Talent retention is identified as the second biggest HR challenge to critically meet the business demands beyond tomorrow. Organizations can use a combination of four strategies viz., pay, benefits, learning and development, and work environment to create and retain a pool of talented employees. Successful companies assign the same importance to employer branding as they give to product branding which help them become an employer of choice. They constantly invent new ways of talent retention to change the face of talent management.

Now, more than ever in the history of business, it is imperative for the organizations to manage people well. The shift from the industrial age to the knowledge worker's age is sweeping the country, in fact the whole world. In today's information economy, people's knowledge, skills and relationships are an organization's biggest asset and main source of competitive advantage. People related costs have risen to more than two thirds of organizational spending. Increasingly, talent attraction and retention is viewed as a significant driver of shareholder value and bottom line results.

Hewitt Best Employers in Asia 2005 study clearly shows that best employers record over 60% higher revenue growth, 30% higher growth in revenue per employee and half the recruitment costs of the rest. AK Balyan, HR Executive Director of ONGC Ltd., describes one of his most important tasks as a "fight to end the flight of talented professionals" from his organization.

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