How do organizations go beyond tactical assessments by managers in identifying and nurturing talent? Could you share innovative approaches or tools that have proven effective in enhancing talent management practices within your teams?

Great question! Indeed in many organizations talents are being assessed primarily by their line managers, which has a lot of drawbacks - biased, lack of wider view and knowledge, etc. 

An easiest approach is to include HR person and more senior person from the business (team) in the talent review meetings - the HR acts as facilitator and challenge the assessment. Also has a wider view on the organization (so does the Sr person) and can calibrate the review. 
HR generally has a pivotal role in explaining the philosophy, approach and  importance of the TRs.,  providing also the right tools for the talent development, so should be viewed and a trusted advisor. 

You can also have assessment/ development centers for your talents. Based on the outcome - work with the strengths and gaps that have been identified - build L&D plan, including formal trainings, mentorship, coaching programs (for more senior level), job swaps, projects. 

Smth that I truly believe in, is to use person's strengths to address certain business goals or challenges, rather that spend too much time and effort on the skills gaps. Of course it;s all driven by the business goals, vision and strategy and how how people can contribute to it.

Peer review performance and potential - don't rely on the managers (often myopic/narrow) view.

Ask different questions - talent is different in different circumstances - 'We've got this business problem, who do you recommend to help us fix it?'.  Then you can test that talent as well.

Also try to get away from this idea that someone either is or is not talent.  Everyone has strengths.  Talent in EQ might be great in one area but not in another, same as technical talent, inspirational talent, ............

Development for all, coaching for top talent, track internal fill rates.

Cultivating and harnessing talent is a crucial facet within any organization and should not solely rest on the shoulders of managers. While managers play a pivotal role in facilitating the process through performance reviews, IDP discussions, competency ratings, skill gap analysis, and more, the overarching empowerment of talent with appropriate skilling and development opportunities is a cornerstone for progressive organizations. This approach not only serves as a vital measure for employee retention but also contributes significantly to fostering a culture that makes the workplace an exemplary environment.

Talent management practices that have delivered substantial value in our organization includes: allocating dedicated time for learning, incorporating specific learning and knowledge management goals into the annual performance review process, establishing mentoring frameworks tailored to specific roles, creating forums that encourage the sharing of failures to promote a culture of learning from mistakes, implementing internal job postings to mobilize internal talent, and fostering a strong employer brand by embedding values into the fabric of organizational life. Also, providing opportunities for employees to exemplify these values in their daily responsibilities adds another layer to the cultivation of a positive workplace culture.

In a few organisations now, I have put talent through development centres (rather than 'assessment' centres) to identify their strengths and development needs. The output is used to create a development plan. Ideally their leaders are involved in the feedback, so they can support developmental activities. Talent tend to be nominated on whatever criteria is in place.