At the outset, let us embark on an attempt to define ‘talent’. Talent may be defined as the inherent ability of an individual to do a particular task in a particular way. Talent has a connotation of distinction. It is something that sets one apart. The point to be underscored here is that talent is a commodity in short supply and comes at a price. Since it is a scarce resource, it needs to be optimally managed. Organizations across the world are now thinking of including talent management in the gamut of management processes and functions. But what is talent management? Talent management incorporates attracting, retaining and developing the talent pool available to an organization in association with the other functions of management, so that the organization is never rendered bereft of expertise. Education
Talent management is a systematic process of identifying, assessing, developing and retaining people with critical knowledge, skills and competencies. Competence, capability and talents are human assets of organizations. At the workplace, capability could mean member’s readiness to seek, undertake and carry out challenging work assignments. It is grounded in self-efficacy and other self-related phenomena (Mehta 1999). Talent management systems provide an organization with the vehicle of attracting and retaining the right skills at the right time in the right jobs.