This article aims at providing a pragmatic framework for efficient talent management program by effective use of knowledge management. It emphasizes on the innovative strategies used in the fields of HRM and knowledge transfer to build an effective talent management program which is essential for competitive advantage. Knowledge management generates knowledge from outside sources, organizes this knowledge on the basis of values and practices of the organization and shares it with employees to develop talent.

With the increase in competition, rising growth and competencies, talent acquisition and management of talent has become one of the prime concerns of any company. Companies are spending huge amounts of money to ensure that they get the best people to work for them. The 20^th century changed the whole concept of talent identification and development. On the other side, one of the important areas in the industry right now is that of knowledge management, driven by tremendous pressures for service quality, speed to market and innovation, and the availability of a new generation of exciting information management tools. Companies are employing new technologies to leverage the intellectual assets of knowledge workers. Organizations hire talented employees with useful skills and knowledge for achieving sustainable competitive advantage. Employees' talents and their capabilities are the most important value-creating assets in the new economy. The development of sustainable competitive advantage through knowledge workers and retaining the current talent is a vital management function. In a global marketplace, successful companies nowadays focus on talent management programs through knowledge building programs. Many factors are responsible for building an effective talent management program Knowledge Management (KM) is one among them. Trust, relationships, culture and communication are the foundation for talent management programs. This article presents a framework for successful talent management programs, through knowledge management process, for gaining competitive advantage in a challenging economy.

Knowledge is a very important resource for preserving valuable heritage, learning new things, solving problems, creating core competencies and initiating new situations for both individual and organizations now and in the future. As a management discipline, the field of knowledge management addresses human capital needs, policies, procedures, technology, incentives and organizational culture. The popularity of KM has increased rapidly, particularly since 1995 and it has become a central topic of management philosophy as well as a management tool. There is no one simple definition of KM. One reason for this lack of agreement stems from the fact that people working in the KM field come from a wide range of disciplines, such as psychology, management science, organizational science, sociology, strategy, computer sciences, production engineering and so on. In most cases, the term is used to refer to a broad collection of organizational practices and approaches related to generating, capturing and disseminating knowledge relevant to the organization's business (World Bank, 1998).

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