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The classic study of American and European multinationals by Becker et. al (2004) noted that companies are putting their overall performance in danger by not managing talent effectively. Research in this area has come up with talent management practices which are being implemented by companies who are successfully managing their talent. These practices are claimed to be the best talent management practices as it ensures effective talent management. For the purpose of this research only a few finest approaches of talent management are presented.

Involvement of senior management

When research was commissioned on how companies structure themselves to manage practices associated with successful talent management it was explored that the success of talent management was determined by the degree to which CEO and talent management leaders are involved in talent related activities (Hewitt, 2008; Becker et. al 2004). Another research conducted on 240 companies by Wellions et.al (2009) also showed similar result. With the findings of the result it was evident that CEO's and HR must work together for successful talent management. With the CEO's involvement the can work on the current on talent and predict the companies talent needs for future.

Business strategy must be aligned with Talent strategy

The second best practice identified was talent management strategy should be in line with the company's corporate strategy and much proactively implementing it (Hewitt, 2008). It was observed that the type of talent an organisation needs is determined by the company's goals and strategies. Wellions et. al (2009) notes that companies might be addressing the talent challenges in their organisation but might fail to link it to its long term goals, thus emphasising the importance of aligning the corporate and talent goals.

Acquisition of Talent

With regard recruitment of talent Terpstra (1996) believes that the mode of hiring affects the performance of employees thus the author suggests that internal employees should be given preference over external resources. Moreover, if the employees are of particular value to the organisation with high potential (cipd,2009) then such employees must be developed for a future role. Further, Ronn (2007) highlights that only a well defined talent resourcing process will provide a consistent result.

Performance Management

The fourth best approach noted was the talent assessment process. They discovered nearly 92% the organisations surveyed use a range of methods and tools for instance, potential and performance matrixes, and talent review meetings (Becker et. al., 2004). In addition Paquet and Rogers (2008) also the act of managing performance consistently will enhance the productivity and undertake assessment, and provide employees with the coaching needed to become stronger contributors

Development

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