Talent Management 

Talented people  possesses special gifts ,abilities and aptitude’s which enable them to perform effectively. As defined by the CIPD  (2007f) , “Talent consists of those individuals who can makes a difference to a organization performance ,either through their immediate contribution or in the longer term by demonstrating the highest level of potential .Talent management is the process of identifying ,developing ,recruiting ,retaining  and developing those talented people. The term ‘talent management’  may refer simply to management succession planning and management development activities ,although this notion does not really add anything to these familiar processes except  a new , although admittedly quite evocative ,name. It is better to regard talent management as a more of comprehensive and intergrated bundle of activities ,the aim of which is to secure the flow of talent in an organization,bearing in mind that talent is a major corporate resource.


Talent management is a systemic and bundle of HR policies and practices ( planing , forecasting ,attracting , selecting retaining ,reducing  and removing ,training  and developing , and evaluating ) which relates to the managing talents in order to confront global talent challengers of the firm . Organization know that they must have the best talent in order to succeed in the hyper -competitive and increasingly complex global economy along with understanding of the need to hire ,develop ,and retain talented people , talent is an increasingly scarce resource,so it must be managed to the fullest effect.

What’s driving the current emphasis on talent management. 

Organizations have been talking about the connection between great employees and superior organizational performance for decades. 

There are several drivers fueling this emphasis : 

1) There is a demonstrated relationship between better talent and better business performance. Increasingly ,organizations seek to quantify the return on their investment in talent .The result is a  body of “proof “ that paints a compelling picture of the impact latent has in  business performance.

A 2007 study from Hackett group found companies that excel at managing talent post earning that are 15 present higher than peers. For an average Fortune 500 company ,such an improvement in performance means hundred of millions dollars. 

A Study from IBM found public companies that are more effective at talent management had higher presentage of financial out performers than groups of similar sized companies with less effective talent management.

2) Talent  is a rapidly increasing source of value creation . The Financial value of companies often depends upon the quality of talent. In fact ,the Brookings institution found that in 1982 ,62 persent of an average company ‘s  value was attribute to its physical assets (patents ,intellectual properties ,brand ,an most of  all , people ) By 2003 ,these presentages nearly flip-flopped ,with 80 persent of the value attributable to intangible assets and 20 persenr to tangle assests.

3) Employess expectations are also changing.
This forces organizations to place a greater emphasis on talent management statergies and practices.

Employees today are :
Incresingly interested in having challenging and meaningful work.

More Loyal to the profession than to the organization.

Less accommodating of traditional structures and authority.

More concerned about the work -life balance.

Prepaired to take ownership of their careers and development.

Responding to these myriad challenges makes it difficult to capture both the “ hearts “ and “ minds “ of today’s work force. Yet ., it’s critical to do so .as  research from IBM and human capital institute highlights . Their July 2008 study showed that 56 persent of financial performers understand and address employee engagement .This is just one piece of a large body of evidence that illustrate how the cultures built within  organizations are crucial to attacrting and retaining key talent.

Conclusion 

Founder of Apple late Steve Jobs believes that most important  aspect of talent management is the recruitment and as per his version he instigate   that there is no nessercity to manage talent and believes  that great talents are managed by themselves but insertion of common vision is the most important element for the  sustainability of employees and company.  It is evident  that  identifiction /selection     talent is it self a managing talent as future of any organization depends on talented employees and managing them will be key for  the sustainability of organization.


References
CIPD (2006) Talenent management : understanding the dimensions ,CIPD, London CIPD (2007f ) Talent management fact sheet, CIPD ,London ,Armsrong , M (2012). Armsrong hand book of human resource practices Uk :Logan page ,intergrated talent management part 1 : Understandig the opportunities for success , (2008 July ) IBM institute of Business management.