Talent management is imperative in a declining economy as the old style approach is faced with many more challenges than just hiring and retaining employees. This approach is still the norm for a lot of organisations, and generally retaining employees is achieved by improving wages. On the other hand many organisations have adopted a more conventional approach which stirs employee development into the mix but we have discovered that neither approach is as effective as we like to think.

Talent management should be considered part of an overall business strategy. The HR function needs to understand the strategy of a business before a talent strategy can be formed. So once the strategy is defined the next step is to identify