The difference between knowledge management and talent management
Talent management and knowledge management, most of the corporate world swears by these two buzzwords. Of late, the two terms have shifted the dynamics of business operations to the human assets. Companies have finally come up to the terms where they have realized that only the best talent can ensure the growth and development of any businesses both on books and in market. Thus, two business objectives were coined- talent management and knowledge management. There are many differences related to the purpose and objectives of these two terms which can be better understood by this write-up.
Talent is an asset to any company. From an SMB to Fortune 500 company thrives on it. To ensure better compliance between talent and organization, an interconnected HR activity-known as talent management is devised. The purpose of this activity is to attract the best and most appropriate talent to the company. Another role of this business objective is to retain the talent. However, the battle to attract new talents through talent management has reached to new levels and is now fondly called ‘war for talent’. It is also referred to as Human Capital Management. Some organizations also extend their perspective of talent management to the belief that every individual is talented and the need is to recognize the talent and capitalize it. The most important tool in this category is ‘competency mapping’ wherein the competences are traced on an individual basis to identify the superior talent.
Knowledge management (KM) is a business objective to allocate, identify and create knowledge within an organization and among employees. Sharing and embedding of knowledge into the process is indeed a strategic asset to the company. It propels the performance levels and enhances the efficiency of employees. KM is now a part of curriculum of management, information systems and business administration courses since 1991. Now, even media and public policy, public health sectors are adopting the trend to spread the related knowledge to all and not let it restricted among chosen few.