In an increasingly competitive global market, companies have to differentiate themselves on one common success factor, i.e., talent management. Nevertheless, in many instances, this is often overlooked and neglected. Any company's growth and success depends on its ability to efficiently manage and develop its workforce. Therefore, talent management is an integral part and allows companies to translate high performance employees into increased profits. Besides, it also prevents the effects of external talent shortages and guides corporate strategies to future growth. A strategic approach to talent management can therefore provide a host of tangible benefits to organizations.
During the end of 1990s, talent management debate began when McKinsey, a leading management consulting firm produced a report titled, `The War for Talent' highlighting the importance of a talent mindset. Then onwards, the concept of talent management has evolved into a common and essential management practice today. Many organizations are pursing talent management as a strategic approach and it emerged as one of the key priorities for CEOs. Companies excel when they empower their people to drive the business forward. Of late, managing talent became an important differentiator and unique selling point within the global market place.
Talent is nothing but those individuals who can make a difference to organizational performance by demonstrating the highest levels of potential over a period of time. As defined by The Chartered Institute of Personnel and Development (CIPD), "Talent management is the systematic attraction, identification, development, engagement/retention and deployment of those individuals with high potential who are of particular value to an organization." This definition highlights the importance of talent management which is not just attracting individuals with high potential, but as a part organizational planned strategy, developing, managing and retaining those individuals for talent is equally important.
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