Talent Management: Necessity, Challenges and the Role of HRD | Original Article

ABSTRACT:

In today’s ever-changing corporate world, organizations are looking to add new competence and skills to their core businesses. In order to achieve their organizational goals and performance, companies need to consider the human capital practices, and adopt a proactive approach to talent management. Considering the cut-throat competition, only those organizations can survive which has the ability to manage their people effectively and efficiently. Talent management has become one of the most important buzzword among the practitioners. A high performance workplace exists when everyone in the organization shares the same vision and values each other's contributions. Organizations’ success depends upon the commitment and performance of employees. Every organization has talent in form of human capital which must be developed and groomed constantly. Development of talent enables both job enrichment and job enlargement. Talent management strategies primarily include attracting, hiring, assessing, developing, rewarding and retaining talent, on the whole. Various organizations adopt different approaches towards managing talent. The literature review proved that business strategies play key role to achieve organizational performance in line with talent management strategies. Such understanding is relevant for researchers and practitioners to furthering the work in this domain.