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Talent Management Agency Business Plan [Sample Template]

By: Author Tony Martins Ajaero

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Are you about starting a talent management agency? If YES, here is a complete sample talent management business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a talent management agency . We also took it further by analyzing and drafting a sample talent management agency marketing plan template backed up by actionable guerrilla marketing ideas for talent management agencies. So let’s proceed to the business planning section.

If you are arts inclined and you have what it takes to discover talented people coupled with good managerial skills, then you should consider starting a talent management agency business.

As a talent Manager, you are expected to work on behalf of talented people or artists to promote their careers and run their business affairs. Basically, your job is to secure the best work for your clients, for the best fee. The truth is that a talent management agency can be started in any country of the world as long as you have access to a pool of talented artists.

If you have decided to start a talent management agency, you are expected to map out strategies on how to raise startup capital, how to run the business, as well as how to make profits.

It might take you a month or so to come up with a workable business plan, however, you just have to do it. The truth is that your business plan is the blueprint with which you can successfully run your business. It is always advisable to contract the writing of your business plan to professionals if you know you can’t possibly do it yourself.

Here is a sample talent management agency business plan template that can help you to successfully start yours as soon as you can.

A Sample Talent Management Agency Business Plan Template

1. industry overview.

Talent management agency is an organization that recruits , retain and promote talented individuals especially in the entertainment industry.

Talent management agency business is grouped under the musical groups and artists industry cum the entertainment industry and this industry is made up of professionals who manage talents in the entertainment industry; they manage talents such as comedians, poets, recording artists songwriters and musicians that produce music professionally, either in front of a live audience, in a recording studio or both.

Musicians in this industry may earn revenue from songwriting, producing or recording, but they primarily operate as performers.

If you take a closer look at the musical groups & artists industry, you will realize that over the past decade, the Musical Groups and Artists industry has been subject to a series of massive shakeups due to the popularity of mp3 players, music piracy, internet radio and online streaming.

The steady replacement of physical albums for digital songs has slashed revenue from recordings over the current five-year period, largely due to digital music selling at a lower price point. The transition to digital and a large drop in federal funding for the creative arts have caused industry revenue to grow minimally over the five years to 2017.

Statistics has it that in the united states of America alone, the Musical Groups & Artists industry generates over $6 billion annually from more than 54,723 registered and licensed talent management agencies scattered all around the country.

The industry is responsible for the employment of over 88,626 people. Experts project the music groups and artist industry to grow at a 1.1 percent annual rate. No single establishment can boast of having a lion share of the available market in this industry.

A recent report published by IBISWorld shows that the Musical Groups and Artists industry is in the mature phase of its life cycle. The industry experiences complete market acceptance, which is a key indicator of maturity, since music is a popular form of entertainment for most Americans.

The report indicated that over the 10 years to 2022, industry value added (IVA), a measure of the industry’s contribution to the overall economy, is expected to grow at an annualized rate of 1.9 percent. US GDP is forecast to grow at an annualized rate of 2.0 percent during the same time.

The industry’s relatively stable value added is further evidence that, despite the changing nature of the industry, it remains a mature and stable segment of the economy.

One good thing about starting a talent management agency business is that even if you decided to start it in the United States of America, your market will not be restricted to talents, entertainers or artists in the U.S.; the world will be your target market. Many thanks to the internet that has made the world a global village.

All you need to do is to strategically position your agency on the internet and you will be amazed at the rate people interested in signing under your management will be calling you from all parts of the world.

2. Executive Summary

One Nation® Talent Management Agency, Inc. is a registered talent management agency that intends having a footprint in the entertainment industry not just in the United States of America but all across the world. We have been able to secure a well – positioned office in Washington MSA – District of Columbia.

One Nation® Talent Management Agency, Inc. will be completely involved in discovering, promoting and managing a wide array of talents with different niche in the entertainment industry. Part of our plans is to work towards becoming one of the leading talent management agencies in the whole of Washington MSA – District of Columbia and in the nearest future compete with the leaders in the talent management industry.

We know that starting a standard talent management agency requires reasonable capital base especially for the purchase of world – class studio equipment (music production gadgets) and promoting artists under your management, which is why we have perfect plans for steady flow of cash from private investors especially in the entertainment industry who are interested in working with us.

We can confidently say that we have a robust network that will help us discover raw talents, work with established talents and bring out the best in them and we are ready to take on any challenge that we encounter in the entertainment industry.

From the onset, our workers are going to be selected from a pool of talented and highly creative people with eyes for spotting raw talents and effectively managing them. We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company.

At One Nation® Talent Management Agency, Inc. our client’s best interest come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

One Nation® Talent Management Agency, Inc. will be owned by Oscar Martins. He has a Bachelor of Arts degree in Theater Arts from the University of Florida.

Oscar Martins who is a native of Miami-Hialeah, Florida has robust experience spanning over 17 years in the entertainment industry working for first class celebrities and leading players in the entertainment industry prior to starting One Nation® Talent Management Agency, Inc.

3. Our Products and Services

One Nation® Talent Management Agency, Inc. is going to offer varieties of services within the scope of the entertainment industry in the United States of America. Our intention of starting our talent management agency is to make profits from the entertainment industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.

We are in business to manage the following artists;

  • Spoken word artists
  • Master of ceremonies
  • Stunt performers
  • Rock, dance, country and pop bands
  • Independent musicians or vocalists
  • Jazz artists and groups
  • Musical groups (except theatrical musical groups)
  • Chamber musical groups and orchestras
  • Symphony orchestras
  • Classical musical groups

4. Our Mission and Vision Statement

  • Our vision is to be completely involved in discovering, promoting and managing a wide array of talents with different niche in the entertainment industry.
  • Our mission is to build an talent management agency that will become the leading talent management agency in the whole of Washington MSA – District of Columbia and in the nearest future compete with leaders in the industry not only in the United States but also on the global stage.

Our Business Structure

The fact that we are set to compete with other leading talent management companies in the United States of America means that we must build a business structure that can support our business goal. We will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. Below is the business structure that we will build One Nation® Talent Management Agency, Inc.;

  • Chief Executive Officer

Entertainment Lawyer/Legal Secretary

Talent Manager

Sound/Recording Engineer

Admin and HR Manager

Marketing and Sales Executive

  • Customer Service Executive/Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Reports to the board
  • Responsible for drawing up contracts and other legal documents for the company
  • Advise artists and the organization accordingly before producing their music album or singles
  • Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
  • Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
  • Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
  • Responsible for negotiating contracts and fees, finding and booking events and venues that match the artist’s career strategy, advising on career decisions, publicity and promotion, helping them on career decisions such as which record producer to work with, or which songs to perform, and managing media relations on their behalf
  • Responsible for building a strong reputation for good client services, and attracting more top performers onto their books.
  • Presents a roster of artists, and cultivate relationships with music industry decision makers on their behalf. They will negotiate deals, and support and guide their clients’ careers.
  • Keeps up to date with what’s happening in the industry, and spend a lot of time establishing and maintaining relationships, using contacts to source work for her clients.
  • Promote her clients’ work, and will often be involved in liaison during the music recording process. May also organize and negotiate contracts for release and publishing, and communicate with the press.
  • Handles any other responsibility as assigned by the Chief Executive Officer
  • Responsible for handling any sound related job for the company
  • Responsible for mixing and producing beats and sounds for our clients
  • Part of the team responsible for selecting the songs that will be promoted and the songs that will be sold as singles.
  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of studio equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carrying out induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Works directly with clients in a non-advising capacity, such as answering questions, scheduling appointments and making sure all training concerns are properly taken care off
  • Oversees the smooth running of the daily office activities.
  • Once the album is ready, then the marketing team will go out to market and promote the album
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies business opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company
  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managements with financial analyses, development budgets, and accounting reports
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the company

Client Service Executive

  • Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information are supplied to clients when they make enquiries.

6. SWOT Analysis

One Nation® Talent Management Agency, Inc. engaged the services of a core professional in the area of consulting and business structuring to assist the organization in building a standard talent management agency that can favorably compete with other leading music production companies in the United States of America.

Part of what the business consultant did was to work with the management of the company in conducting a SWOT analysis for One Nation® Talent Management Agency, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of One Nation® Talent Management Agency, Inc.;

Our core strength lies in the power of our team and the location of our business. We have a team that can give our clients value for their money; a team that can effectively manage talents to become world – class celebrities. We are well positioned and we know we will attract loads of clients from the first day we open our talent management agency for business.

As a new talent management agency, it might take some time for our organization to break into the market and attract some established music artists to sign under our label; that is perhaps our major weakness. Another weakness is that we may not have the required cash to promote our business the way we would want to.

  • Opportunities:

There are loads of raw and established talents in the United States and of course the opportunities in the entertainment industry are massive and we are ready to take advantage of any opportunity that comes our way.

Technology and the internet which of course is a major tool for the advancement and gains achieved in the entertainment industry can also pose a threat to the industry. The truth is that with the advancement of technology, it is now easier for talents and artist to promote their works especial via social media platforms.

So also, just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new music production company in same location where our target market exists and who may want to adopt same Business model like us.

7. MARKET ANALYSIS

  • Market Trends

Entrepreneurs that are venturing into the music groups and artist management industry are coming in with creativity and good business skills. The fact that revenue is nose-diving in the industry does not in a way stop some talent management agencies from declaring profits year in year out.

The trend in the industry is that talent management companies are trying as much as possible to recreate themselves on a regular basis and also to be on top of their game. This is because it is easier to find people who are related to music artists and other performing artists managing such artists.

8. Our Target Market

When it comes to talent management agency business, there are no exemptions to who you can market your services to. There are loads of people (music artists and other performing artists) out there who are interested in working under a well – structured talent management agency.

In view of that, we have created strategies that will enable us reach out to various clients within our target market. We have conducted our market research and survey and we will ensure that all the talents and artists under our management are well accepted in the marketplace.

Our competitive advantage

We are mindful of the fact that there are stiff competitions in the industry, hence we have been able to hire some of the best business developers to handle our sales and marketing.

One Nation® Talent Management Agency, Inc. is launching a standard talent management agency that will indeed become the preferred choice for music artists and other performing artists in and around Washington MSA – District of Columbia and other cities all across the world.

Another competitive advantage for One Nation® Talent Management Agency, Inc. is the quality and wealth of experience of its management team. The management team comprises of professionals who have worked with some of the leading international brands in the music groups and artist management industry.

Our unique style of attracting gifted artists and talents also counts towards our advantage especially when it comes to competing with other talent management agencies within the same category that we operate.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the entertainment industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

One Nation® Talent Management Agency, Inc. is established with the aim of maximizing profits in the music groups and artist industry and we are going to go all the way to ensure that we do all it takes to attract performing artists that will sign under our brand.

One Nation® Talent Management Agency, Inc. will generate income by working with the following people;

  • Stunt performer

10. Sales Forecast

Entertainment is part of what makes the world a better place and the demand for good and talented entertainers will continue to grow. This goes to show that any talent management agency that is known to always produce good and talented entertainers will continue to attract talented performing artists.

We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow the business and our clientele base beyond Washington MSA – District of Columbia.

We have been able to examine the talent management market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projection for One Nation® Talent Management Agency, Inc., it is based on the location of our business and other factors as it relates to talent management agency business startups in the United States;

  • First Fiscal Year: $200,000
  • Second Fiscal Year: $450,000
  • Third Fiscal Year: $750,000

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent artist and management style speaks for us in the marketplace; we want to build a standard talent management agency that will leverage on word of mouth advertisement from satisfied clients / artists.

Our business goal is to grow our talent management agency to become one of the leading talent management agencies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market, scale up our income quarterly and grow to become a major force to reckon with not only in the U.S but in the world stage as well.

One Nation® Talent Management Agency, Inc. is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to music artists, performing artists and key stake holders in the entertainment industry in Washington MSA -District of Columbia and other parts of the United States of America
  • Advertise our business in relevant entertainment magazines, newspapers, TV and radio stations
  • List our business on yellow pages ads (local directories)
  • Attend relevant international and local talent hunts, music expos, seminars, and concerts et al
  • Leverage on the internet to promote our business
  • Engage in direct marketing approach
  • Encourage word of mouth marketing from our loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity specialist to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the artist management industry by storm which is why we have made provisions for effective publicity and advertisement of our agency.

Below are the platforms we intend to leverage on to promote and advertise our talent management agency;

  • Place adverts on both print and electronic media platforms
  • Sponsor relevant TV shows and radio programs
  • Maximize our official website to promote our business
  • Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, 4Share, Google+ and other platforms (music online forums) to promote our business.
  • Ensure that our we position our banners and billboards in strategic positions all around Washington MSA – CA
  • Brand all our official cars and ensure that our trademark label is boldly printed in all our music album covers and CDs et al

12. Our Pricing Strategy

When it comes to talent management business, you may not automatically start making money, as a matter of fact, you will be expected to invest your money in an artist, groom the artist until he or she becomes popular and well – sought for. With that, you will be able to agree on percentage of the fee paid to the artist to perform.

At One Nation® Talent Management Agency, Inc. we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.

  • Payment Options

The payment policy adopted by One Nation® Talent Management Agency, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that One Nation® Talent Management Agency, Inc. will make available to her clients;

  • Payment via bank transfer
  • Payment via credit cards
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer

In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies, we have been able to come up with a detailed budget on achieving our aim of establishing a standard and world class talent management agency business. Essentially, these are the areas we are looking towards spending our start – up capital on;

  • The total fee for registering the business in the United States of America – $750.
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
  • Marketing promotion expenses for the grand opening of One Nation® Talent Management Agency, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • The total cost for hiring business consultant – $2,500.
  • The total cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
  • The cost for payment of lease for a small but standard office facility for 24 months – $150,000
  • The cost for remodeling the office – $20,000
  • The amount required for the purchase of musical related equipment- $40,000
  • Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $250,000
  • The cost for start-up inventory – $10,000
  • The cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • The cost of purchase and installation of CCTVs – $5,000
  • The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
  • The cost of launching a website – $600
  • The cost for our opening party – $5,000
  • Miscellaneous – $5,000

We would need an estimate of three hundred thousand dollars ( $300,000 ) to successfully set up our talent management agency in Washington MSA – District of Columbia.

Generating Funds/Startup Capital for One Nation® Talent Management Agency, Inc.

One Nation® Talent Management Agency, Inc. is owned and financed by Oscar Martins. He has decided to restrict the sourcing of the startup capital to 3 major sources. These are the areas we intend generating our startup capital;

  • Generate part of the startup capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from the bank

N.B: We have been able to generate about $100,000 ( Personal savings $60,000 and soft loan from family members $40,000 ) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to manage a wide array of talents in the entertainment industry.

Our key sustainability and expansion strategy are to ensure that we only hire competent employees, create a conducive working environment and provide employee benefits for our staff members.

We know that if we implement our business strategies, we will grow our talent management agency business beyond Washington MSA – District of Columbia to other states in the United States of America in record time, scale up over income on a regular basis and break even within record time.

Check List/Milestone

  • Business Name Availability Check : Completed
  • Business Incorporation: Completed
  • Renting of Office Facility: Completed
  • Building of Music Studio: In Progress
  • Intellectual Property Protection and Trademark: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Conducting Feasibility Studies: Completed
  • Generating part of the startup capital from the founder: Completed
  • Applications for Loan from our Bankers: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing/Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the needed studio/musical gadgets, furniture, office equipment, electronic appliances and facility facelift: In progress
  • Creating Official Website for the Company : In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with key players in the industry: In Progress

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Talent Agency

Back to All Business Ideas

How to Start a Talent Agency

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on May 10, 2023 Updated on March 13, 2024

How to Start a Talent Agency

Investment range

$6,800 - $14,300

Revenue potential

$96,000 - $360,000 p.a.

Time to build

Profit potential

$67,200 - $144,000 p.a.

Industry trend

Talent agencies serve an important purpose, helping to build the careers of artists of various kinds as well as athletes. They help their clients with training and exposure, getting auditions, and booking gigs. If you’re looking to get into the talent industry, starting a talent agency could be a great way to do so.

Talent agencies can make a lot of money when their clients are successful, making the celebrity and sports agents industry worth $15 billion in the U.S. alone. You’d also get the rewards of helping your clients achieve success.

But before you start scouting for talent, you’ll need to understand the business. Fortunately, this step-by-step guide details all the information you’ll need to start a successful talent agency.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

  • Excellent profit potential
  • Personally rewarding
  • Growing industry
  • Competitive industry
  • Difficult and time consuming to find talent

Talent agency industry trends

Industry size and growth.

  • Industry size and past growth – The U.S. celebrity and sports agents industry is worth $14.5 billion in 2023 after growing 2.7% annually for the last five years.(( https://www.ibisworld.com/united-states/market-research-reports/celebrity-sports-agents-industry/ ))
  • Growth forecast – The U.S. celebrity and sports agents industry is projected to grow 3.7% in 2023.
  • Number of businesses – In 2023, 48,449 celebrity and sports agent businesses are operating in the U.S.
  • Number of people employed – In 2023, the U.S. celebrity and sports agents industry employs 72,704 people.

Talent Agency industry size and growth

Trends and challenges

  • The number of influencers who work with talent agencies is growing.
  • The diversity of the client base for talent agencies is expanding, allowing talent agencies that are not located in hot spots like California or New York to find more opportunities.
  • Some of the larger talent agencies have merged, creating huge powerhouses in the industry that make it difficult for small agencies to compete.
  • Some actors and other celebrities have challenged the agency business model, and no longer want to pay agent commissions.

Talent Agency Trends and Challenges

How much does it cost to start a talent agency business?

Startup costs for a talent agency range from $7,000 to $14,000. Costs include a marketing budget, both to market your agency and your clients, and legal fees for client contracts. The costs assume that you’ll start by running your business from home. 

How much can you earn from a talent agency business?

You’ll charge your client a commission on their earnings, which generally is 10%. Your profit margin should be about 70%.

In your first year or two, you could work from home and book client jobs that bring in $8,000 on average per month, bringing in $96,000 in revenue. This would mean $67,200 in profit, assuming that 70% margin. 

As you gain traction, you might have an office and hire staff, reducing your margin to around 40%. Your bookings could climb to $30,000 average per month. With annual revenue of $360,000, you’d make a tidy profit of $144,000.

Talent Agency earning forecast

What barriers to entry are there?

There are a few barriers to entry for a talent agency. Your biggest challenges will be:

  • Breaking into a competitive market
  • Finding talent to represent

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Step 2: hone your idea.

Now that you know what’s involved in starting a talent agency, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research could give you the upper hand even if you’ve got the perfect product. Conducting robust market research is crucial, as it will help you better understand your customers, your competitors, and the broader business landscape.

Why? Identify an opportunity

Research talent agencies in your area to examine their services, price points, and customer reviews.

  • Make a list of talent agencies that offer similar services. 
  • Review your competitors’ services – their features, pricing, and quality – and marketing strategies
  • Check out their online reviews and ratings on Google, Yelp, and Facebook to get an idea of what their customers like and dislike.
  • Identify your competitors’ strengths and weaknesses. 

You’re looking for a market gap to fill. For instance, maybe the local market is missing a modeling agency, or an agency that represents child actors. 

talent management business plan

You might consider targeting a niche, such as voice actors.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your services

Your services will involve helping your clients build a portfolio, marketing them, getting them auditions, and negotiating their contracts. You could decide on a niche, such as building acting careers, or sports talent management, or you could represent a range of clients. 

How much should you charge for talent agency services?

The standard rate for talent agencies is 10% of client earnings but can go up to 20%.

Who? Identify your target market

Your target market will depend on the niche you choose, but in any case, TikTok and Instagram are good places to market and to find talent.

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office. You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .

When choosing a commercial space, you may want to follow these rules of thumb:

  • Central location accessible via public transport
  • Ventilated and spacious, with good natural light
  • Flexible lease that can be extended as your business grows
  • Ready-to-use space with no major renovations or repairs needed

Talent Agency business idea rating

Step 3: Brainstorm a Talent Agency Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

  • Short, unique, and catchy names tend to stand out
  • Names that are easy to say and spell tend to do better 
  • Name should be relevant to your product or service offerings
  • Ask around — family, friends, colleagues, social media — for suggestions
  • Including keywords, such as “creative artists agency” or “talent agency”, boosts SEO
  • Name should allow for expansion, for ex: “All Spectrum Talent” and “Universe of Talent” over “Melody Makers Agency” and “Silver Screen Starlets”
  • Avoid location-based names that might hinder future expansion
  • Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead and reserve your business name with your state, start the trademark registration process, and complete your domain registration and social media account creation. 

Your business name is one of the key differentiators that sets your business apart. Once you pick a name, reserve it and start with the branding, it’s hard to switch to a new name. So be sure to carefully consider your choice before moving forward. 

Step 4: Create a Talent Agency Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

  • Executive Summary: Provide a concise summary of your business plan, highlighting your agency’s mission, vision, and key objectives.
  • Business Overview: Present an overview of your talent agency, including its location, specialization (e.g., actors, musicians, models), and any unique features or services.
  • Product and Services: Detail the services your talent agency offers, such as talent representation, career management, audition preparation, and networking opportunities for artists.
  • Market Analysis: Analyze the entertainment industry’s demand for talent representation, identify your target clientele, and assess industry trends and opportunities.
  • Competitive Analysis: Identify and evaluate other talent agencies in your niche, highlighting your agency’s strengths and what sets it apart from the competition.
  • Sales and Marketing: Explain your strategies for attracting and signing new talent, as well as how you plan to promote your represented talent to industry professionals.
  • Management Team: Introduce the key members of your talent agency team, emphasizing their industry experience and qualifications in talent representation.
  • Operations Plan: Describe the day-to-day operations of your agency, including talent scouting, contract negotiations, and talent development programs.
  • Financial Plan: Present financial projections, including revenue forecasts, commission structures, and operating expenses, to demonstrate the agency’s potential profitability.
  • Appendix: Include any supplementary materials, such as client testimonials, talent portfolios, and industry endorsements, to support your business plan.

what to include in a business plan

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to talent agencies. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your talent agency will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

  • Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
  • General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
  • Limited Liability Company ( LLC ) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.  Here’s how to form an LLC .
  • C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.  Read how to start a corporation here .
  • S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

types of business structures

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

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We recommend ZenBusiness as the Best LLC Service for 2023

talent management business plan

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

talent management business plan

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

  • Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
  • SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
  • Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
  • Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
  • Crowdfunding: Websites like  Kickstarter  and  Indiegogo  offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like  Fundable  and  WeFunder  enable multiple investors to fund your business.
  • Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding a talent agency business. You might also try crowdfunding if you have an innovative concept.  

types of business financing

Step 8: Apply for Talent Agency Business Licenses and Permits

Starting a talent agency business requires obtaining a number of licenses and permits from local, state, and federal governments.

Some states require that you become a licensed talent agent and you may also have to get a surety bond. Check with your state for requirements.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your talent agency business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

  • General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
  • Business Property: Provides coverage for your equipment and supplies.
  • Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
  • Worker’s compensation: Provides compensation to employees injured on the job.
  • Property: Covers your physical space, whether it is a cart, storefront, or office.
  • Commercial auto: Protection for your company-owned vehicle.
  • Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
  • Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

types of business insurance

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.  

You may want to use industry-specific software, such as Skybolt , or staragent , to manage your clients, workflows, and billing. 

  • Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
  • If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Create a website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism. You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

Your customers are unlikely to find your website, however, unless you follow Search Engine Optimization (SEO) practices. SEO will help your website appear closer to the top in relevant search results, a crucial element for increasing sales. 

Make sure that you optimize calls to action on your website. Experiment with text, color, size, and position of calls to action such as “Schedule Consultation Now”. This can sharply increase purchases. 

Here are some powerful marketing strategies for your future business:

  • Social Media Storytelling: Utilize platforms like Instagram and TikTok to showcase success stories, behind-the-scenes glimpses, and day-in-the-life content of your talent to humanize your agency and build a strong online presence.
  • Specialized Events and Workshops: Host industry-specific events or workshops to not only showcase your talent but also position your agency as a thought leader, attracting both aspiring talent and potential clients.
  • Strategic Partnerships: Collaborate with complementary businesses, such as local fashion boutiques, event organizers, or media companies, to cross-promote and expand your reach within relevant target audiences.
  • Online Talent Challenges: Leverage the power of user-generated content by creating online challenges or contests, encouraging your talent and followers to participate and share their skills, thus increasing visibility for both the agency and its talent.
  • Podcast or Webinar Series: Start a podcast or webinar series that discusses industry trends, provides career advice, and features interviews with successful talent from your agency, positioning your brand as an authority in the field.
  • Localized Guerrilla Marketing: Implement creative and attention-grabbing guerrilla marketing tactics in local hotspots frequented by your target demographic, leaving a memorable impression and sparking curiosity about your talent agency.
  • Client Testimonials and Case Studies: Highlight success stories through client testimonials and detailed case studies, emphasizing the positive impact your talent has had on various projects and campaigns.
  • Community Involvement: Engage with the local community by sponsoring or participating in relevant events, fostering a positive image for your talent agency and creating opportunities for organic word-of-mouth marketing.
  • Email Marketing with a Personal Touch: Implement targeted email campaigns that go beyond generic promotions, showcasing the unique stories and achievements of your talent while establishing a more personal connection with your audience.
  • Innovative Packaging of Talent: Differentiate your talent by offering unique packages or bundled services that cater to specific needs in the market, making your agency more appealing and memorable to potential clients.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your talent agency meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your talent agency business could be:

  • We only represent the best
  • Build your acting career with professional representation
  • Models of all ages to meet your specific needs

unique selling proposition

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a talent agency business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in talent agencies for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in talent agencies. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a talent agency business include:

  • Talent Scouts – find local talent
  • Booking Agents – handle client job bookings
  • Marketing Lead – create and implement marketing strategies
  • Receptionist – take calls, greet clients
  • General Manager – scheduling, accounting

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Talent Agency – Start Making Money!

Owning a talent agency can be a very rewarding pursuit as you help your clients build their careers, whether in acting, modeling, or sports. You’ll also become part of a $15 billion industry and make a healthy living. There’s no limit to how large you can grow your agency, whether you’re in Los Angeles or a city in the Midwest. 

You understand the business now, so you’re ready to hit the pavement and get your successful talent agency started!

  • Talent Agency Business FAQs

A talent agency can be profitable if managed efficiently and successfully. The profitability of a talent agency depends on factors such as the size of the agency, the clients it represents, the commission rates charged, and the ability to attract and retain high-profile talent.

A typical day at a talent agency may involve various activities such as scouting new talent, negotiating contracts and deals, organizing auditions or casting sessions, communicating with clients and industry professionals, and managing the careers of the talent represented by the agency.

The growth potential of a talent agency can be significant, depending on the agency’s ability to build a strong reputation, attract high-profile clients, and expand its services and reach. As the entertainment industry evolves and new platforms emerge, there may be opportunities for talent agencies to diversify their offerings and leverage digital tools to reach a wider audience.

A talent agency is a service-based business that represents and manages the careers of actors, models, musicians, athletes, or other talented individuals. The business model typically involves earning a commission on the talent’s earnings, usually ranging from 10-20%, for services such as securing contracts, negotiating deals, managing public relations, and booking gigs.

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  • Decide if the Business Is Right for You
  • Hone Your Idea
  • Brainstorm a Talent Agency Name
  • Create a Talent Agency Business Plan
  • Register Your Business
  • Register for Taxes
  • Fund your Business
  • Apply for Talent Agency Business Licenses and Permits
  • Open a Business Bank Account
  • Get Business Insurance
  • Prepare to Launch
  • Build Your Team
  • Run a Talent Agency - Start Making Money!

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Business Plan Template for Talent Management

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In the fast-paced world of talent management, having a solid business plan is essential for success. It's all about attracting, developing, and retaining the best talent to give your organization a competitive edge. That's where ClickUp's Business Plan Template for Talent Management comes in handy!

With this template, you can:

  • Define your talent management strategies and goals with clarity and precision
  • Outline the specific action steps needed to achieve those goals
  • Track your progress and make adjustments along the way

Whether you're a human resources department or a talent management agency, this template is your key to building a strong workforce and staying ahead of the competition. Get started on your business plan for talent management today!

Business Plan Template for Talent Management Benefits

Developing a solid business plan for talent management is essential for any organization looking to stay ahead in today's competitive job market. By using a business plan template for talent management, you can:

  • Clearly define your organization's talent management strategies and goals
  • Identify key action steps to attract, develop, and retain top talent
  • Ensure alignment between talent management initiatives and overall business objectives
  • Streamline talent acquisition processes and improve hiring outcomes
  • Enhance employee engagement and satisfaction, leading to better retention rates
  • Stay up-to-date with industry trends and best practices in talent management
  • Measure the effectiveness of talent management initiatives and make data-driven decisions
  • Gain a competitive advantage by building a strong and diverse workforce.

Main Elements of Talent Management Business Plan Template

ClickUp's Business Plan Template for Talent Management is designed to help HR departments and talent management agencies effectively strategize and execute talent management initiatives. Here are the main elements of this template:

  • Custom Statuses: Track the progress of your talent management tasks with statuses like Complete, In Progress, Needs Revision, and To Do.
  • Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add specific details and categorize your talent management information.
  • Different Views: Access five different views to visualize and manage your talent management business plan. These include the Topics view for organizing different sections, the Status view to track progress, the Timeline view to set deadlines and milestones, the Business Plan view for a comprehensive overview, and the Getting Started Guide view to help you navigate the template effectively.

With ClickUp's Business Plan Template for Talent Management, you can streamline your talent management processes and ensure a strong, competitive workforce.

How To Use Business Plan Template for Talent Management

If you're looking to create a comprehensive business plan for talent management, our Business Plan Template in ClickUp can help guide you through the process. Follow these six steps to get started:

1. Define your talent management objectives

Begin by clearly defining your objectives for talent management. Are you looking to attract top talent, improve employee retention, or enhance employee development? Identifying your goals will help shape the rest of your business plan.

Utilize Goals in ClickUp to set specific and measurable objectives for your talent management plan.

2. Assess your current talent strategy

Evaluate your current talent management strategies and processes. Determine what is working well and what areas need improvement. This step will help you identify any gaps or areas that require further attention.

Use the Gantt chart in ClickUp to visualize your current talent management processes and identify areas for improvement.

3. Identify key talent management initiatives

Based on your objectives and assessment, identify the key initiatives that will help you achieve your talent management goals. These initiatives may include recruitment strategies, employee training and development programs, performance management systems, or succession planning.

Create tasks in ClickUp to outline each initiative and assign responsibilities to team members.

4. Develop a timeline and budget

Create a timeline for each talent management initiative and allocate a budget to ensure you stay on track. Consider the resources, time, and costs required for each initiative. This step will help you plan and allocate resources effectively.

Utilize the Table view in ClickUp to track the timeline and budget for each talent management initiative.

5. Implement and monitor

Once your talent management plan is developed, it's time to put it into action. Implement each initiative according to your timeline and monitor progress along the way. Regularly assess and adjust your plan as needed to ensure its effectiveness.

Use Dashboards in ClickUp to track the progress of each talent management initiative and monitor key metrics.

6. Evaluate and iterate

After implementing your talent management plan, evaluate its effectiveness and gather feedback from stakeholders. Assess whether your objectives were met and identify areas for improvement. Iterate and refine your plan based on the insights gained.

Set recurring tasks in ClickUp to regularly evaluate and iterate your talent management plan to ensure continuous improvement.

By following these steps and using our Business Plan Template in ClickUp, you can create a robust and effective talent management plan for your organization.

Get Started with ClickUp’s Business Plan Template for Talent Management

Human resources departments or talent management agencies can use the ClickUp Business Plan Template for Talent Management to effectively strategize and manage their talent acquisition and development processes.

To get started, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you'd like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to streamline your talent management efforts:

  • Use the Topics View to categorize different aspects of talent management, such as recruitment, onboarding, training, and performance management.
  • The Status View will help you track the progress of each task, with statuses like Complete, In Progress, Needs Revision, and To Do.
  • The Timeline View will provide a visual representation of your talent management plan, allowing you to set deadlines and allocate resources effectively.
  • Utilize the Business Plan View to outline your talent management strategies, goals, and action steps, ensuring a clear roadmap for success.
  • The Getting Started Guide View will provide a step-by-step guide for new team members, ensuring a smooth onboarding process.
  • Customize the template by adding the Reference, Approved, and Section custom fields to capture additional information and enhance organization.
  • Update statuses and custom fields as you progress through tasks to keep stakeholders informed of progress.
  • Monitor and analyze tasks to ensure maximum productivity and alignment with your talent management objectives.
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What Is Talent Management Strategy? 8 Tips for Building a Winning Plan

talent management strategy

Chess is a popular metaphor for talent management for good reason. They both involve complex strategies, thinking ahead and considering what moves the competition is making. And just like chess, talent management has desired outcomes — attracting and retaining high performing employees who fit in well with your company.

What Is Talent Management Strategy?

You need to keep your business competitive. And hiring, training and retaining high quality employees is a vital part of success. Developing a strategy for talent management involves every aspect of human resources. It includes finding gaps in your current workforce, recruiting employees, onboarding and training and helping them grow within your organization. Successful talent management strategies analyze and measure progress at each step of the employee’s life cycle to make sure you have the right workers to help your business succeed.

Successful talent management strategies meet similar criteria, and here are a few common attributes.

  • They define quantifiable objectives and desired outcomes.
  • They identify the needs and desires of your workforce.
  • You can use metrics to track progress regularly.
  • They find behaviors and traits of talent that lead to exceptional outcomes.
  • They include tools, such as a human resource management system (HRMS) , to formalize, organize and streamline talent management strategies.

Why Is a Talent Management Strategy Important?

Your overall business strategy will drive your talent management. Understanding what business objectives you want to achieve will help you find, train and develop the people needed to meet those goals.

Strategy is a guiding set of principles that can help you allocate resources. It informs decision making and maps the way to specific business goals. For example, if a business strategy is to corner a new, younger market, you can craft a talent management strategy that includes recruitment, training and retention tactics that build and reinforce that goal. Companies with thoughtful approaches to talent management consistently outperform their peers, boost productivity and face lower employee turnover rates.

There are a few drivers of a successful talent management strategy.

Rapid talent allocation

  • Starting with recruitment, identifying skill or competency gaps in your workforce and filling them with qualified candidates is a vital part of any business.
  • Efficient employee onboarding helps your employees reach full productivity quickly and makes the experience more positive for the new hires, as well as their teams.
  • Adapting teams, training employees and keeping your workforce agile to meet new needs helps with your overall talent strategy.

Positive employee experience

  • Do your employees want to work for your company? Clearly communicating goals, providing the resources to accomplish them and trusting your employees can help improve your employee experience .
  • Employees who are engaged at work are more likely to stick around, stay motivated and produce the best results.
  • It may take some trial and error to find the right initiatives to boost your employee experience. And it will take the work of not just your HR team, but individual managers, internal communications and others who impact the workforce.

Strategic HR team

  • Consider a human resource management software solution. This can be the central hub not just for your HR team, but the entire workforce. It can help with everything from employee reviews to hiring and onboarding while providing workforce analytics to inform strategic decision making.
  • Make sure your HR team understands greater business objectives. This will help them in decision making for which new hires to prioritize, onboarding tactics and training.
  • The HR team can also track progress toward specific outcomes and goals for talent management including recruiting and employee turnover.

The Talent Management Process

The Talent Management Process

Talent management isn’t a single moment in time or something that’s done once a year. Instead, it’s a process that includes recruiting, training, managing, supporting and compensating your employees as they create value and drive your business toward goals.

The process includes the following steps.

Talent strategy and planning: Talent planning considers factors to anticipate labor needs, such as voluntary turnover rate, workforce management , demographics, succession planning, business priorities and budget. This involves identifying the needs, considering changes in the structure of the organization, the strengths of the current staff and preparing people for future roles.

Sourcing and recruiting: Recruiters work to attract highly qualified people they think will be good fit for the company. The recruiters then vet the candidates, gather key information and pass on the best-fit candidates to the hiring manager and their team for further interviews.

Selecting and hiring: This step involves careful coordination between recruiting, human resources and the business function in developing and communicating compensation packages. Once an offer is extended and accepted, the onboarding (typically an HR function) and training (a business function) begins.

Developing: Training and developing the people you hired involves several functions working in concert. It begins at onboarding and includes immediate job-specific training but extends to developing competencies that advance individual career goals aligned to business objectives. Employee recognition programs are also helpful tools to help employees feel appreciated and allow them to thank and call attention to their peers.

Retaining and engaging employees: Managing performance and compensation is more than goal setting and performance reviews but encompasses ongoing communication between the employees and their managers to align work with strategic business goals. Engaging employees with challenging work while providing the support, tools and training they need to succeed can be a recipe for success. It keeps employees wanting to work for your company while they also have a high output. Compensation can be tied to performance management.

Transitioning: Think about succession planning and leadership development. Identify and train promising leaders for management tracks.

How to Create a Winning Talent Management Process

How to Create a Winning Talent Management Process

A talent management strategy is not easy to design. Each organization’s talent management strategy will be unique to their business goals. It should also be agile to adapt to changing business needs and environments. The best talent management strategies look at historical, current and future business needs and consider all aspects of the employee experience . Here are some common elements for your talent management.

Start with the business strategy: Make certain that all stakeholders understand the business objective. For instance, is the goal to increase sales in a certain region? What talent does the company need to accomplish that goal? What are the barriers to achieving objectives?

Conduct a regular talent review: Determine where gaps in your workforce could hinder your success.

Build and refine: Continually adapt and improve plans. Look for current employees with skills, competencies and potential to do the work. Create talent pools, establish dedicated training and development budgets and create policies that encourage growth and development. Be mindful that what works for some employees may not work for everyone. Segment and alter plans to adjust for employees from different backgrounds, skillsets and experience levels .

Attract the right candidates: If you need to hire new employees, think about external market forces. Is talent readily available? What incentives might you need to offer to attract the right talent? And what are competitors doing who are trying to attract new hires from the same talent pool? What does your employer brand say to prospective job candidates?

Put performance management processes in place: The authors of the book “One Page Talent Management” recommend simplifying this process as much as possible. As an example, many organizations use the “SMART” (specific, measurable, achievable, realistic and time-bound) acronym to track goals for individual bonus plans. The authors instead recommend using “SIMple” to track (specific, important, measurable) goals. List goals in order of importance and make performance management a regular interaction and not a once or twice a year event.

Help people perform at the best of their abilities: The best talent management strategies are agile. They can move people to projects as needs arise and quickly change focus when those needs aren’t there. Consider using contract or freelance workers for short-term or special projects.

Develop succession plans: Taking data from talent review processes, establish plans to train and replace key employees should they leave the company or retire. Cross-train on important tasks so knowledge isn’t lost when people leave.

Use data to drive talent management decisions: When forming your talent management strategy, build in key performance indicators (KPI) to track progress and the effectiveness of certain efforts. KPIs can be analyzed as one part of evidence-based talent management approaches. Evidence-based decisions tied to specific business outcomes make for the most impactful talent management strategies. Consider including data from your HR software, as well as other financial goals as key benchmarks.

The Key Elements of a Talent Management Strategy

Your company will be more effective and agile if you base your talent management strategy off the needs, skills and competencies of your employees. Here are some important principles in meaningful talent management strategies.

Strategy-driven: What you try to accomplish with your talent management should be informed by current and future business strategy and overall business goals. For example, increasing sales in a specific market may lead to hiring new salespeople in a certain region.

Skills and competency-based: Instead of focusing on the jobs employees have, focus on the skills they have and the skills your company needs.

Performance-based: Analyze the performance of individuals and teams to and identify gaps in performance or barriers to achieving goals. It could be productivity needs to be increased or maybe work should be better prioritized to meet the goals.

Agile: Talent management strategy must adjust to the business environment, the market for labor and business priorities.

Segmented and individualized: Talent management strategy should recognize that the needs of all employees aren’t the same. How you interact with your sales team might be very different from how you interact with software developers, for example.

Evidence-based: Base your decisions on data from your organization, such as output, performance and sales. Supplement it with information on industry best practices and benchmarking metrics where possible.

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Talent Management Strategy Examples

Looking at the talent management process in its entirety is overwhelming. But focusing on a single area or making small changes can have a big impact.

Some employees and managers alike dread the annual or biannual performance review. Software company Adobe Inc. employees described the process as “soul crushing.” That general feeling was the impetus behind scrapping that whole traditional process and adopting a new process they called Check-In. Adobe employees no longer have performance reviews, but ongoing conversations between managers and employees that make feedback, goal setting and development timely and relevant. For instance, prior to a presentation, a manager will share tips with the employee, and give feedback after to keep things timely and relevant. The ongoing conversations keep goals in mind — desired business outcomes, team benchmarks and career growth.

Formal training and development programs are crucial to retention and career progression. AT&T has a flagship development and training program called AT&T University. It offers onsite and virtual job training, and by its own account, it has “shaped more than 100,000 AT&T managers and counting.” Focused on developing employees, it has classes on everything from building the skills to have crucial conversation and manage time, to bringing in leaders from inside and outside the company for leadership summits.

The best talent management strategies also take a holistic view of skills and deploy people to areas of need quickly. For the U.S. Army, whose “most important weapon is its people,” its new talent management system brings together all Active, Reserve and National Guard soldiers into an integrated pay and personnel system to give better visibility into the entire available force and manage knowledge, skills and behaviors. For instance, in the National Guard and Reserve, there are people with skills learned in their civilian jobs that may not be visible when looking at rank or military occupational specialty (MOS). Instead of just looking at rank and MOS, they can develop fuller profiles of knowledge, skills and behaviors and even their desires that can give a better picture of full talents that the person can contribute.

Free Talent Management Strategy Template

Download a free talent management strategy template to get you started, check in on the progress of existing plans and learn more about some of the fundamentals.

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Make Your Talent Management Strategy More Effective With Software

Successful organizations are taking advantage of the benefits of human capital management (HCM) software and reevaluating recruiting, performance management and learning processes. Recruiting processes are shifting to passive candidate tracking, or finding people who are not currently looking for new employment. Other trends include social outreach, marketing campaigns and more efficient talent pool management. Performance management is no longer a once-a-year activity but continuous. And learning technologies need to shift accommodate personalization trends.

Software helps organizations have more agile talent management processes that are in line with current employee expectations.

Collaboration toward goals

For instance, NetSuite SuitePeople Performance Management functionality helps employees and their managers collaborate, set goals and track progress toward measurable outcomes. NetSuite provides many out of the box KPIs to tie goals to business performance metrics — such as sales win rate or billable hours.

KPIs and metrics

Employees can select from a list of industry-specific performance metrics or manually set goals. Communication is streamlined because everything is in one place — the manager and the employee are no longer passing back and forth a spreadsheet and managing performance through email.

Robust and useful performance reviews

Rather than providing a snapshot in time, performance reviews become dynamic and incorporate changes in the business environment or the company’s goals. Reviews become a tool to help employees progress in their careers and stay engaged.

HR oversight

And it’s easier for performance review committees to track individual progress and how that individual maps to others in their department or the company. What’s more, with HRMS software , HR leaders can easily track the performance review process by running reports to see overdue reviews, rating distribution and an employee’s performance review history.

Talent management systems provide the tools to bring in candidates with the right attitudes, skills and experience, validating from the get-go that are a good fit with the organization’s vision and culture. They help ensure that employees have the right environment to learn and grow in their careers, as well as align job performance goals with business performance goals. They help track and surface the individual motivations that will encourage someone to stay with the company. And they help drive consistently positive employee experience that encourages people to stay in their roles, mentor others within the business and prove long-term assets to the business.

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What Is Talent Management? Model, Strategy & Tips for 2020

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The Ultimate Guide to Talent Management [Strategy + Best Practices]

Sheryl Green

Published: August 17, 2022

Ever wonder what sets successful businesses apart from those organizations that struggle year after year?

HR managers create a talent management plan

The product or service, pricing, industry, market share, and a thousand other factors can impact business success. However, there is one area that if they don’t get right, they’ll never flourish as an organization.

Hiring and retaining quality employees.

You may believe that your customers are the most important aspect of your business, but who is serving your customers? Without a top-notch staff, your product won’t make it to market, and you won’t have any customers to serve.

Download Now: Free Performance Review Template

With high turnover rates across industries , employers are scrambling to understand what attracts top talent, cultivates loyalty and engagement among employees, and encourages them to stick around for the long haul. If your team is experiencing dissatisfaction, low engagement and productivity, and a revolving door in your HR department, you’re probably wondering this as well.

The good news is implementing a talent management program can help businesses of all sizes and employee engagement levels find a sense of balance.

What is talent management?

Put yourself in your employee’s shoes for a moment. What is your employee experience like? What attracted you to the company in the first place? Was there something they could’ve done that would’ve made you even more eager to work there?

Now think about the onboarding process. Were you provided with the training and support you needed to succeed in your role? Are you appreciated for your unique skills and compensated appropriately? Do you believe there are adequate growth opportunities? How about the workplace culture? Do you feel comfortable voicing opinions and new ideas?

All of these questions factor into your employee’s experience and whether or not they remain engaged in their roles, or become disconnected, disheartened, and dissatisfied with their job. When this happens, they aren’t exhibiting the productivity you’re looking for, and it won’t be long before they’re planning an exit strategy.

Talent management falls into three distinct categories:

  • HR processes that work together to create the best possible employee experience. We’ll discuss this more in the next section.
  • Attracting, Developing, Motivating, and Retaining top talent for your organization.
  • Developing High-Performing Employees

"The purpose of your talent management strategy is to attract, motivate and retain your employees,'' says Rameez Kaleem , Founder, and Director of 3R Strategy .

"No one factor, such as pay or perks, will enable you to do this. You need to consider your overall strategy to create an environment where employees can thrive and feel empowered to achieve excellence. This includes your approach to pay, benefits, creating a positive work environment, and providing people with personal and professional growth opportunities."

As a business owner, manager, or HR professional, it’s your job to provide the best possible conditions for your employees so when outside opportunities knock, they can’t help but say "no thank you, I’m happy here."

talent management: elements needed to retain your employees

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How does talent management fit under the HR umbrella?

While talent management can fall under the responsibilities of a manager or senior leader, depending on the structure of your organization, it may be carried out (at least in part) by your Human Resources department.

Human Resources is responsible for instituting workplace policies, handling interpersonal issues, and administering payroll. However, many businesses, also have a hand in the hiring process, training, mentoring, and creating the employee experience. Your HR department may shoulder the responsibility of employee engagement, performance, and company culture.

Because of this, it is essential that your HR department is considered a part of the talent management team.

Talent Management Strategy

Hopefully, you approach every aspect of your business, from marketing to sales to production to delivery and follow-up (and everything in between), with a strategy. Talent management is no different. In order to create the most positive experience for your employees, you’ll want to approach talent management with a strategic plan designed to efficiently reach your goals.

There are five steps you’ll want to work through in order to do this.

1. Identify the goals and the metrics you’ll use to measure your progress.

What do you hope to see from your Talent Management program? Are you looking to attract a higher caliber of employees? Are you experiencing extremely high turnover and looking to hang on to your top talent? Identify the talent management metrics that will allow you to track your progress and determine if you’ve reached your goal.

2. Select one or two areas to focus on (at first) before taking on a massive overhaul.

While it would be amazing to improve every aspect of your employee experience overnight, these things take time. Once you’ve determined your goals in Step 1, you’ll have a clearer picture of which area of Talent Management to tackle first. Once you’ve gotten that area optimized, you can move to the next.

3. Consider what sets you apart from the competition.

You’re used to competing for customers, but have you ever considered that you’re competing for talent as well? Just like your customers, your employees (or potential employees) have other options as well. They want to find the best fit and compensation for their skills, and you can bet they’ll be doing their homework.

Know what sets you apart from others and what makes you special. Do you offer special perks for employees? Does your culture make your employees proud to be there? Does your contribution to the community excite potential and existing team members?

Know what makes you different and don’t be afraid to communicate it to potential employees.

4. Identify the specific skills needed to grow and prosper.

Do you already have someone on your staff that can take on this responsibility? Perhaps you’ve got an HR business partner who can take the reins on a talent development program. Or perhaps, a talent manager is the first position you need to fill. Having a person dedicated to this program can help you get the most out of your existing employees, and guide the decision-making process on new hires.

5. Identify and analyze the key performance indicators.

If you can’t measure it, you can’t improve it. Get specific with the key performance indicators you’ll use to determine your success in this endeavor. Pay close attention to these numbers and if they aren’t heading in the right direction, it may be time to revisit your strategy and switch gears.

The better your strategy, the better your execution. Don’t be afraid to take some time to plan before you dive in.

Talent Management Process

Now that you understand the strategy behind talent management, how do you incorporate it into your own organization? The talent management process consists of six steps:

1. Identify your needs.

If your sink was leaking, you wouldn’t hire an electrician. Before you start posting job openings, determine what roles you need to fill and what skills are required to complete these responsibilities. Once you’ve done this, you’ll be better positioned to create the job description and post the opening.

2. Attract the right talent.

Remember you have a treasure trove of talent at your fingertips. If you have the opportunity to promote from within your company, you’ll do much more than save time on onboarding. You’ll also raise employee morale as your team now sees room for advancement within the company. If you don’t have anyone suitable, then you can look outside of the organization for a new hire.

3. Select the right talent.

This differs from company to company. You may begin with creating a shortlist of resumes, require a test to be taken, hold individual or team interviews, and ultimately leave it to the department manager or HR to make the decision. No matter how you go about it, make sure that you refer back to Step 1 and hire based on your needs.

4. Develop your employees.

This can include onboarding new employees as well as providing ongoing training for your existing employees. When you help an individual become the best employee possible.

5. Retain your employees.

You’ve worked hard to attract the best talent. Now, how do you ensure that they stay with you? Employee retention strategies can include increased pay, extra benefits or perks, rewards or gifts, promotions, etc.

6. Have an offboarding process in place.

No employee will last forever (we’ll discuss that in more detail below), but what do you do when an employee leaves? Get an understanding of what responsibilities they handle and look for a replacement based on your findings.

If the employee provided a great deal of value to the organization, ask them to train their successor so he or she is up and running before your existing employee leaves. You may also want to include an Exit Interview. You can discover a great deal of knowledge about the employee experience when you ask someone on his or her way out.

This talent management process will look a little different depending on your industry and your business model, however, this should give you a good understanding and a solid jumping-off point.

Talent Management Best Practices

There’s no need to reinvent the wheel when it comes to attracting and retaining top talent. There are a variety of talent management best practices that you can follow in order to be more successful. Some of these are:

  • Have a strong employer brand. Candidates have choices when it comes to where they want to work. If you want to attract the best possible candidates, develop a strong brand as an employer.
  • Have a good reputation. Of course, there are always things beyond our control, however, how the world views you is strongly based on how you show up as a company. Do what you say you’ll do and do it well.
  • Encourage employee referrals. Good people know good people. Ask your existing employees to recommend job seekers they know and trust. Offer them incentives for their help and keep them apprised of how the process is going.
  • Onboard and inboard properly. It’s a truly horrible feeling to join a company (or be promoted to a new role) and not be set up to succeed. Provide the training necessary for them to be their best selves in the new role.
  • Provide ongoing training. Yes, they may know how to do their current job, but what are you doing to prepare them for their next role? Most employees want to progress up the career ladder and if you don’t give them the encouragement and opportunity to do this within your organization, they’ll surely go outside it.
  • Create a talent pipeline. Eventually, every person will leave their role. This may be due to promotion, retirement, opportunities outside of the organization, etc. Prepare for this by identifying star performers and grooming them for promotion. When the time comes that a role is vacated, you’ll have someone waiting in the wings to step in.
  • Provide performance feedback. No one likes to wonder if they’re hitting their marks and living up to their manager’s expectations. Provide regular feedback and opportunity for improvement so your employees are never in the dark about their present or future.

Your employees are truly the most important aspect of your business and without quality team members, you won’t be able to reach your goals. Implementing a talent management program in your business can help you position your organization as a sought-after employer and motivate employees to stay loyal to your organization.

Don’t be afraid to invest in your people. It will be the best investment you ever make.

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Human resources plays many roles in a company. The department manages employee relations, talent acquisition , payroll, onboarding , and much more. One more duty of HR is talent management.

This is key to keeping your organization moving ever closer to its goals.

What Is Talent Management?

The importance of talent management, talent management model, talent management strategy, building your talent management strategy, the talent management process, the 7 steps of a great talent management process.

Talent management is a constant process that involves attracting and retaining high-quality employees, developing their skills, and continuously motivating them to improve their performance.

The primary purpose of talent management is to create a motivated workforce who will stay with your company in the long run. The exact way to achieve this will differ from company to company.

Talent management in HR

Talent management naturally encompasses many of the responsibilities of HR.

All the same, it is not enough to expect that just because you have an HR department, you are managing talent.

You need to have a talent management strategy in place designed just for your company to gain optimal results.

The simple answer is because it capitalizes on employees — arguably, the most important asset of your company.

Talent management helps you maximize the value of employees.

The importance of Talent Management

Source: www.mckinsey.com

As you can see from the graph above, there is widespread agreement that talent management is effective (or even very effective) at attracting and retaining talent as well as improving overall performance.

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There are a few main reasons why this is the case.

1. It helps businesses improve performance

With top specialists in your organization, you can reach any goal.

Image displays relationship between talent management practices and outcomes: rapid talent allocation, positive employee experience, strategic HR team and their effect on effective talent management.

Talent management is most effective of all when it combines three key components: rapid talent allocation, positive employee experience, and a strategic HR team.

2. It allows companies to stay competitive

By hiring and developing talented employees, your organization becomes stronger and better prepared to face changes and risks.

3. It drives innovation

New technologies are always hitting the scene, whatever your industry. Talented employees are able to find ways to harness the capabilities of new tools and solve problems or come up with original ideas.

4. It helps form productive teams

The appropriate talent management strategy will allow you to form a more productive team. This is far more useful than just having a bunch of creative and talented people in your organization.

5. It decreases turnover

When employees feel valued at a company, when they know they will have plenty of opportunities to grow in the business, they are less likely to seek work elsewhere.

6. It leads to strong employer branding

Talent management brands your company as an employer. This helps you to attract the best candidates for future hires.

7. It motivates others to grow

Having inspiring talent on your team will motivate other employees and help them grow.

Talent Management Model displayed as a circle with its main stages: planning, attracting, developing, retaining, and transitioning of employees.

Source: expert360.com

Whereas there is no standardized model for talent management, some HR professionals have proposed excellent models that any company can use.

However you choose to develop your model, it must include the following.

1. Planning

Planning aligns your talent management model in line with the overall goals of your organization.

Only with the correct planning can you ensure that you seek talent with the right skills and experience. In addition, it assesses current employees to see what is working well for the company.

For instance, if employees with certain characteristics tend to stay at the organization for longer, you should plan to hire more workers like them.

2. Attracting

It is not always as simple as when one person leaves the company, you start a search for someone else to fill the role.

For instance, your needs may change or employees may take on new responsibilities. Talent management ensures that you always have sufficient staff to carry out all your operations and prevent heavy workloads that could cause demotivation.

The right strategy will attract just the kind of workers you want at your business. Such hires will be driven, skilled, and seeking to advance within the company.

Attracting talent is all about branding your company as an employer. You’ll need to find ways to increase visibility in ways that allow you to present company as a best place to work. The main consideration here is to make your business more approachable.

Even if you choose not to hire someone for a particular position, you still need to create a positive experience. This will give you the opportunity to hire these candidates for other jobs or use them as ambassadors to acquire other talent.

3. Developing

The development part of the model involves taking steps to help talent grow within the company.

It should be aligned with the employee development plan and includes identifying roles where particular employees could move to in the future as well as considering how to expand workers’ skills and knowledge to fulfill new challenges facing your organization.

Talent management also looks at what will keep employees at your company enthusiastic and willing to go the extra mile. It is necessary to provide employees with value.

Motivation also requires the correct onboarding — to give new hires a great impression of your company from the very beginning. This will increase the chance that they stay with the company and work hard.

4. Retaining

Another purpose of talent management is to keep people at your company for longer.

Employees need to continue feeling that the company is an enjoyable, meaningful place to work.

Through training and other types of engagement, employees have the chance to create a career without leaving the company. You may achieve this by focusing on compensation (monetary and otherwise) as well as company culture.

5. Transitioning

After hiring and developing their skills, you need to plan for employees’ transitions.

Your aim at this stage is to keep their knowledge within the company — this is called knowledge management .

You need to have a plan in place to promote employees or move them to another role, department, or office. If a worker does decide to leave, you need to know why.

A talent management strategy is based on the talent management model. It should match your organization’s goals and clearly define what type of talent you need.

You organize the talent management process based on the talent management strategy.

There are few different types strategies you can choose from.

Strategy #1: Hire Only Top Employees

The advantages of this strategy are obvious:

  • You immediately receive top talent.
  • The employees will perform well and probably reach high performance faster.
  • You are able to grow your company faster.
  • You are more prepared for challenges and risks.

However, there are some disadvantages:

  • It’s expensive, and will cost you even more if you end up needing to hire someone else.
  • It could be more difficult to retain top talent.
  • The hiring process may take longer, as you’ll probably want to select from a wider pool of candidates.
  • It can be challenging to manage team of top talent.
  • Having too many top performers on a team can lead to competition and result in underperformance.

Strategy #2: Hire Promising Specialists and Develop Them

This second option has a couple advantages:

  • You can find talent faster. This may be necessary if you are in urgent need for talent and have insufficient time to search for top employees.
  • You will likely save money on salaries.
  • The employee has the potential to become a skilled and loyal professional.
  • You can hire two, or even three, promising specialists for the same amount as for one top performer.

The main disadvantages are:

  • Your company may grow slower.
  • Compared to top talent, these hires lack of knowledge. This can lead to lower performance.
  • You may need to hire another specialist if the employee cannot handle the role.
  • It requires a larger investment in development.
  • The strategy may fail entirely and you’ll need to revert to option 1.

Strategy #3: Combine Strategies 1 and 2

This quote describes the strategy best:

“Your team’s strength is not a function of the talent of individual members. It’s a function of their collaboration, tenacity, and mutual respect.”

Finally, the pros of combining the two above are:

  • It gives you the best of both worlds.
  • It also allows you to take advantage of a combination of new hires and existing talent.
  • Having top talent and potentially good specialists (e.g. young employees) will help the specialists grow faster and motivate them.
  • It leads to knowledge transfer — top talent can teach other employees.

All the same, there is one con:

  • If you have specific requirements (such as you are in urgent need of growth or if you are on a tight budget), sticking to a single strategy may be more appropriate.

Lastly, before you go ahead and launch your recruitment and talent management strategy, make sure you include the essential components of a talent management strategy.

1. Know What Is Your Talent Management Strategy Is For

Every organization has its own unique goals. Whether they relate to better performance or higher revenue, your goals need to be clearly stated and achievable. You also need to know exactly how employees will play a role in helping you meet your targets.

2. Measure the Results

You need to know how to measure results to see if your strategy is working. Define the metrics you’ll use and how often you’ll take measurements.

3. Assign Responsibilities

Much of the talent management strategy is down to HR, but other people at your company will also need to be involved. For instance, C-level executives are responsible for succession planning.

4. Communicate with Employees

Make sure your employees are clear about where they stand and know what is expected of them. Talk to them about their career goals to ensure that your company is creating the right opportunities.

Now you have an understanding of why you need talent management and what it involves. Next, you need to take a look at the talent management process itself and learn how to apply it to your company.

What Is the Talent Management Process?

The following steps cover what you need to do to develop a continuous talent management process for your organization.

It covers how to find the most talented people available and then help them stay in your company.

Step 1: Specify What Skills You Need

What is the first step in the talent management process?

Before you can go any further, you must determine what kinds of hires you need and what requirements they should fill.

Consider if it would be possible to teach existing employees to avoid the need to hire anyone new.

Step 2: Attract the Right People

There are several stages to attracting talent:

  • Create targeted advertisements and post them on top job sites — HR branding is helpful here.
  • Plan interviews and other means to identify the best person for the job. In addition to regular questions, consider using personality assessments, references, and tests that require candidates to perform in real-life situations.
  • Hire your top choices.

Step 3: Onboard and Organize Work

Help new employees feel orientated by being ready for them as soon as they enter the company.

Know what tasks you will set them, have training sessions scheduled, and assign current employees to support new workers settle in.

Step 4: Organize Learning and Development

Remember, it is often easier to develop the skills of your current employees than to hire new talent.

Plus, even if you do hire top talent, they will likely want to learn something in their new role.

Plan ways for your workers to learn and grow, such as through conferences, courses, and a learning management system to create a learning environment.

Step 5: Hold Performance Appraisals

Checking employee performance regularly allows you to see if workers could manage additional responsibilities.

This could save you hiring new talent and it may help an employee prepare for a promotion.

Step 6: Strategize to Retain Your Best Talent

Keep employees satisfied at work through promotions, benefits, motivating tactics, ensuring job satisfaction, and improving company culture.

Step 7: Plan for Successions

Nurture employees for successions, such as for when a senior member of staff retires.

Enable employees to perform to their best through continuous learning opportunities, including knowledge management.

If an employee decides to leave the company, conduct an exit interview to find out what went wrong — this will help you prevent the same issue occurring again in the future.

You need to stop assuming that you already have talent management covered just because you have HR at your company. Talent management rarely happens naturally.

You need a strategy that is tailored to your business alone. Only like this will you obtain and retain top talent and gain a competitive advantage over other businesses in your industry.

Develop and maintain Learning Culture

In this workbook, we put together tips and exercises to help you develop your organisation’s learning culture.

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Ivan Andreev

Demand Generation & Capture Strategist

Ivan Andreev is a dedicated marketing professional with a proven track record of driving growth and efficiency in various marketing domains, especially SEO. With a career spanning over a decade, Ivan has developed a deep understanding of marketing strategies, project management, data analysis, and team leadership. His strong commitment to knowledge sharing, passion for process optimization, and turning challenges into opportunities have solidified his reputation as a pivotal player in the marketing team.

What is talent management?

One glowing light man raising his hand among other people

In good times, it can be easy to take your company’s talent for granted. But do so at your peril—investing in talent management, or the way that your organization attracts, retains, and develops its employees (sometimes referred to as “talent” or “human capital”) can give your company an edge. Look no further than the much-discussed “ Great Resignation ,” also called the “Great Attrition” or “Big Quit,” of 2021 and its impact. Putting people first is vital to building a healthy workforce.

Get to know and directly engage with senior McKinsey experts on talent management.

Fabian Billing is a senior partner in McKinsey’s Düsseldorf office, and Aaron De Smet is a senior partner in the New Jersey office.

It’s important to manage talent and deploy it well, and leaders need to know how to rise to the occasion. To help shape workforces that have the skills to achieve, leaders can  establish a talent-first culture . Too many organizations don’t consider the talent required to implement different ideas. By putting talent first, companies can improve organizational performance and potentially gain a competitive advantage.

Why is talent management important?

Analysis shows there is a significant relationship between effective talent management and an organization’s overall performance . In fact, in a 2018 McKinsey survey, 99 percent of respondents who reported their company’s talent management was very effective said they outperform their competitors, compared with 56 percent of all other respondents. And the effects may be cumulative, given that abilities to attract and retain talent  seem to support outperformance as well.

What actions are linked to good talent management?

Survey findings indicate three practices  that are most closely linked with effective talent management:

  • rapid allocation of talent—that is, being able to move people among strategic projects quickly as priorities emerge and fade
  • HR’s involvement in creating a positive employee experience
  • a strategically minded HR team

According to the research, organizations with all three practices in place (only 17 percent of the sample) are vastly more likely than their peers to say that overall performance, plus total shareholder returns, has an edge on their competition.

What’s involved in talent management?

Five areas of talent management are particularly important to the chief human resource officer’s (CHRO) playbook:

  • finding and hiring the right people
  • learning and growing
  • managing and rewarding performance
  • tailoring the employee experience
  • optimizing workforce planning and strategy

A more in-depth look at these topics can offer insights.

How do I find and hire the right people or attract and retain talent?

High-performing employees are up to eight times more productive than others. To quote the late Steve Jobs, the iconic leader of Apple, talent matters: “Go after the cream of the cream. A small team of A-plus players can run circles around a giant team of B and C players.”

That may be easier said than done. But there are still several principles to consider if you want to hire the best people  and keep them at your organization:

  • Focus on the 5 percent of employees who deliver 95 percent of the value. Certain employees have a disproportionate impact on creating or protecting value, and it’s not always obvious who they are. Focus efforts on the few critical areas where the best people have the biggest impact. To do so, start by looking at roles , not processes or specific people.
  • Make your offer magnetic, and ensure that you deliver on its promise. You might have heard of an “employee value proposition,” which is another way of saying what employees get (for example, monetary rewards, work experience) for what they give (for example, time, effort, ideas). Your company’s employee value proposition should be distinctive, targeted, and real.
  • Technology is a game changer. Data and analytics are already being used in recruiting and hiring, as well as in retaining top talent. Apply people analytics  to bring rigor to these efforts.

In the era of the Great Resignation, many organizations are grappling with the prospect (or reality) of talented employees quitting their jobs . Companies should take a step back and make sure they understand why their employees are leaving in the first place—since it could help inform what might bring them back. What drove the historic wave of voluntary departures in the early 2020s? Several big reasons stand out: the cost of switching jobs went down significantly; employees were turned off by uncaring leaders , unrealistic performance expectations, and a limited ability to advance their careers; and many workers were exhausted and dealing with burnout , stress , caregiving demands , and more.

To repair relationships with employees amid the Great Resignation , a few core principles may be meaningful:

  • Money matters, even if it’s not a panacea; companies can revise compensation and benefits in ways that will attract and retain disillusioned employees.
  • “Sticky” workplaces can make a difference—listen to employees, anticipate and address their concerns, foster psychological safety  and community, and measure outcomes.
  • Expand your talent pool by thinking more creatively about candidates. That includes considering nontraditional workers (such as students or people currently doing contract work), latent workers, or people who aren’t in the workforce or actively seeking a traditional job.

How can organizations help talent learn and grow?

Companies preparing for the future of work  can take a variety of steps to help employees build skills  and continue learning and growing—this is vital, especially considering that hiring new workers can be twice as expensive as upskilling or reskilling existing employees.

Building workforce skills , via training and reskilling or upskilling, will be essential to support new ways of working and new business priorities. And focusing on skills—particularly social and emotional skills (sometimes called soft skills), including empathy, leadership , and adaptability —can help close existing skill gaps.

You might be wondering about the difference in hard skills versus soft skills. Hard skills are learned abilities that are easy to measure. Soft skills , on the other hand, are nontechnical skills and abilities, such as personality traits and behaviors, that often relate to how a person interacts with others. For example, consider what might help an administrative assistant succeed: hard skills that might be useful include calendar management, proofreading, and competency with spreadsheet software, whereas soft skills might include phone etiquette, conflict-resolution abilities, and discretion.

When it comes to a broad skill transformation , nine key practices in three overarching areas can be applied.

Scout: Conduct workforce planning to assess potential skill gaps

  • assess demand and/or the need for specific skills in the future
  • determine the current supply of specific skills
  • analyze gaps (and develop a business case to close them)

Shape: Develop a skill strategy to ensure that the workforce is future-ready

  • design a portfolio of initiatives to close skill gaps
  • design tailored learning journeys and delivery plans for specific roles and/or groups of employees
  • decide on learning infrastructure and enablers

Shift: Reimagine infrastructure for skilling at scale

  • launch a “skilling hub” or other organizational structure dedicated to learning
  • deliver a skill transformation at scale across the organization via comprehensive capability-building programs that address the most critical skill needs
  • implement dynamic tracking of workforce and impact (for example, return on investment, impact on business outcomes)

Organizations that have implemented all nine practices report a nearly 100 percent chance of having a successful skill transformation. It’s also important to note that a mix of learning formats, beyond digital learning, can improve the odds of success.

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Introducing McKinsey Explainers : Direct answers to complex questions

Transforming the learning and development function may also be necessary. While good learning programs are a must, their utility will be limited if they don’t begin with an intimate understanding of what the organization needs — today and in the future.

Within the learning space, intentional learning  can yield a career advantage. And if you want to get intentional when it comes to your own learning, the 3x3x3 approach  can help. Here’s what it entails:

  • Define three development goals (for example, improve time management, expand professional network, and hone presentation skills).
  • Aim to achieve them in a three-month period.
  • Engage three other people to support you and hold you accountable to them.

Embracing continuous learning can help drive your business forward, and employees that develop a lifelong learning mindset  may find that it keeps them relevant and in demand in the eyes of employers. Developing a growth mindset and setting goals that are a stretch can be part of that journey.

Some companies are also exploring apprenticeship  programs to unlock continuous skill development. Modern apprenticeship is a model for learning that is driven by relationships and based on real day-to-day work, thus allowing novices to gain hands-on experience from experts to acquire skills and act more independently.

How can I improve performance management?

At a high level, strong performance management  relies on the guiding principle that what gets measured gets done. Ideally, an organization would create a cascade of metrics and targets, starting with top strategic objectives and continuing down to frontline employees’ daily activities. Managers keep tabs on these metrics and meet regularly with teams to discuss progress. In the end, good performance is rewarded, and poor performance leads to actions that address the problem.

A few key principles are essential in managing employee performance  more successfully:

  • Coach employees, and do it regularly. There’s no substitute for direct feedback and direct coaching that happens day in and day out rather than just annually.
  • Make sure the process is seen as fair. What’s crucial here is emphasizing how employees’ work fits into the organization’s bigger picture and ensuring that these conversations are ongoing.
  • Put data and analytics to use. Data and analytics  can support performance reviews by giving managers objective feedback about whether employees are performing well or not.
  • Empower managers to give better feedback. Make sure built-in touchpoints are in managers’ schedules and that managers are clear about their roles. Train them to give constructive, strengths-based feedback  while encouraging discussions that make their colleagues feel valued.
  • Grasp the power of differentiation. Rewards should link clearly to talent ratings . Focus on rewarding clear overperformers while also developing others—instead of trying to differentiate the broad middle.
  • Encourage peer-based feedback. Employees naturally work with more people as organizations become flatter. Gathering peer-based feedback from a large sample can help eliminate biases and provide a more accurate, comprehensive perspective on performance.

The way organizations manage and reward performance  shifted somewhat in the wake of the COVID-19 pandemic. This was because the crisis had a big impact on goals and performance plans, and remote workers also grew more reliant on performance management as a source of feedback.

CHROs who want to help their organizations improve performance management in the postpandemic era can consider  linking employee goals to business priorities . At the same time, they will want to keep some flexibility, invest in managers’ coaching skills , and celebrate the broad range of good performance while maintaining ratings for the very highest, and lowest, performers.

What about employee experience?

Companies have long considered customer experience, or CX , but there is rising interest in paying just as much attention to your workers’ experience. Tailoring the employee experience  is more important than ever, especially in the wake of the COVID-19 pandemic, which blurred the line between work and life amid remote and hybrid setups. These days, instilling trust, building social cohesion, and leading with purpose are critical. And it can make a big impact: according to a 2020 McKinsey survey, people who report having a positive employee experience have 16 times the engagement level of those with a negative experience. They are also eight times more likely to want to stay at a company.

Nine elements, grouped into three overarching areas, can help make sure you’re asking the right questions to  get employee experience right :

  • People and relationships. Am I seen and treated by my leaders as a significant contributor to the organization?
  • Teamwork. Do the people I work with every day trust and care for one another enough to create a collaborative and innovative environment?
  • Social climate. Am I welcome in this community, and do I feel like I belong?
  • Work organization. Do I have clear responsibilities, interesting work, and the resources I need to succeed in my role?
  • Work control and flexibility. Do I complete my work efficiently, with flexibility and positive integration in my life?
  • Growth and rewards. Am I given incentives and opportunities that help me learn, grow, and provide for myself and my family?
  • Purpose. Does my company have a purpose that aligns with mine, as well as a process to which I can contribute?
  • Technology. Does my company’s technology enable me to work efficiently and without friction?
  • Physical environment. Are my surroundings safe, comfortable, and human centered?

If your employee experience isn’t what it should be, your organization can take a systematic approach, grounded in design thinking , to improve it. Three steps can help you on your way: first, establish a baseline for employee experience and build on it; second, identify and transform employee journeys; third, equip the full organization for transforming employee experience.

The idea of finding purpose at work has also risen in importance in the past few years. As the COVID-19 pandemic spread, employees found themselves questioning business as usual. “We had this unbelievable smashing together of two worlds: the home world and the work world,” says McKinsey senior partner Bill Schaninger in an episode of The McKinsey Podcast on the search for purpose at work . “I think it’s really brought to the fore ‘What exactly does work mean to me? What do I have to get out of it? Is it merely a check that facilitates the rest of my life, or is it something more purposeful?’”

Research indicates that about 70 percent of people  say they define their purpose through work—which raises the stakes for ensuring that individuals can easily connect what they do in the day to day with meaning. Only 15 percent of frontline managers and frontline employees say they’re currently living their purpose when on the job.

Individuals themselves can take action. And if you’re short on inspiration, you can explore an interactive that unpacks nine universal values  (such as enjoyment, stability, and caring) that relate to purpose. Organizations, too, have a role to play in helping people connect their work to their life’s purpose . Here are two places to begin:

  • Start the conversation on purpose sooner rather than later. People need empathetic, caring leaders to help process their work experiences. Indeed, talking openly about pressures your employees face can go a long way. Consider periodic, guided conversations with direct reports a regular part of your leadership practice—think of these as empathetic check-ins.
  • Make personal reflection a business priority. Create the time and space for transparent, honest discussion of purpose—with managers and direct reports alike—to explore what matters. If you need help getting started, a simple icebreaker question such as “When do you feel most alive?” can yield surprisingly rich conversation.
  • Help people take action. Generate opportunities for people to live their purpose by tailoring projects, support, communication, and coaching to suit each individual’s unique circumstances.

How do I optimize workforce planning and strategy?

Workforce planning and strategy generally include three important components:

  • Critical roles. A small number of roles —fewer than 50—have an outsize impact on business value. You’ll need to look at the core jobs to be done, the qualities leaders need, and ensure that the roles are set up for success.
  • Skill pools. Looking beyond individual roles to larger pools, such as digital coders, can also help in developing an understanding of the skills required for the future and whether your organization is prepared.
  • Talent systems. Tools for workforce planning can help in a variety of ways. For instance, AI-enabled tools can be used in assessing people’s skills, and performance-management systems can help track skills alongside performance.

One way to gauge whether your company is long or short on talent  is to embrace a view of talent supply that is expansive as well as dynamic. Companies that start by looking at skills, including which ones they need and already have, and how those could change over time, could find good ways to address mismatches.

Analysis of your workforce could show either a shortage or a surplus of skills. The five methods here, with samples of concrete actions to take, could be considered to address challenges:

  • Build: reskill, upskill, or retrain workers; increase deployable hours; reshape jobs or projects. One global manufacturer spotted opportunities to build data science talent ahead of a looming shortage, and it started by planning more meritocratic career paths and redesigning leadership tracks to help employees stay engaged and happy.
  • Redeploy: loan workers; shift unneeded skill sets. Deutsche Post, for instance, teamed up with an elder-care provider to test a program that used postal employees as a means of offering one city’s pensioners support and referral services.
  • Acquire: hire individuals; create and recruit from new talent pools. In 2011, Walmart acquired digital skills en masse when it bought a social-media company that ultimately formed the nucleus of the retailer’s digital-technology unit.
  • Release: encourage voluntary attrition; divest business units; create options to end contracts. Some companies have experimented with offering voluntary severance packages. These may help organizations strengthen the workforce by allowing less committed workers to exit voluntarily, while at the same time improving retention of other employees.
  • Rent: for strategic partnerships, outsource functions, activate the gig economy. For instance, in 2015, Mercy Health partnered with community colleges in the US state of Michigan to create a paid apprenticeship program for medical assistants.

If your organization is short on talent, your organization may need to build, acquire, or rent. And if it’s long on talent, redeploying or releasing employees may be the right path.

Longer term, employing a flow-to-work operating model for dynamic talent allocation  may help match scarce skills to high-priority work, improve the way organizations develop their people, and increase business responsiveness. Companies that rapidly allocate talent to opportunities  are up to twice as likely as those that don’t to perform strongly; they also deliver better results for every dollar spent.

For more in-depth exploration of these topics, see McKinsey’s Insights on People & Organizational Performance . Learn more about McKinsey’s Talent service line —and check out talent-related job opportunities if you’re interested in working at McKinsey.

Articles referenced include:

  • “ Gone for now, or gone for good? How to play the new talent game and win back workers ,” McKinsey Quarterly , March 9, 2022, Aaron De Smet , Bonnie Dowling , Marino Mugayar-Baldocchi, and Bill Schaninger
  • “ Talent at a turning point: How people analytics can help ,” February 24, 2022, Bryan Hancock  and Bill Schaninger
  • “ ‘Great Attrition’ or ‘Great Attraction’? The choice is yours ,” McKinsey Quarterly , September 8, 2021, Aaron De Smet , Bonnie Dowling , Marino Mugayar-Baldocchi, and Bill Schaninger
  • “ Building workforce skills at scale to thrive during—and after—the COVID-19 crisis ,” April 30, 2021, Fabian Billing , Aaron De Smet , Angelika Reich , and Bill Schaninger
  • “ Help your employees find purpose—or watch them leave ,” April 5, 2021, Naina Dhingra, Andrew Samo, Bill Schaninger, and Matt Schrimper

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‘Great Attrition’ or ‘Great Attraction’? The choice is yours

Sample Talent Management Agency Business Plan

Talent agency business plan sample.

A talent agency is an excellent idea for persons having such skills. However, beyond the skills involved, you also need to know how to plan towards actualizing such a business idea.

Here, we’re discussing creating one of the essential tools you’ll need; the business plan.

This article is an excellent response to the many difficulties faced by many entrepreneurs seeking to write their recruiting business plans . This talent agency Business Plan clearly shows all the procedures to follow to create your unique plan.

In a nutshell, you’ll find this a great read and highly informative.

Proper Structuring is Important

Your outcomes are primarily determined by how well your plan is structured.

Here, we’re looking at the different sections your talent agency business plan should have. Without them, the contents of your plan will remain chaotic at best. Key areas include the executive summary and company description.

The products & services section, market analysis, strategy & implementation, organization & management team, and the financial plan and projection sections.

Apart from including these, you’ll also need to know how each should be developed or written. So, without further ado, let’s get to business;

i. Executive Summary

Your talent agency business plan needs to be summarized to allow for a quick read and faster assimilation.

This is what the executive summary does. It’s a highly condensed version of the plan that highlights the critical areas within the plan. It appears at the beginning of the plan and allows readers to know what the plan is about.

As always, the executive summary is best written last and should be interesting enough to hold the reader’s interest. You want your audience to seek further information by proceeding to the main plan.

The executive summary section is crucial because it sells your talent agency business idea.

Among areas covered are the business name and location, the products and services, mission & vision statements, and the specific purpose of the plan.

An investor or lender should be able to figure out key details like the requested investment amount, the name of the business, what it’s about, etc.

The business’s identity needs to be made known by providing the name. This is the first step towards introducing the business idea. Next, its location is also a crucial addition to the plan.

Your audience will need to know where your business will be situated.

Your mission statement defines your organization or talent agency. It gives the reason(s) for your existence and communicates who you are, where you operate, and what services you provide.

On the other hand, the vision statement describes what your talent agency seeks to achieve in the long run.

It depicts a vision of what your talent agency will look like in the future and also sets the direction for planning and implementation. The vision statement should inspire your workforce towards its attainment as an internal communications tool.

What’s the purpose of your talent agency business plan? This is a crucial aspect of the plan to discuss because it shows clarity in your approach to your objectives.

Clearly state what that purpose is.

ii. Company Description

The company description is the section where you can clearly describe your talent agency business. Critical areas of the business relating to how it operates and its goals are covered.

You’ll need to include information about the adopted legal structure and present a summary of short and long-term business goals.

There are other equally important aspects to cover, such as a brief history of your operations, the business’s nature, and the needs or demands you plan on supplying.

Include a summary of company growth with accompanying details like the financial or market highlights.

Include an overview of your services and products as well as your customers.

iii. Products & Services

Under this section, further detail about your services and products are provided.

This gets into much more detail than was presented in the executive summary section. Provide details about products or service costs, net revenue expected from sales, and emphasize customer benefits.

What’s the market role of the service offered by your talent agency, and what advantages do these services have over those of your competitors? You’ll need to be clear and specific with your information.

Are there ongoing research and development activities leading to newer services and products?

iv. Market Analysis

You will need an appreciable level of industry knowledge to make your audience have added confidence in your capacity to deliver the goods (achieve your objectives).

This requires thorough market research with a sketch of target customer segments, size, and demographics.

Identify your competitors and assess their weaknesses and strengths. The historical, current, and projected marketing data for services and products will also need to be included here.

What more? Provide an industry description and outlook with supporting statistics.

v. Strategy & Implementation

Your sales and marketing strategy needs to be effective. You should capture it in an operating plan with details, such as explaining how you intend to promote your talent agency business to targeted clients and how you’ll penetrate or enter the market.

Additional details on pricing, costs, and promotions will be beneficial. How will your talent agency function? What are your labor sources, and how many employees will need to be hired?

Information on operating hours will also be necessary.

vi. Organization & Management Team

When it comes to this section, several areas need to be touched on, ranging from owners and management team information. Provide an organizational chart with descriptions of departments and key employees.

Details about owners should include names, percentage ownership, the extent of involvement, and biography. Those about your management team should consist of words, positions, primary responsibilities, and experience.

Also, include or list any advisors.

vii. Financial Plan & Projection

Through the help of a professional accountant , the financial plan of your talent agency should cover the historical financial data (applicable to established talent agencies), realistic prospective financial information, and brief analysis of financial data.

With all of these areas touched on, you should have a business plan ready for implementation.

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Business-in-a-Box's Model and Talent Agency Business Plan Template

Model and Talent Agency Business Plan Template

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This model and talent agency business plan template has 39 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our model and talent agency business plan template:

[COMPANY NAME] Business Plan [NAME] [ADDRESS] [CITY, STATE ZIP] Ph: XXX-XXX-XXXX

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3,000+ templates & tools to help you start, run & grow your business, all the templates you need to plan, start, organize, manage, finance & grow your business, in one place., templates and tools to manage every aspect of your business., 8 business management modules, in 1 place., document types included.

talent management business plan

How a potent talent management plan amplifies business growth

DocuSign’s senior director of talent acquisition outlines the benefits of a robust talent management plan that goes beyond recruitment

Author: Devon Maloney May 30th, 2019 Illustration by Josh Holinaty

The recruitment and talent management fields have changed dramatically over the past few decades. According to a 2018 report from the Bureau of Labor Statistics , millennial workers are a more mobile workforce—jumping from employer to employer—than baby boomers, who stay at their jobs three times as long on average.

In most industries, attracting and retaining top talent has become vastly more competitive than it was a few decades ago. What’s more, successfully integrating talent management—the practice of both acquiring employees and nurturing their growth—as a core pillar of your business strategy is a key part of an organization’s ongoing success.

One survey conducted by research firm the Institute for Corporate Productivity consisting of 350 recruiters at companies like Apple and Prudential found that high-performing organizations (those with a high market performance index) were four times as likely as competitors to have a fully aligned global talent acquisitions team—that is, a team that knows its employees’ current capabilities, what they need now, and what they might need in the future.

For three years running, DocuSign has appeared on Glassdoor’s Best Places to Work rankings. DocuSign allows you to electronically sign, prepare, act on, and manage agreements online. DocuSign’s senior director of talent acquisition, Will Bronaugh , a veteran of Groupon and Amazon’s talent teams, shares his thoughts on how establishing a strong talent management strategy can set a company up for long-term success.

talent management business plan

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A thoughtful candidate experience boosts brand affinity

“Candidates out there have a ton of choices, so I tell my team: Candidate experience trumps everything,” says Bronaugh. “This is something that’s critical everywhere, but it’s also what resonated with me as I was going through my own interview process at DocuSign.”

talent management business plan

“Creating that emotional engagement is such a powerful tool, when you’re hiring people and then when you’re developing and retaining folks that are already here.” Will Bronaugh senior director of talent acquisition at DocuSign

Bronaugh recalls how he met with a lot of leaders when he was interviewing there who took the time to answer all of his questions. “It wasn’t just about interviewing me as a candidate—going through the résumé, my skill sets—it was about truly understanding how my values aligned with DocuSign,” he explains. “What are the things that I can contribute to the organization?”

Bronaugh also says that when everyone involved in the hiring process comes to the interview table having done their homework on the candidate, it can do wonders for the company’s reputation as a whole. One LinkedIn report on hiring statistics suggests that demand for thoughtful candidate experience is sky-high, with 94% of candidates wanting interview feedback and just 41% having actually gotten it.

“Creating that emotional engagement is such a powerful tool, when you’re hiring people and then when you’re developing and retaining folks that are already here,” he says. “Candidates feel whether the interviewers took time to prepare or if the interviewers have bought into the organization. They can see it.”

Ultimately, Bronaugh says, candidates can tell whether this is a “check-the-box activity” or if “the hiring team is investing the time in recruitment and hiring.”

A holistic approach to talent means a better, renewable talent pool

That positive candidate experience isn’t just important for today’s hiring. It can also make hiring for future roles a lot easier.

“You can’t just have a one-to-many relationship and expect to get the top talent anymore,” says Bronaugh. “Recruiting is becoming more and more relationship-based, so the more that you can create a one-to-one relationship with candidates, the better off you are. At DocuSign, we want candidates to think of us first when they start to think about making a move.”

The solution: Get proactive.

“The whole idea around talent pools is that you build relationships with candidates and you reach out to them on a frequent basis, pull them into opportunities to engage with the company,” he says. “It may not even be a recruiting opportunity—it could be for speaking engagements or for news articles or curated content. It’s incredibly effective at establishing that long-term relationship. I absolutely recommend taking that approach, especially in such a competitive labor market, because in some cases, it can take six months, a year or even longer to hire for a role.”

Focus on designing an “employee life cycle”

Building a successful workforce is less like building a car and more like growing a garden. You can’t just hire people, plug them into the office, and go. Hiring people and dropping them unceremoniously into the fray is a surefire way to start the countdown to their departure from the company.

You have to place new hires into a nurturing environment and continue to provide them with the right support they need to grow. Ultimately, talent management is the way you build employee engagement as well as long-term positive employee morale and loyalty.

“Talent management is a fairly broad term,” Bronaugh says. “I look at it as an employee life cycle. It’s about the talent attraction, sure, but then also developing and inspiring the talent that you have, whether that’s contributing to their career growth, advancement or, in some cases, even career changes.”

Statistics bear this out: That LinkedIn report also found that professional development opportunities were second only to compensation when it came to candidates accepting a job offer. “Upskilling” employees has become a priority for CEOs in an era that has been called the “expertise economy.”

DocuSign’s internal company objective is for employees to “feel like they’re doing the best work of their lives.” This could mean transitioning stellar talent into different roles within the company or even growing their skill sets to the point where other employers take notice.

“If we create an experience for them here that leads to that career and that personal growth, then they win as an employee and we win as an employer,” says Bronaugh.

Effective talent management improves organizational health

Talent management is about organizational health . When an organization demonstrates a willingness to invest in its people at every level, it minimizes the reasons its best talent might seek opportunities elsewhere, and it motivates employees to invest right back.

“When organizations can really focus on assessing [employees and candidates] as whole individuals and creating connection with them, I’ve never seen where that approach does not work,” says Bronaugh. “It creates a positive brand awareness. It creates an advantage in the marketplace when you’re looking at hiring and retention. It’s one of the things that has made DocuSign incredibly successful.”

  • Employee experience
  • Workplace culture

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Top 10 Talent Management Plan Templates with Samples & Example

Top 10 Talent Management Plan Templates with Samples & Example

Umang Malhotra

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Do you intend to reevaluate your talent management approach? If so, conducting comparisons to learn what your contemporaries and rivals are doing would be a wonderful place to start. This will provide hints, pointers, insights, and foresight that will assist you in creating a talent management strategy that is more successful and robust. To achieve its strategic and operational objectives, an organization must evaluate its existing level of talent and compare it to its future personnel requirements. This process is known as talent planning.

The function of a business that helps it find, hire, keep, and develop the best personnel on the market is known as talent management. Its objective is to have employees who possess the skills, dedication, and behavior necessary for the organization's success, both now and in the future.

Effective talent management can improve clinical results, staff satisfaction and motivation, encourage unified functioning, boost output and value for the money, and yield the greatest operation. Some of the most effective talent management techniques that aid in talent management are employee retention, top talent recruitment, and facilitation of employees' ongoing professional development.

You no longer need to hesitate while designing or improving your selection process. To draw in top prospects, use premade recruiting plan process templates from SlideTeam. These recruiting strategy process PPT Slides are ideal for directing the workforce, keeping track of open vacancies, and more. You can choose from these best-in-class templates.

Template 1:  Integrated Talent Management Process with Succession Planning

Introducing our set of PowerPoint Slides that includes a comprehensive talent management process and succession planning. This presents the seven steps in the procedure including talent strategy & planning, leadership development, sourcing & recruiting, learning & development, compensation, and performance management. Download it right away and mark the Managerial, Planning, and Strategy sections.

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Template 2 : Talent Management Framework for Leadership Development Plan

Employ this framework for the talent management and leadership development plan. This PPT Slide covers the subjects of management, leadership, development, and framework. Building of leadership competence and creative thinking culture for your clients will be highlighted in this presentation. You will be aided with growing into high-performing international leaders through a leadership development structure for talent management in this template. Download this PowerPoint Template now to attract clientele.

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Template 3 : Talent Management Process Workforce Development Organizational Planning Assessment

This Talent Management Strategy Workforce Development Organizational Planning Evaluation is the perfect choice for you if you need a well-designed, professional template. Use graphics, imagery, and organization to engage your audience and raise your presentation skills. Use the 12 slides included in this deck to illustrate your concepts and vision. This format is appropriate for presenting your points of view during discussions and meetings.  Get it now.

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Template 4 : Talent Management with Acquisition and Workforce Planning

Presenting a slide deck titled Talent Management with Acquisition and Strategic Workforce Planning. The six steps make up this procedure: Succession planning, talent acquisition, development, workforce management , performance management, and onboarding & engagement are illustrated in the template. Process Management, Circular Process, and Talent Management are  phases of this procedure. You can download this PowerPoint Presentation right away and amaze your clientele!

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Temlate 5 : Influence of Engagement Strategies Talent Management Planning Phases and Overview

Looking for planning phases to implement influential talent management strategies? This slide outlines the planning stages for talent management and employee engagement, including workforce definition and identification, supply and demand analyses, and gap analyses. The template can be deployed as an Introduction to raise your presentation criteria, using Talent Management Planning Phases and Overview. This design, which has four levels, is a perfect choice for instructing and captivating your audience. Using this template, disseminate data on management, planning, and overview. Download now!

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Template 6 : Talent Management Action Plan for Employee Motivation

The action plan for managing talent to motivate employees is displayed on this slide. It comprises drivers including "acquire," "bond," "understand," and "protect," as well as their main levers and activities. Use this Talent Management Action Plan for Employee Motivation Template to deliver a fantastic presentation on the subject. Using the included slides, disperse knowledge and give a description of culture, reward structure, and distribution of resources. Download now!

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Template 7 : Talent Management Strategy Plan Diagram PPT Templates

Displaying PPT Templates for a talent management strategic plan diagram, this process has six steps: Training, talent, management, career, objectives, and. Engage this ready-to-use preset to demonstrate a thorough and well-thought-out talent management approach. Download it now!

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Template 8 : Talent Management Process Model with Planning and Transitioning

Take advantage of our PowerPoint presentation titled "Talent Management Structure with Planning and Transitioning." Planning, attracting, selecting, developing, retaining, and transferring are the six processes that will assist you in demonstrating your structured talent management modeling approach. Process Management, Cyclic Approach, and Talent Management are the phases of this process. You can download this PowerPoint presentation right away and dazzle your audience.

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Template 9 : Talent Management Cycle Including Workforce Planning

Are you looking for ways to demonstrate talent management in a cyclic manner comprising strategic workforce planning? Grab this ready-made and editable template and help your clients’ businesses achieve success. Deploy this unique presentation in the organization’s talent recruitment and talent management process.

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Template 10 : Talent Management Methodology Associates Strategy Growth Processes Organization Planning

Use the 12 slides that comprise this PPT Deck to illustrate your concepts and vision. This PowerPoint Slide Set will outline talent management methodology for startups, maturity model for talent management methodology, and multistep approach for organization and leadership development. As an added advantage, this PPT Slideshow downloadable in the PNG, JPG, and PDF formats. To obtain it, click the download button.

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It can be laborious to draft a talent management plan from scratch. However, you will get a taste of building a thorough and organized talent management framework with SlideTeam's PPT Templates. These customizable PowerPoint Presentations can be used at any point in the hiring procedure to guarantee that you hire the best.

FAQS ON TALENT MANAGEMENT PLAN

How do you draft a talent management plan template.

For the upcoming year and beyond, talent management strategies should lay out the objectives and means to attain these. By going through the planning process, you may define your strategy and monitor your progress toward your company’s goals. You can draft your own talent management templates by considering the steps below:

  • Specify the organization's priorities and operational goals.
  • Perform a Gap Analysis to know what needs you can address
  • Establish an HR management system to address objectives and gaps.
  • Examine and enhance the procedures for talent management.
  • Track progress and reevaluate

What are the components of a talent management plan?

Before your organization posts an ad for its next open position, effective talent management should come first. It involves creating job descriptions for and hiring candidates that not only possess required qualifications for open positions, but also help support the organization in achieving its long-term strategic objectives. This could be a specific leadership style, a skill or expertise that isn't immediately applicable but will be sought-after in a few years, or a technological interest or aptitude that could result in new revenue sources.

You also need a talent management strategy for all your present employees, so it's not just about recruiting. The following are the main components of a talent management plan:

  • Planning for employees strategically
  • Talent Recruitment
  • Education and growth
  • Reimbursement

Corporations may deploy, organize, and assess the efficacy of their talent development initiatives with the use of this set of products.

What are the key steps in the talent management process?

The method of talent management is how you set up the administration of your strategic human resource management. It pertains to how you select personnel, train them for employment, inspire them, and so on. A consistent talent management process for your company must help you pick the top applicants and give them support so that they remain invested with your company.

  • Indicate the Skills You Need
  • Draw in the Right Crowd
  • Recruiting and Scheduling Work
  • Integrate learning and growth
  • Hold off on performance reviews
  • Develop a plan to keep your best employees.
  • Create a succession plan

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  • How Integrated Talent Management System Works: A Complete Guide with Templates
  • Top 10 Human Resource Management Templates with Samples and Examples
  • Must-have HR Personal Development Plan Templates with Examples and Samples

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talent management business plan

9 Ways Integrating Talent Management with the Business Plan Can Benefit an Organization

  • Dr. Nancy Zentis
  • July 21, 2014

an article discussing nine ways integrating talent management can benefit a business plan

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A strategic approach to talent management involves looking at a systemic rather than a piecemeal approach. Without a rudder or an anchor point, talent management can be pulled in different directions by those that wield control over its process.

When it is tied to a strategic business plan, however, the process is more structured and streamlined. When talent management is approached in this manner, the organization is better poised to find and groom the best possible talent it needs to build its future.

The purpose of this article is to highlight the benefits of aligning talent management to the business plan and approach talent management from an integration perspective.

The key benefits of strategic talent management are that it:

1.    Provides More Flexibility Competencies are a common language across the board in talent management. Learning and Development will use similar competencies as Recruitment and so the talent that will be hired and developed will be more adept at facing the challenges of the organization than talent that has been trained in a more ad hoc manner.

Aligned talent management provides flexibility for organizational growth providing us with the talent with the right set of skills and competencies needed to move us in the right direction.

2.    Helps in Improving the Recruiting Function Effective talent management helps in tracking the quality of talent by using specific qualitative frameworks to align human capital investments with business strategy.

Through an integrated process of recruiting, assessment, evaluation, and hiring, talent management provides a more complete picture of your organization’s staffing situation at any given time.

3.    Complements Orientation in a Big Way Strategic talent management, offers a more robust onboarding process than just an orientation program. The idea is to acclimatize the new hire to the culture, the people, and methods used within the organization so that the employee can come up to speed quickly not only with respect to the job itself but also with respect to the organization.

4.    Provides a Better Job Fit to the Candidate Given the pool of information available about the skills available and the organization’s needs, strategic talent management can help match the most suitable employee to the job opening. The data on skills can also help open up a course of action for development, improvement, or reassignment.

5.    Makes Performance Management More Relevant Strategic talent management links with performance management to provide a clear view of goals and what works at both the organizational and individual levels. By using the business plan, the organization establishes processes to measure and manage employees.

6.    Results in a More Proactive Approach Towards Career Development  By identifying future career paths, skill sets, development plans and training needed to advance in their careers strategic talent management takes employee development to the next level. The proactive approach looks ahead into the changing landscape and works much better than staying stuck on what worked in the past.

7.    Identifies Potential Successors through Structured Succession Planning  Strategic talent management identifies potential successors for critical positions and provides them with the development needed to advance into leadership roles.

As the organization evolves and changes, there is a continuous need to move people into new positions. Succession planning enables managers and individuals identify the right candidates for a position. This function must be aligned with the business plan to understand and meet requirements for key positions 3-5 years out. While this is often a process reserved for managers and executives, it is more commonly applied across the organization.

8.    Builds Commitment through Long-term Employee Development Aligning talent management with business strategy, will require an ongoing process for employee development throughout their lifetime. This helps the employee’s personal and professional growth and develops greater commitment towards the organization.

9. Impacts Business Results through a More Productive Workforce A more productive workforce can improve business results through outcomes such as faster turnaround times, greater revenue per employee, and lower voluntary turnover.

Strategic talent management is a long and intensive process which takes time to implement. By aligning talent management to the business plan and seeing the positive results of this exercise, strategic talent management professionals will be able to make a major contribution towards the growth of their organizations.

About the author: 

Nancy Zentis, Ph.D  -CEO, Institute of Organization Development, has over 30 years experience in Organization Development, Human Resource Development, Talent Management and Organization Development. She can be reached at [email protected]

Additional Information

IOD offers a certification program in talent management called Talent Management Certified Professional (TMCP) Program.

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