Talent management consists of a range of tools and processes:

• tools for defining and accomplishing their recruitment and retention goals

• the ability to handle large-scale hiring and terminations activities using robust forecast, planning, and analytics

• the integration of comprehensive employee data into a unified system

• the ability to identify which employees are optimal successors for key positions

• the creation and management of a talent pool based on performance appraisals and employee career goals

The term "war for talent" was coined by McKinsey & Company in 1997, as the name for its original research on talent management practices and beliefs. Since then, talent management has been adopted by scores of businesses looking to improve the processes of tracking and managing their employee talent. It has also opened up a whole new opportunity for software vendors and service providers.

People are the most important resource in today's global economy. To remain competitive in today's job market, employers need to know about their employees-what they're doing, what their skills are, how they're progressing, and how they fit into the future of the business. As such, today's companies need to integrate talent management into their wider business strategy.

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