to employees
- Increase the company’s competitiveness and productivity
- Provide a good reputation as an employer when attracting new talent
- Reduce staff turnover.
Importance of learning and development
Learning and development are important, as they help companies continue to grow and become more competitive. Here are some relevant points about Learning & Development:
- Encourage knowledge and learning in employees: It is significant to provide the tools to employees to be more productive in their work, since, if there is a good learning culture, they themselves will want to develop and acquire skills to grow professionally.
- Leadership: The company will have a higher level if leaders are trained to support the team and be responsible for achieving the company’s goals.
Remember to always be up-to-date on any aspect of employee learning and development, as from time to time, new ways of acquiring skills and achieving growth are emerging.
Difference between talent management and talent development
Although talent management and learning and development are handled by the same area, which is HR, they are both different:
Talent management and learning and development go hand in hand, they both help to evolve and assist employees in their professional growth (7).
Conclusion
Since we have already described what talent management and learning and development are, it is worth considering that both work together, as an important part of talent management is coordinating the development and professional growth of the company’s employees.
We hope that any of the information mentioned here will be helpful for your company, project or work field, as HR is fundamental to fulfilling this part, which, generally speaking, is focused on meeting the goals of the companies.
References
1. Global C. What is talent management? 2022.
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2. Cupe W. Importance of human talent management in business organizations. 2017.
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3. Castillo L. Management indicators in the area of human management and its importance in organizations. 2006.
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4. Lagarcha C, Johanna A, León E. The fusion of humanistic management and organizational learning produces sustainable and excellent organizations. 2015.
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