A new buzzword which is gaining a lot of steam in the world of HR is Talent Management. As the definition goes, it is a set of integrated organizational HR processes designed to attract, develop, motivate, and retain valuable employees. The goal of talent management is to create a high-performance sustainable organization that meets the strategic and operational goals set for it.
Now that we are acquainted with the term “Talent management”, let’s look into why it is relevant in the current business scenario of India. In light of the present industrial upturn in our country, there is expected to be a strong growth in the demand of skilled and talented employees, especially at the middle-management level. No wonder progressive organizations like Inmobi, Flipkart and others have been devising ingenious policies to retain their best employees. In a globalized world, where nothing is too far and where technology has made it possible to be anywhere at anytime, resources and technology are no more the differentiating factors. What makes an organization stand out is its human capital. The challenge however is hiring, developing and retaining the best employees for your organization. This is where Talent Management comes into play.
There is no single way to manage a company’s human capital, and HR managers are left to innovate and explore methods to attain and retain the best of the lot. The issue of managing talent also brings in the debate of ‘build vs. buy’. Also, there are a few primary factors which have to be taken into account while devising a HR strategy. A holistic approach to talent management should focus on discovering and drawing in the best talent in the business sector with a predominant acquisition toolbox i.e. talent sourcing, employer branding, headhunting, talent pools, referrals and so forth. On the other side, it also needs a talent strategy centered around training and advancement to prepare, mentor and coach existing employees. As a general thumb rule, both strategies need to go together. You can’t have one without the other. If you are able to attract good talent and yet can’t hold them, all the effort put into recruiting them will become wasteful. Furthermore, if you spend a considerable amount of financial resources on training and development and yet are not able to retain the right talent, your talent management system will do you no good.
LIFE @ IMI 
A really interesting article, especially from an HR perspective which is often seen as the traditional function and talent management is a strategy to recruit, training, and retain great employees. An organization comprises all of the work processes that are related to retaining and developing a superior workforce. Thanks for sharing…