Performance Management (PM) is about aligning an organisation’s resources, systems and assets to its strategic objectives and priorities, then managing the difference between the actual results and the desired results. It includes activities which ensure that goals or targets are consistently being met in an effective and efficient manner.
Essentially it enables you to effectively track, measure and improve things across your business. Talent Management is about planning for, understanding, and keeping talented people within your organisation in order to improve overall business value and success.
Talent management systems enable this by providing integrated HR functions and clear performance management so that talented people are compelled to stay.