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As far as Talent Management and Succession Planning both are part of Human Resources Management!
Talent Management is a set of integrated organizational HR processes designed to attract, develop, motivate, and retain productive, engaged employees. The goal of talent management is to create a high-performance, sustainable organization that meets its strategic and operational goals and objectives.
Succession planning is to provide a long-term competitive advantage for organization. The key is investing the proper amount of time and attention to ensure that pivotal talent is identified and nurtured.
Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the organization.
Therefore, where does the cost come into picture if you have proper functional HR department? The cost only in occurs when you don’t have proper HR department. I hope that I have answered your question!
