TALENT MANAGEMENT: A KEY COMPONENT TO BUSINESS SUCCESS

Skilled, talented, dedicated and committed workforce is an important asset of any organization. The success of the organization depends on the knowledge, skill and attitudes(KSA) of the employees involved in the organization. ‘Talent’ means ‘something which is inborn in you’. Talent should be nurtured and developed in a bid to make the staff/employees matured one. Here lies the importance of ‘Talent Management’. ‘Talent Management’ is also known as ‘Human Capital Management (HCM)’. It is usually associated with competency–based management. McKinsey & Company first used the term in a study of labour markets in 1997. The real development of management talent started in the ear ly 1990’s. Management of talent is really about the internal development of human capital, yet, majority of vacancies in corporations now are filled up from outside. It is an important aspect of managing a successful business. Talent management is the systematic attraction, identification, development, engagement, retention and deployment of those individuals who are of particular value to an organization, either in view of their high potential for the future or because they are fulfilling business or operation-critical roles. In a knowledge and skilled-based economy, the most competitive and effective organizations are those with employees who are motivated, well -trained and highly skilled – the talent of the organization. So it may be said that high -performance workforce helps the organization reach the pinnacle of the success. In this paper, an attempt has been made to elucidate the important aspects of “Talent Management”.