Every firm wants to hire talented people and retain them. On the other hand, some firms believe that talent does not come from the outside, we have to develop it through learning and development (LD). Well, it is quite right that one of the biggest factors to attain talent is learning and development (LD). So when the learning and development (LD) method helps us develop talent, what talent management (TM) does? How do they are different from each other? We got all the answers. Yet, before anything, know that we will consider TM as talent management and LD as learning and development for your ease.
If you want to properly understand TM and LD, reading this blog till the end can help. This article will offer everything you need to compare TM versus LD. If you are a business student who wants to understand this topic but has no time due to your online classes and thinking to pay someone to take my online classes, do it.
Talent Management VS Learning and Development
Although TM and TD are two different factors, they are closely related. Actually, LD is a chief part of a firm’s talent management plan. It means you cannot achieve potential results in your talent management plans if you do not include LD. Confused right? No worries, we will explain the difference, link, and everything between TM and LD in this article below. Before that, here are small explanations to understand what TM and LD are exactly:
Talent Management: Talent management is the process that includes attraction, recruitment, growth, and retention of workers over their lifespan. The HR and managers of a firm work closely to make sure the right talent is in the right place and at the right time. Although, it is a mixture of hiring new talent and offering them everything they need to progress and become future leaders.
Learning and Development: Learning and development come after you spend time and resources hiring new talent. It pays attention to retaining the talents in the firm and helping them grow through learning and development. A firm’s LD department offers courses, training programs, coaching, certifications, etc., to develop workers into the best version of themselves.
We believe you understand both TM and LD now. You got half the answer to your question, TM versus LD, only by understanding them. In short, LD is a core aspect of a firm’s talent management plan. Therefore, there is no comparison between these two, as LD is one of the pillars of talent management. Anyway, here are some more factors that can help you understand the difference between TM and LD.
Who Supervises Talent Management and Learning and Development in a Firm?
In a firm, the HR lead often supervises talent management with the help of the management team. Of course, recruiting, training, and retention lie in the HR domain. However, it does not happen in all firms, as some giant firms have separate departments for everything. For example, in a giant firm like KFC, you will find a separate department of talent management that only focuses on this factor. On the other hand, smaller firms might ask HR to deal with talent management.
The fun fact is that HR supervises both TM and LD. Luckily, LD falls under the hands of HR. Therefore, HR is responsible for both LD and TM in most firms. However, again in larger firms, you will likely see a separate LD department that focuses only on this factor.
Importance of Learning and Development (LD)
LD aims at the growth and training of the current talent of a firm by offering knowledge and learning chances to workers. It is a crucial pillar of TM and has high importance. Although both TM and LD aim to retain talent and workforce planning. Both these factors help potential workers turn into managers and leaders in the future. Still, there are certain goals of TM and LD. If you wonder what goals LD holds, they are:
- High Productivity: LD aims to increase productivity and workers’ performance, whether the talent is new hiring or old employee.
- Higher Employee Engagement: LD aims to retain talent by offering continuous learning to workers to boost their engagement levels.
- Filling Skill Gaps: LD fills out gaps in critical skill areas by teaching workers about the essential skills to succeed in their work.
Importance of Talent Management (TM)
You know about the importance of LD in the above section, yet you should know what roles TM plays in a firm. LD focuses on long-term talent retention, whereas TM does not focus on a single factor. It serves multiple goals, from overall business strategy to prioritizing employees. If you are curious about what TM does for a firm, here are some areas that it covers:
- Workforce planning
- Succession planning
- Employer branding
- Talent acquisition
- Onboarding
- Performance management
- Training
- Feedback
- Workplace culture
Aside from these areas, TM helps focuses on each worker’s relationship with your firm for a long-lasting journey. Plus, TM shows the workers that they are heroes to your firm by attracting them with a catchy benefits package and lots of cool perks. On the other hand, LD helps TM by giving workers the learning and knowledge to grow and develop in the form of online courses and seminars. However, all the learning and online courses would fail if your worker thinks to pay someone to take my online courses to skip LD tasks, just kidding. Both these factors work together, and it helps a firm retain workers and talents in the long run.
Conclusion
We hope you understand what TM and LD are and the difference between them. Both these factors are vital to a firm, and you cannot simply compare them. LD is one of the pillars of TM, and a firm cannot be successful in its talent management strategy without LD. So whether you are a business student and thinking to pay someone to take my online classes to understand this topic or not, this article served its purpose.
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