Talent ! The word has great significance. Talent essentially means the skill or the ability someone possesses in order to perform certain task that are normally rather difficult to do. For instance in an IT firm, some employees could be exceptionally talented in programming, while HR people are expected to be talented and adept at dealing with and handling people issues. Talent thus refers to the proficiency and capability that one brings to the table. Every company relies on the human talent of its employees to go out and achieve the goals and targets of the organization. A company could have great vision, great products and machinery too, but if it lacks the talent to take the company to greater heights, its future would be bleak and very much in question. No one can really afford to let its talent walk out the door without putting up a valiant fight.

People are the greatest assets or the prime movers of any business. A company is only as good as its people and this is a realization that has dawned upon most employers. Now, the thing about talent is that while it is the single most important resource and asset that a company has, it is not only scarce but also quite transferable. This is exactly what is causing a phenomenon that is known as the war for talent, which is being waged severely by all companies around the world. Every time you have a ‘new kid on the block’, who is a new player in the already crowded markets, there is a rush to lure talent from the established players in order to start and ramp up operations of the new company. The war for talent is being fought day in and day out in the global market place. For managers and HR people, the enemy is out there in the big, bad world of corporate games and manoeuvres.

Every company wants to win the war for talent by creating a work place, which becomes the envy of the industry that it seeks to dominate. From stock options to expensive trips, from crèches for working mothers to work-life balance initiatives, companies have been using various strategies to keep the flock of their talented employees from the marauding advances of the competition. Corporate head honchos now have talent retention as one of their Key Result Areas (KRAs) which is essentially a recognition of the fact that winning the war for talent is not only important, but is absolutely essential and imperative for the company’s success.