Talent Management
Managing the development and succession of key people in an organization.
What it means
Talent management covers identifying, developing, and retaining high-potential people as well as holders of critical knowledge.
Why it matters
Without a link to knowledge, talent management stays an HR exercise with no impact on operational risk.
A real-world example
A successor development program is paired with structured knowledge transfer from current experts.
An organization's readiness to replace key people without losing their know-how.
An organization's ability to keep its key people — and with them, their knowledge.
Positions where the most important operational and decision-making know-how is concentrated.
Transfer of experience between a seasoned employee and a less experienced colleague.
A worker whose knowledge or decision-making is irreplaceable for operations.