TALENT MANAGEMENT PRACTICES IN THE INDIAN BANKING SECTOR: A STEP TOWARDS THE GROWTH OF INDIAN ECONOMY
Talent Management within organization is a human resource strategy that seeks to identify, develop, motivate, reward and retain talented and potential employees. Finding and managing talent has become one of the most important and powerful buzzwords in corporate HR and Training today. Now Talent is harder to find and it becomes easier to waste and lose. The organization's ability to consistently seek, attract, utilize and keep talent will provide a source of competitive advantage. Talent contributes a lot to the performance of the organization and its management has a direct impact on the sustainability and growth of the overall business. Talent management is a 'forward looking' function. Talent management improves the organization's flexibility and performance. It also provides the needed information and tools like workforce planning, recruitment, strategic plan and goal alignment, leadership development, recognition programs, diversity and inclusion, retention etc. which ultimately give rise to developing suitable plans for business growth, change, acquisitions, new product and service initiatives. The goal of talent management is to create a high performance sustainable organization that meets its strategic and operational goals and objectives. Further, rewards, recognitions, training, development and performance appraisal are considered as the most effective talent management practices followed by the organizations.