For providing a congenial atmosphere at workplaces that enables equitable distribution of opportunities and facilitation of human talents in the required form and quantity, there is a need to achieve level playing field in the realm of "talent management". There is no doubt that with proper management, the latent talent of the employees can be tapped successfully. This helps organizations to reap a rich harvest even in critical times.

The fact that most Indian companies, in recent times, are caught in the trap of "knowledge hunt" in real terms implies a grand failure of strategies of Human Resources (HR) management and makes it imperative for self-introspection. This has been the case with many knowledge-centric firms aspiring for long-term dividends; in addition, these firms also face a threat from the "Multi National Enterprises"(MNEs) in the market competition. While looking at the emerging trends in the direction that enables the identification of potential issues for serious debate, the current policy framework, in which the domestic firms are operating, needs to be examined. The MNEs that hope to achieve a balance in the management of human resources need to observe certain modalities aimed at consolidating the knowledge-base of the organization. With further implications on the management of Indian firms, recent attempts made by some transnational corporations in IT segment towards channelizing human thoughts and actions for a more productive cause deserve applause. It is reported that Cisco is planning to invest $750 mn in India on Research and Development (R&D) over the next three years. Similarly, the John F Welch Technology Center in Bangalore is said to be the largest R&D unit established by GE across the world. Concern towards promoting the value of human element in an organization also impacts the pharma sector; this is testified by the 400 % growth in expenditure on R&D over the past four years. Besides, the evolving scenario in the realm of corporate governance also demands more focus on the effective utilization of available talents and energies so as to stake claim in the emerging "prosperity zones" across the world.

The saturation of Western markets and the growing awareness on Asia-Pacific countries too stipulate a new agenda of governance for the emerging corporates in terms of management of human resources. The "knowledge factor" displayed through human excellence has the capacity of tilting the scales of the game in favor of a strategic player. As such, the optimum utilization of creative spirits among employees occupied the prime attention of strategists and an attempt is made here to bring forth the methodologies to be adopted in the context of talent `acquisition' and `management'. Rather a kind of endorsement, if not justification, is required while framing the policy parameters to tap various forms of latent talent present among the rank and file of an organization.

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