Talent management as a business practice is relatively new and experiencing rapid growth. While elements of talent management have been present in organizations for many years, it has only been since the late 20th century that concepts such as recruiting, retention, engagement, succession planning, and leadership development have been integrated under the umbrella of talent management. In today’s competitive marketplace, a strong understanding of talent within your organization and the ability to leverage those talents effectively sets successful companies apart.

Although a CEO might be reluctant to consider their own succession, they understand the importance of having strong replacement options in place. While it may feel akin to planning for one’s own departure, implementing a robust talent management program significantly eases the transition for those who remain. It also demonstrates the organization’s commitment to growth and sustainability beyond the current leadership.