Talent Management is a set of integrated organizational HR processes which is designed to attract, develop, motivate, and retain productive, engaged employees.
The goal of talent management is to create a high-performer human resource and effectively use the talent of these human resources to meet the strategic and operational goals and objectives of the organization.
It is usually a competency-based approach to managing human capital in an organization. It includes integrated systems, strategy alignment with business goals, and measuring success in terms of business outcomes.
In this competitive scenario, Talent management is the most emerging as well as the most challenging job for HR. The success of any organisation is highly dependent upon the best human resource and it is possible only through the talent management. Retention of high-quality talent is a global issue that has an impact on every size of the company and in every industry. The certain things that should be given focus upon are given below:
· How to recruit effectively.
· How to identify them from within.
· How to cultivate and nurture them.
· How to motivate and retain them.
· How they can be best leveraged.
The concept of talent management emerged after McKinsey & Company in 1997 created the now legendary catchphrase “War for Talent” to describe the contemporary business world as permeated by the scarcity of talent and the struggle of the firms to attract and retain human capital – their most important asset; so, we can say that human resource is the asset of every organisation and to manage the talent of these human resources is a tedious task for the organisations.