Integrated Talent Management - What Is It and Why Should You Want It?
According to Bersin by Deloitte, Integrated Talent Management is three or more connected organizational processes designed to attract, manage, develop, motivate and retain key people. These processes include activities such as performance management, career management, succession management, leadership development, learning and capability development, total rewards and talent acquisition. These processes are integrated through a common interface, data platform, workflow, and cross-process reporting and analytics.
Creating an integrated talent management function is not just HR navel-gazing; it has been proven to have direct and measurable business results. According to the 2010 Bersin & Associates Talent Management Factbook, companies with strategy-driven integrated talent management functions have significant advantages over their siloed counterparts:
- 26% higher revenue per employee
- 28% less likely to have downsized during 2008 and 2009
- 40% lower turnover among high performers
- 17% lower overall voluntary turnover
- 87% greater ability to “hire the best people”
- 156% greater ability to “develop the best leaders”
- 92% greater ability to “respond to changing economic conditions”
- 144% greater ability to “plan for future workforce needs”
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Read more from the original article here: http://www.ere.net/2012/05/15/integrated-talent-management-what-is-it-and-why-should-you-want-it/