Talent Management – An Effective Tool to Attract and Retain the Best Employees

The goal of every organization must be to improve workforce efficiency and effectiveness to drive overall business performance, regardless of the ever changing economic environment. Hiring, developing, engaging, and retaining high performing talented workforce is the key to achieve this goal. Attracting and retaining the most talented employees with talent management strategies will save organization’s time, money and resources. Organizations must understand the current complement of skills and competencies internally as well as local, national and international workforce externally. The impact of organizational brain drain and the fear of a global talent shortage due to increasing opportunities and aging population particularly in developed  economies has forced organizations to focus on searching, identifying, hiring, developing and retaining qualified talented employee. Talent acquisition is the ability of an organization to attract and hire key talent. This is not an easy job. After getting talented people on board, HR Managers are faced with the challenge of retaining them in the organization. High mobility of workforce due to change in organizational and personal outlook, increased opportunities, higher expectations and less commitment coupled with poaching by the competitors makes a Herculean task for every organization to retain talent. This paper tries to explore talent management strategies and solutions that would help companies succeed. The paper seeks to provide some conceptual framework on the issues and challenges of talent management and explores various researches and studies undertaken in this field with an aim to address key challenges in talent management in the present scenario & make concrete suggestions to convert these challenges into opportunities.