TALENT MANAGEMENT. So what's this, and why is it vital to a firm's success? By Fareed Rene.

Talent management is the manner in which employees are effectively managed...management of the firms talent.

Organizations in the various sectors continually must strive to recruit top talent as well as people who are "over" qualified to provide the knowledge, and experience necessary to drive the firm forward, and spread its wings across the world. Employees are the heartbeat of a company, and more so, its most valuable asset. Without employees, a firm cannot survive and thrive in the business world. Human Resource under the auspices of corporate management must seek out top talent, and nurture them to contribute toward the company, and more important, remain with the organization.

When companies recruit top talent, they must manage them effectively to ensure they execute their tasks correctly and in a timely manner, there is room for growth and improvement, and more so, help them to bring out their full potential. A significant aspect of talent management is managing performance...setting performance expectations or goals. It is the managers' responsibility to manage their subordinates performance as well as demonstrate effective leadership and and management skills, and qualities. In the event there are poor employee relationships with their managers, lack of development, and lack of clarity of the way they contribute to the company, employees will be encouraged to leave.

Another aspect of talent management focuses on motivating employees. Because everyone is different, each person needs for motivation varies. As such, managers must engage in conversation with their employees to find out the various things that motivates them. This will provide the manager(s) with a better understanding of ways to effectively manage and motivate their staff in an effort to enhance job satisfaction and more so, encourage them to remain with the company. At the close of the calendar or financial year, managers conduct a performance appraisal (top-down approach) to determine the employees performance as well as identify their strengths and weaknesses. As an effective, and caring manager, one must present this review in a thoughtful, honest and constructive manner in the absence of criticism or ridicule. Upon completion of the performance appraisal, the manager and employee must work collaboratively to capitalize on the strengths and convert the weak areas into strengths.

Talent management also considers the monetary and non-monetary compensation for each employee. Some non-monetary compensation refers to annual vacation , insurance, medical coverage, company car, cell phone, sick leave, business days, opportunity to purchase company shares, and club memberships whereas the monetary aspect pertains to the financial aspect of the employment package. Organizations must identify their talent, and tie them to the company in as many ways as possible so they remain, and become an asset, and contributor.