Organizations know that they must have the best talent in order to succeed in th e economy.

Along with the understanding of the need to hire, develop, and retain talented people, organizations are aware that they must manage talent as a crit ical resource to achieve the best possible results. Talent is an increasingly scarce resource, so it must be managed to the fullest effect. During the current economic downturn we may experience a short ceasefire in the war for talent, but we re all seeing new pressures put on the talent running our organizations. Now, talent management is an organizational function that is taken far more seriously. This emphasis on talent management is inevitable given that, on average, compani es now spend over one-third of their revenues on employee wages and benefits. Organization can create a new product and it is easily copied. Lower prices and competitors will follow. But replicating a high-quality, highly engaged workfor ce is nearly impossible. The ability to effectively hire, retain, deploy, and engage talent at all levels is really the only true competitiv e advantage an organization possesses. Today human resource is playing its role as a strategic partner instead of suppo rting administrative tasks in the organizations because greatest assets of the o rganization are its people. People though belong to diverse backgrounds therefor e possess diverse talents. So, this is an organization s responsibility to effective ly manage the talent of its workforce to achieve business objectives. Industry i s seeing many organizations are implementing integrated Talent management proces ses. Talent management is not restricted only to selecting and retaining the best emp loyees but to keeping them engaged and utilizing their talent in most productive manner Talent refers to the ability of learning and its expansion to face and cope wit h the new challenges of the dynamic environment. Talent deals with the forthcomi ng potential instead of past tracks.