This paper endeavours to extend existing theories on talent and knowledge management by applying theoretical concepts on real management of organisations. The examination of different definitions of talent management and knowledge management is crucial for capturing their practical impact on central human resource development practices such as education, training, and development. The main aim of the paper is to identify key factors that describe the main approaches to talent management (TM) and ensuring knowledge continuity (EKC), based on analysis of current approaches of organisations in the Czech and Slovak Republics. The results reveal three possible approaches to employees and organisational development. The first type of organisation develops employees within their own organisational rules, the second type of organisation does not support development of employees in any way, and the third type of organisation does not affect employees’ development but the employees develop themselves - these can be characterized as ‘knowledge employees’. The paper identifies the practical benefits for organisations resulting from talent management and ensuring knowledge continuity. Knowledge continuity and its development guarantee that knowledge is retained within an organisation. Knowledge needs to be transferred to relevant successors who can participate in a talent management programme.