Talent Management and Human Resource Management | Similarities and Differences
Is Talent Management Similar to HR? What Is It Exactly?
Many people are confused between talent management and HR. Others can’t even determine the difference between them. Although they are similar to each other, they aren’t exactly the same.
They are like sisters. There’s the elder one, there’s the younger one. She’s in elementary school, and she’s in primary school. The other one is eating a burger, and the other one is eating a burger with fries.
Now, what is talent management? Who is she? The younger or, the older one?
What Is Talent Management?
According to our best friend, Wikipedia, talent management is the anticipation of required human capital for an organization and the planning to meet those needs.
“So much to think about! What does it mean?”
Basically speaking, talent management is the switching of good criteria to better criteria in hiring, training, and retaining employees. It is a holistic strategy for the benefits of the organization as a whole.
For example, instead of thinking “Is this candidate suitable for this position?” You would rather think “Is this candidate suitable not only for this position but also for the company as a whole? If so, is this candidate suitable not only for today but also in the far future?”
Yes, you might really think that this explanation precisely defines HR — but it’s not. Though they may be similar in some cases, talent management is the HR’s younger sister — a little less experienced but a little friendlier.
In most organizations, Talent management is placed in essence as a subsection of human resource development wherein employees is engaged with the purpose of retention. Human resource management overarches talent management and involves providing an environment for work wherein employees are utilized most efficiently.
What is HR?
HR, as the older sister of talent management, is more matured, more responsible, and more experienced.
According to our friendly Wikipedia, Human Resources (HR) are the people who make up the workforce of an organization, business sector, or economy.
What does it mean? HR management is the act of creating an environment in the workplace or company where people can be most productive and appropriately serve the needs of the organization.
For example, the HR department will think that “Who is the best candidate for this position? How can we move people most effectively? How can employees serve their best in the business?”
The Difference Between Talent Management and HR
HR Management is a general practice that is mainly tasked to do recruitment and selection, hiring and making employees performs well in their jobs.
A newer concept, Talent management we can say is more of a holistic approach. It shifted from the idea of “ What can the company get out of the employee” in to “ How the company engage and retain people so that they will stay longer in the organization.”
While both Human Resource Management and Talent Management are concerned with managing people in the organization, Talent Management is: Focusing on involving Line Managers who are closer to the employees
Targeting the company’s goals. The tools in talent management take up performers and preparing them for leadership and strategic positions. Hence, it highlights personal development, training, coaching and stays interviews.
Talent management and human resource management have the same work: managing employees. However, they have different approaches.
HR: In the HR department, they focus more on hiring, training, and retention of employees.
Talent management: In talent management, these duties are divided into parts and spread throughout their own departments, committees, and across the company.
HR: The department focuses more on the administration, it deals with the payment, personal time off, benefits, and complaints.
Talent management: They are specifically designed to help and improve the top talent in an organization.
HR: They are more tactical. They deal with the management of people every day.
Talent Management: They are more strategic. They deal with the long-term plans and overall business goals of the whole company.
Which of the Two Does Your Business Need?
It depends on your business. It may be HR, and it may be talent management, or maybe both! They have their own forte.
Study your business’ needs: Do you need a free-and-easy program for your employee development? Then talent management’s perfect for your business.
Do you need a group who will handle objective-focused office works and manage administrative tasks? Then HR’s the best for your business.
Do you need both? Then have both.
What Kind of Software Do You Need?
Talent management and HR have other differences aside from their meaning and work specification. One of the most significant differences between them is the type of software needed.
If you’ve decided that HR is all you need, then you need the software that is more focused on administrative management. For instance, software that roll the tracking of benefits, leave, schedules, and payroll of your employee.
If talent management is all you need, then you need to look for software that has performance-tracking features. It will help you be more aware of your employee’s life.
And if you need them both, then you might need to focus on finding out the exact features that your business needs.