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Despite the fact that Human Resources has faced radical change in the face of growing technology, spread of the World Wide Web and outsourcing, the core responsibility of HR remains the same. They need to hire people for companies. But today, it is a competitive world out there and it is not just about hiring professionals. It is about hiring good professionals who are synonymous with the word "Talent". This means that the HR needs to identify and hire talents which can help the companies to achieve their goals. Things just do not end up with hiring. There is more to it. The phase of hiring talents is followed by the phase of talent retention and that is where talent management comes in.

Once people are hired, the phase of identifying the special skills of various employees and then coordinating them and managing them within an organization. Talent management is not easy. There are different things to follow and different strategies to develop. Talent management differs from one company to the other but the overall concept remains the same. That is none other than retain the talents, nurture them, develop them so that the productivity increases and the company as a whole benefits from the same. Let us take a look at the different aspects of talent management which are more or less common for every organization:

Identification: Different employees will have different skills and talents. Some may be creative, some may have good leadership skills, some will have better planning skills, and some will have good analysis skills and so on. The company will have to identity each type of talent and relate the same to the actual goal of the company. If a talent fits in and can help in the development of the company and help the company to achieve the goals, the management will have to ensure that the talent is used in a proper way and that the talent is introduced in the proper team.

Motivation: The employees need some motivation to continue working with the company. The management needs to ensure that the talent is motivated at personal and emotional level so that the talent feels to be a part of the team and that the talent can feel that he or she is important, needed and worthy. There are various methods of motivation and that may include salary, development and scope of growth and more.

Performance Management: The company needs to find out how the talents are performing and this performance analysis is generally discussed with the individual to show them what they have achieved and what are the areas they need to develop. Just pointing out the area of development is not enough. The company will also have to make sure that proper training, learning process and development plans a set in motion to help the talents polish their skills and increase their productivity.

All these factors together ensure that the talents are retained in the company because it talents are retained the costs for a company goes down on one hand and profits go up on the other hand.