Understanding the Anatomy of Talent Management

Abstract

Global economic fluctuations had a major impact on the business worldwide and Indian organizations are not an exception for this phenomenon. This has hit the bottom line of the business, increase in operational costs, and decrease in revenue. As a result, the top management is forced to redesign compensation policies of the organization to retain the talented employees, who can take care of the business in the aforesaid circumstances. The growing size of the organization has further escalated the demand for skilled workers. This has made Talent Management a central activity for all the HR professionals. Talent management is all about policies and practices which takes care of employees and organizational needs in symbiosis, resulting in achievement of both short and long term success. Today's challenging business environment has made it clear to corporate leaders that talent management is imperative to organizational effectiveness, which is nothing but an outcome of skills and personalities of the employees. Easier said than done, Talent Management is a crucial and difficult task for the top management as well as Human Resource professionals. This paper discusses about organizations and talks about their strategy of managing talent pool.