Talent management in the new business world : How organizations can create the future and not be consumed by it

Purpose – This paper aims to advance the view that having a rigorous, cyclical, ongoing process around talent management may be the most important differentiator between organizational success and failure. Design/methodology/approach – The paper argues that the most effective talent‐management programs are built on four key components: differentiation; assessment and ranking; performance management; and transparency. It considers each in turn. Findings – The paper contends that the vital role that talent management plays in organizations is one that can create the winning conditions every other aspect of the business can use to move forward. Practical implications – The paper explains that leaders must ensure that, at any moment, they have the best employees working in their organization, and that every effort is being made to develop them for future challenges. Social implications – The paper describes a root‐and‐branch approach to talent management that will benefit individuals as well as the organizations they work for. Originality/value – The paper concludes that, by having a fully‐integrated, comprehensive talent‐management program, an organization will have a strong advantage over less‐focused competitors, and will be more likely to create the future rather than be consumed by it.