Talent Management, it would be apt to understand the word Talent.

Talent in general terms refers to the capabilities, skills or the art, a person possess in a particular field. It also refers to those people who have high potential, scarce knowledge and skill or who can successfully bring about transformation and change in the organization. Such individuals are usually sought after in the market and their contributions to the business add direct value to its strategic or competitive positioning. Coming to the word Talent Management in an Organisation, it refers to those special steps an organization adopts to recruit, develop and retain its pool of top talent. The steps adopted should normally be creative and should not project bureaucracy. Talent Management also denotes a deliberate approach taken up by an organization to attract, develop and retain people with the aptitude and abilities to meet not only the current requirements but also future organizational needs. In todays talent-hungry market scenario, one of the greatest challenges that organizations are facing is to successfully attract, assess, train and retain talented employees. Talent Management encompasses in itself the entire process of Planning, Recruiting, Developing, Managing, and Compensating employees throughout the organization. Organizations have realized the need for talent management and are now focusing to develop and retain the existing talent in their organization rather than trying to acquire a new talent because the cost of identifying, developing and retaining the talent internally is more cost effective instead of replacing the talent which is lost from external market. Though it may appear initially that in the process of retaining talent, we are spending more in terms of increased wages, rewards and recognition, when we practically analyze, the cost of acquiring a new talent is higher. Apart from higher cost of acquiring the new talent it has to additionally face the initial hiccups of this new employee getting along with the organizational goals and strategies Scope of Talent Management: In the recent days, the HR Department of any organisation is vested with the responsibility of managing the Talent in addition to its conventional function of providing good human capital to an organization. In order to perform this function, they use the following methods viz., 1. Identifying the Talent which is required.2. Right Selection of the Talent.3. Implementing competitive compensation plans.4. Training and continual development of Competencies.5. Practicing state-of-theart performance appraisal systems.6. Aligning the acquired Talent 7. Developing and nurturing the Talent, and.8. Retaining the Talent The scope of TalentManagement is quite wide and adopts an integrative approach to the functions mentioned above. The purpose is to have a synergistic effect between the various activities so as to ensure a maxi-maxi effect. Process of Talent Management: The HR managers today are required to identify the talent gap and forecast the shortfalls in advance based on their experience and based on the changes taking place in the organization. They have to focus their plans and initiatives to help improve the availability of needed talent and knowledge. Recent surveys indicate that more than 62% HR managements are worried about the shortages of Talent company -wide. HR Manager should keep in mind the following factors which are responsible for employees to change jobs frequently. 1. Rapid changes in the world economy.2. Strong and continuous economic growth.3. Globalization making easy the business boundaries 4. Most competitive job market.5. New competency requirements.6. Rise in the outsourcing and off shoring.7. Unexpected economic melt down and recession.8. Cascading effect of the above factors on employment potential resulting in wage cuts, lay offs, pink slips etc.

Consequences of failure in Managing Talent: Organizations have to face the following problems, if they fail to manage talent. a. Loss of key leaders sometimes not finding even an approximate replacement b. Repeated turnover of key persons from an organization will affect the very Work culture within the organization. c. Poor performance affecting targets and productivity. d. Financial crisis Tools for Managing Talent: In this process, the HR Manager has to execute 2 types of functions 1. To find leaders who will take the organization from where it is today to the next step forward In other words, to commanding heights of excellence.2. To put in place the existing staff in such activities which helps in retaining and developing them. Keeping in view the budgetary constraints and the organization size where he had to manage, few of the following tools can be used in retaining talent. 1. Timely performance appraisals with suitable rewards and recognitions.2. Creating an environment for staff to pursue higher education. 3. Mentoring of staff in some special and important cases in terms of attitudes, outlook, mindset etc.,4. Providing On the- job training for certain categories of employees, organize development programs for executives in-house or sponsor and encourage staff to attend workshops and seminars.5. Implement job rotation and job enrichment wherever possible, so that staff can become experts in multi tasking and assume higher responsibilities. Finally to conclude the future of organizations depends on how the whole organization, and not just HR anticipates and reacts to changes in this era of talent shortages. They have a long way to go to lead organizations implement far reaching changes and bringing about transformation among the members of the organization. Talent Management is a continuous process.