Talent management – the nurturing of talent within an organisation – is one of those buzz words that took hold after bursting in on the business scene in the late 1990s.

Since then the concept has grown, enveloping the whole package of identifying, attracting and retaining talent and, at the same time, paying homage to the crucial role of talented people within a business.

Optus Chairman, John McGallan, points to management consultancy McKinsey’s proposals for successful pursuit of a talent management policy. He said: “McKinsey believed that a talent management mindset should be fostered at all levels within the organisation.

“They also advocated the creation of what they termed an ‘employee value proposition’ to attract rare talent into joining the business. They called for the continuous recruitment of new talent and they highlighted the importance of ensuring that talented people were enabled and encouraged to grow within your organisation.”

John stressed: “It’s crucial to keep your talented people stretched not only to help them develop further but also to ensure that they want to stay with you.

“Another important consideration for successful talent management is recognising and nurturing the potential that you already have within your organisation, grooming them to take their place among your top performers and leaders,” he said.

Keeping up to speed with your talented people’s strengths and potential can help to fill vacancies as they arise and, at the same time, further nurture their skills. Similarly, careful monitoring of the reasons for top performers leaving your company can help you make the right moves towards minimising any future ‘brain drain’ effect.