Review of Talent Management and Its Relevance to Firms Today

In todays business environment, stiff competition has urged companies to compete with creativity and innovation in order to define and achieve the organization goals, objectives and strategies. Currently, organizations strive to attain efficiency, effectiveness and total quality in its operational processes that can be addressed through successful management, retention and utilization of the best talents that are available in the marketplace. Getting the right people with the job in the right place and the right time is very important as an ingredient to organizational success and performance through conducting survey of the labor market. Results from critical evaluation of the literatures suggest that talent management proved to be a source of competitive advantage, leaders and managers are instrumental in promoting talent management and views talent management as maximizing the talents potential for effective functioning of the organization as well as its human resource department. The active role of talent management practitioners are essential in understanding the needs, aspirations and employee concerns, motivation and development of talented employees, embed positive corporate culture, and introduce programs that reflect and support the core values of the organization and its employees. Lastly, the human resource department has vital role to play in assuring that there is supply sufficiency of the talents in the workforce who possess the qualities and requirements for effective talent management. And, management should make sure that talent management is aligned with human resource practices, corporate strategy and organizational goals and objectives.