Change is the only static forces in the new millennium. The present eon is characterized by dynamism which is creating flow in the business dome. The resultant aspect is intensifying competition which is leading to the “Survival of the fittest” pattern. Organizations are struggling and have woken up to the fact that to turn into the global leaders, talented employees are the key. Talent Management has become one of the buzzword in Corporate HR today. Organizations know that they must have the best talent in order to succeed in the competitive and increasingly convoluted global economy. There is a general understanding that globalization, the expansion of knowledge economies, and the emergence of the BRIC countries (Brazil, Russia, India and China) as economic power houses, are facing to a shortage of managerial talent. Recruiting and, perhaps more importantly, retaining the best talent therefore assumed to be tough than in the past. The individuals who are technically literate, globally astute, and operationally responsive will be most important corporate resource over the next 20 years.
Talent management is important to India, because of escalating need for talent in the present and future scenario. In this HR managers are required to identify the talent gap and forecast talent shortfalls and focus organizational plans and initiatives on enhancing the availability of desirable talent. India is still on the pathway to achieving a developed status and lack of talent can make this dream unworkable. Since India is an emerging economy with thrust on strong and continuous economic growth, there has been a rise in outsourcing and off shoring to India which has led to a competitive job market demanding individuals who are multitaskers and possess core competencies.
Corporate are fighting for grabbing talent, because turnover is high, and people in Indian companies are more willing to move in search for greener pastures. Repositioning is the accent of the new millennium and talented employees are quite prepared to leave a company to bump up their salaries. This has led to a war for talent amongst competitors who are fighting to beguile employees away from each other by offering better compensation. The explosive combination of ballooning salaries and rising attrition signals a tense market for talent that could constrain India’s growth in the future. The various sectors in India have been developing some of the best talent management practices in the world.
Thus, the future belongs to companies which can incorporate and follow talentship as a regime. In this era of dynamism, it is talent only that can bridge the gap and escort an organization towards success. This is what makes talent management a vital area towards the organizational success.