I believe the real loss between advantage and failure in a corporation can be very often traced to the question of how well the composition brings a focusing the great energies and talentss of its people. (Thomas J. Watson-Jr., 1963)
As aptly put across above, indeed, all(prenominal) organization, big or small, strives for the right people who are subservient in determining the outcome of the battle, making a difference to the bottom lines. In fact, according to a Mckinsley Quarterly business relationship survey, the sole single biggest aim for all the managers of organizations for the next atomic number 23 years is finding talented employees (Guthridge and Lawson, 2008).
There is a spirit that following the globalisation and as the developing countries are rise with time in terms of their knowledge economy, there has been an increase demand for the altitude talent in each union as they strive to reach financial growth, the supply for these top talents has been less. Since the demand is more(prenominal), the competition between companies too is increasing as they struggle to recruit and retain these top talents. It is also value noticing that todays generation has different expectations and they are more flexible in moving from one company to another.
increase their pay package is no longer the only way to retain them (Jackie Ford, Nancy Harding & Dimi Stoyanova, 2010).
Talent management requires the organizations to adopt a strategic approach which is initiated by talent plan (Pilbeam & Corbridge, 2010). The terms talent management, succession management, and human resource planning have the same meaning and all of them revolve nigh the same concept (Lewis & Heckman, 2006).
Chartered Institute of Personnel and victimisation (CIPD) defines talent management as the systematic attraction, identification, development, engagement/ keeping and deployment of those individuals with high potential who are of particular value to the organization.
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