Today Talent management is one of most important sub professions of the Human Resource department in any organization. In the global times of today it is vital for every company to be able to retain its quality work force over extended periods of time.
Talent Management encompasses in itself the entire process of Planning, Recruiting, Developing, Managing, and Compensating employees throughout the organisation.
Companies have realized the need for talent management and are now focusing to develop and retain the existing talent in their organization rather than trying to acquire a new one because the cost of identifying, developing and retaining the talent internally is more cost effective instead of replacing the talent which is lost from external market.