An Insights on Talent Management and Its Prospects

Abstract

Managing talent in a worldwide organization is more multifaceted and challenging than it is in a national business — and few major international corporations have risen to the challenge. The existing business and economic situation is exposing a host of weaknesses in the talent management practices of many organizations, as well as the lack of a comprehensive understanding of skills, capabilities, key workforces and top talent. Today, every organization needs talented persons in different levels to boost the competency of the company. In this globalize age talented personals are having demand and are offered good remuneration. For discharging specific tasks talented and work ethic specialists are needed. Talent management is the science to improve business worth and to make it possible for organizations to reach their goals and objectives. Everything done to recruit, retain, develop, reward and make people perform forms an important part of talent management as well as strategic workforce planning. The main purpose of the paper is to determine the Talent management strategies, its best practices, current trends and its application for achieving organizational competitive excellence in changing work environment.

Keywords: Talent, Management, Organizations, Performance, Talent Management

JEL Classification: A00, A10, A20, I20, I30, M00, M12