This document discusses talent management and its importance for organizations. It notes that senior leadership often overlooks talent management in favor of short-term cost savings. Talent management is defined as using strategic human resource planning to improve business value and help organizations reach their goals. The document then lists some negative impacts of bad hiring decisions and lack of talent management, such as lost time, lower morale, and poorer client solutions. It identifies the six key elements of talent management as workforce planning, talent acquisition, performance management, learning and development, succession management, and retention and engagement. Benefits of talent management include higher productivity, profits, retaining top talent, and helping organizations achieve long-term goals.