One of the initial issues highlighted within talent management literature is the distinct absence of a generally accepted definition. David G collings and Kamel Mellahi (Startegic Talent management: A Review and Research Agenda) and M.Dhanabhakyam and K.Kokilambal (A Study on Existing Talent Management Practices And Its Benefits Across Industries) in their research highlighted that there is no specific definition of the word ‘Talent Management’ because of which it is not clear to researchers and practitioners and they define it according to their requirements. They explained the two major reasons for lacking clear definition and its underdevelopment which focuses on growing popularity of Talent Management and lack of theoretical development due to this its scholarly work and practicality have been limited. Vijay Kumar Thota in their study ‘Effective Talent Management Practices: A Strategy for Organizational Success’ guides us through the history of evolution of talent management and its definition. He described talent management as ‘ ‘a deliberate and on-going process that systematically identifies, assumes, develops and retains talent to meet current and future business needs and objectives.’ Richard S.Wellins , Audrey B.Smith and Scott Erker ( White Paper-Nine Best Practices For Talent Management) explains what drives emphasis on talent management. According to the Development Dimensions International (DDI, MNVI) driving forces are:
‘ Talent as source of value creation
‘ Business is becoming difficult and changing
‘ Financial Markets and Employees changing expectations
‘ Workforce demographics
On the other hand Vijay Kumar Thota And Richard S.Wellins , Audrey B.Smith and Scott Erker in their studies enlightens us on the best talent management practices which should be followed by the organizations. It sheds light on 6 of the best practices’
1. Talent management strategies must be aligned with business strategies to achieve goal better.
2. It is all about placing the right person on the right job on the right time.
3. There should not be any democracy and job stretch and mobility.
4. Organizations should know what they are looking for and mentoring should be done accordingly.
5. It is more about multiplicity of talents and personalities.
6. Performance, readiness and potential are not same.
Vijay Kumar Thota also focuses on need and importance of talent management and features of talent management strategy-
1. Recruiting the right people
2. Corporate strategy alignment
3. Focus on talent management loop
4. Proper implementation of talent management strategy
An Oracle White Paper June 2012 (The Future of Talent Management: Underlying Drivers Of Change) describes the talent management practices will largely be driven by three important factors which will influence the working of the people and the way talent will be managed so that company is organized effectively. This paper describes the effective delivery of business values in the next 10 years and how technology will be evolved for better talent management processes. It will be important to understand the imbalances of talent management implications to develop a better view of emerging trends.hte three major factors are-
1. ECONOMIC FACTORS:
‘ Unemployment and gaps in skills
‘ Economy knowledge
2. DEMOGRPHIC FACTORS:
‘ Diversity at workplace
‘ Lifespan will be longer
3. TECHNOLOGY FACTORS: