This document discusses talent management and its key processes. It defines talent as innate skills or abilities that allow above average performance. Talent management is defined as the skillful management of conscious or discovered talents. The key processes of talent management include defining talent needs, identifying talent within the organization, attracting and retaining talent, managing talent through development and evaluation. Talent management is important because talented employees deliver significantly higher performance and drive innovation, competitiveness, and the ability to adapt to changes. Organizations must focus on all stages of the talent management process to successfully source, develop and retain top talent.