The global business environment where competition is intense and a large number of multinational organizations compete with each other for the same markets, it is important that organizations value their competitive resources and make try to differentiate themselves from competition (Sandler, 2006). In most cases, the concept of competitive advantage means having a resource that is valuable and unique and which the other organization cannot easily emulate, thus having the benefit over our competition. This resource could be in the form of access to the scarce raw materials, innovative operational processes or having unique competencies in market distribution systems.
However, more recently, human resources are too being recognized as a source of competitive advantage (Sullivan, 2004). Pre-established theories like organizational theory and agency theory help in reaching an understanding that human resources can provide a distinct and unique advantage to an organization, not only on the basis of their skills and abilities but also as a result of their commitment and engagement with their organizations (Romans, 2005). Worldwide surveys i. annual national surveys conducted by U. office of personnel management and other global organization like Deloitte and CIPD etc, have revealed that organizations that have satisfied and happy employees were able to be more effective and perform better on indices like sales, revenue generation, customer satisfaction and customer loyalty (Rakesh and Bhatnagar, 2009). Owing to the importance that human resources have for the organization, there is an added focus on developing and nurturing the employees.
Talent Management is a new concept that appears to take the concept of human resource management to a higher level. Talent management is considered by experts as the process through which organizations are able to recruit, manage, train and develop them to identify and embrace challenges and retain their human resources (Berger and Berger, 2010).
Organizations recognize talent management as a strategy that can give the competitive advantage in the market
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