This document defines and outlines talent management. It discusses how talent management refers to developing and retaining current employees while attracting new skilled workers. The benefits include having the right people in jobs, retention of top talent, better hiring and understanding employees. Key areas of talent management include talent assessment, potential enhancement, acquisition, and knowledge management. Strategies involve attracting, retaining, and managing talent. The process has eight steps including workforce planning, recruiting, onboarding, performance management, training, succession planning, compensation, and skills gap analysis. Advantages are stronger skills and competitiveness while disadvantages can include costs and headhunting.