The essence and the elements of talent management process

Abstract

Purpose: the aim of the study is to identify the features of the interpretation of the essence of talent, its role in the organization, and the elements of the talent management process inherent to the scientific literature and best business practices. Discussion: the role of personnel in achieving the strategic competitive advantages of organizations becomes more significant with a simultaneous increase in staff heterogeneity on a number of grounds. The authors consider the talent management as an instrument of identification of the most important for the company's prospects positions and performers and effective impact on them in order to maximize the use of their inherent competencies. Results: the authors explore the essence of talent management in the context of the overall perfect paradigm of human resource management in organization and in conjunction with another relevant concept - knowledge management. The authors highlight the differences between talent management and knowledge management, as well as deep connection between talent management and competence- based approach. The article also identifies the main sub-processes of the talent management procedure, the prospects and difficulties of their implementation. The authors conclude that clarification of the essence of talent and the available methods of its management can help improve the management of companies interested in ensuring their strategic competitiveness by revealing and implementing the potential of their staff.