EFFECTIVE TALENT MANAGEMENT AS AN ORGANIZATIONAL TOOL TO GAIN COMPETITIVE ADVANTAGE

Every organization wants to get success in the competitive environment. One of the sources of getting success is to hire, develop and retain talented people. Though, the population is increasing day by day, the skilled manpower is scarce, as there is a significant gap between demand and supply of the skilled manpower. Talent management has become so important because it relates to all the aspects of an “employee’s life cycle”, i.e. selection, development, succession and performance management. Not only accurate hiring and promotion decisions but also enhancing the performance of the current positions to make them ready for the transition to the next level is the essence of talent management. Better business performance depends upon better talent. According to the 2006 research study from McBaasi and Co., two common business goals that are at the top of mind for today’s senior leadership viz. higher stock market returns and better safety records can be achieved through the high scores in the five categories of human capital management (leadership practices, employee engagement, knowledge accountability, workforce organization, and learning capacity).