Like any other organization of society which engages into the cause of social and human welfare and for the advancement of knowledge economy, educational institutions are the most important establishments that deal directly with the future of society and nation. As the success of any organization depends primarily with the performance of its human resources, similarly the success of educational institutions depends on the performance of its students and teachers. And for a better output the educational institutions must have, on its board, talented people for mentoring students and guiding them to become able citizens of society. To have a cohort of bright and talented people, educational institutions must have such policies and practices in place that would be able to retain the talents with them and make the most of their expertise for the betterment of the cause of institutions and society. Talent management practice in an educational institution may be understood as a human resource management strategy that seeks to identify, develop, deploy and retain talented and high potential faculty members and other staff. Although talent management practices may be perceived to be a relatively recent approach in educational institutions, yet the strategy in itself has been prevailing in some or the other form. With an influx of private universities in Indian higher education system which is almost saturated with a huge number of private professional and technical colleges, the issue of survival and sustenance for these institutions has taken a prime seat. These privately managed educational institutions are on the verge of closure because of dwindling students’ strength turning up for admission. The main reasons for this alarming situation are exponential growth of private professional education institutions, very poor quality of outputs, poor academic environment, very high attrition rate of faculty and staff, absence of talent management strategy, etc.