Traditionally, organizational growth was driven by hiring more people. However, today's economic environment requires an increase in the productivity of existing workers before a new headcount is considered. This article intends to highlight the inevitable need for talent management in the present day business environment, and identify the talent challenges that exist today for organizations which are contemplating the use of talent management as a key strategic advantage. This article is an attempt to understand all such complexities and challenges of talent management that need to be faced by companies to build a solid foundation for the future.

In this era of increasing complexities and cut-throat competition, people are the last weapon for gaining competitive advantage. Regardless of the industry, company or country that one is working in, there is always a battle ready competitor trying to beat at the slightest opportunity available. Out of the four M's that make up an organization (Money, Machine, Material and Men), it is only the fourth M i.e., `Men' that cannot be replicated and can be taken as a lasting weapon of competitive advantage.

Talent in today's world is hard to locate. It is sometimes hidden or overridden by daily pressures of doing business. However, it is highly important that this talent is uncovered and utilized to full potential. According to an yearlong study conducted recently by a major Global consultancy (a study involving 77 companies and almost 6,000 managers and executives), "the most important corporate resource over the next 20 years would be talent: smart, sophisticated businesspeople who are technologically literate, globally astute and operationally agile." However, in the modern era, the delicate balance of demand vs. supply conspicuously swings towards the demand side, leaving the companies to always be on the lookout for those rare diamonds from amongst the pile of stones.

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