Glossary
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Talent Management: Talent Management is usually associated with competency-based human resource management practices. It includes recruitment, assessment and development, succession planning, performance management, career management and exit planning for top talent. Talent Management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. (Also see: Succession Planning, Performance Management)
Talent Planning: The careful planning and implementation of strategy to attract talented people and ensure they will thrive and contribute to the organization’s success. A process of identifying, optimizing, developing, rewarding, promoting and maintaining talent.
Targeted development: Coaching and training focused on specifically identified strengths and weaknesses, often resulting from performance appraisals, 360 degree feedback processes or career and succession planning.
Total Quality Management (TQM): TQM is a management methodology based on the participation of all members of an organization in improving processes, products, services and the culture in which they work, with the ultimate aim of customer satisfaction through superior products and services. A practitioner of total quality management (who might be anyone in an industrial plant) will continuously analyze the flow of work, seeking ways to make the process more consistent, less variable, less wasteful, and more serviceable than it was before. The methods for implementing this approach are found in the teachings of such quality leaders as Philip B. Crosby, W. Edwards Deming, Armand V. Feigenbaum, Kaoru Ishikawa and Joseph M. Juran.
Turnover: The percentage of employees who leave or are removed from the workforce of an organization, typically measured on an annual basis. Separation may be voluntary or not. High voluntary turnover is typically regarded as a negative indicator for a company. Various estimates put the cost of turnover at anywhere from one-half to 2.5 times the annual salary per employee, including both its direct (costs to rehire) and indirect (e.g., loss of productivity and ripple effects on other employees) impact.
Upward feedback: A performance evaluation in which a supervisor or executive receives feedback from direct reports, used with the intent of improving leadership and coaching skills, and/or to identify strengths and weaknesses from the perspective of those under the target’s supervision. May be used as part of a 360-degree feedback process. (Also see: 360-degree)
