Blog 5 - The Impact of Talent Management on Retention

 


Over the last decade, there has been a talent deficit in the workplace (Frank & Taylor, 2004). Organizational leaders will be faced with the challenge of how to retain competent staff and replace them while they struggle to locate talented people. Companies are now confronted with the challenge of how to approach talent management and reformulate strategies 20, especially in today's global market, where every organizational leader must invest in human capital on a continuous basis to battle the talent shortage (Temkin, 2008).

Talent Management’s Growing Importance

The demand for human capital will continue to drive talent management in order for businesses to acquire a competitive edge (Towers Perrin, 2003). Top-tier leadership companies focus on maintaining and growing talent, despite the fact that compensation and perks initially attract personnel (Lockwood, 2006). The talent management method is used to keep track of specific events that each employee encounters at work (Perrine, 2005).

The five key areas of talent management are,

1)      Attracting

2)      Selecting

3)      Engaging

4)      Developing, and

5)      keeping personnel.

Retention 

Employee retention is a major problem for many businesses these days. Many firms consider retention as a strategic opportunity to retain a competitive staff (De Long & Davenport, 2003; Schramm, 2006).

Employee retention is strengthened when they are provided remuneration and benefits, work in a supportive environment, have opportunities to grow and advance, and can balance work and personal obligations (Messmer, 2006).

Employee retention is treated as a strategic challenge by the best practice organizations (Farley, 2005). These companies have well-defined plans that emphasize the talents they want to keep and the best employment opportunity for the job (Farley). The firm's resources, including the leadership team, HR, employee communications, PR, and line management, are pooled to handle the problem jointly (Patel, 2002).

Talent Management in the Future

To effectively harness talent, forward-thinking organizational leaders must rethink their approach to talent management in light of workforce changes like as shifting demographics, global supply chains, the aging workforce, and rising global mobility (Frank & Taylor, 2004). Leaders will be better positioned to thrive in a highly competitive market if they do so. Furthermore, talent retention is influenced by business culture, employee engagement, and leadership development (Frank & Taylor, 2004). Taking all of these elements into account, an integrated approach to talent management provides a roadmap to achieving and maintaining exceptional business performance (Ashton & Morton, 2005).

Conclusion

The HR professionals polled understand that keeping important staff is critical to the health and profitability of their companies, and they feel that successful talent management will pay dividends in the long term. Various programs inside businesses are continuously fighting for finite resources, and management must continually aim to strike the proper balance between cost and benefit. When it comes to talent management, the advantages, in the view of the HR experts who replied to our poll, outweigh the costs.

References

Oladapo, V., 2014. The impact of talent management on retention. Journal of business studies quarterly, 5(3), p.19.

Cheese, P., Thomas, R.J. and Craig, E., 2007. The talent powered organization: Strategies for globalization, talent management and high performance. Kogan Page Publishers.



Comments

  1. Dilini MBAMay 4, 2022 at 6:48 PM

    As discussed, talent management enables to keep staff motivated and engaged. It will also help to develop skills of employees. This in turn will increase productivity levels and reduce turnover levels. Good article

    ReplyDelete
  2. Achala BandaraMay 6, 2022 at 5:59 AM

    As previously stated, talent management allows employees to remain motivated and engaged. It will also aid in the development of employee abilities. As a result, production will rise and turnover will decrease. Excellent article.

    ReplyDelete
  3. Nishantha RathnayakeMay 6, 2022 at 9:05 AM

    The HR professionals polled recognize that retaining key employees is very vital to the health and profitability of their businesses, and they believe that effective people management will pay off in the long run.Good article

    ReplyDelete
  4. Jaliya RajaguruMay 6, 2022 at 4:58 PM

    Purpose of talent management should be to improve productivity and to improve employee performance by motivating, engaging, and retaining people.

    ReplyDelete
  5. Amila KarunarathnaMay 6, 2022 at 8:02 PM

    As you mentioned, keeping important staff is critical to the health and profitability of their companies, and they feel that successful talent management will pay dividends in the long term. Good blog

    ReplyDelete
  6. Venushka BandaranayakeMay 7, 2022 at 12:02 AM

    Employees are more engaged, skilled, and motivated when they are part of a talent management program, which allows them to work toward the company's business goals, increasing customer satisfaction, and business performance. Good Luck.

    ReplyDelete
  7. Suranga Senarathne - MBA May 7, 2022 at 4:50 AM

    Just like previously said, talent management allows employees to remain motivated and engaged.
    It will also aid in the development of staff abilities.
    As a result, production will rise and turnover will decrease.

    ReplyDelete
  8. Asela ThennakoonMay 7, 2022 at 5:02 AM

    Talent management is a crucial function in HRM and which is more important in present competition to acquire and retain most suitable workforce within the organization. This article has elaborated the introduction and basics of talent management which is important for any organization. Good initiative.

    ReplyDelete
  9. Suresh HerathMay 7, 2022 at 7:20 AM

    Employee motivation and engagement can be maintained through talent management. Good article

    ReplyDelete
  10. Amila PereraMay 7, 2022 at 11:21 AM

    Different types of talents, such as leadership, creativity, time management, decision-making, communication, can be seen in an individual . It takes effort and proper practice for a talent to become a long-lasting ability, but it also depends on the individual's capacity and capability. Nicely organized article with lots of relevant knowledge. Good Luck

    ReplyDelete
  11. Anuradha Wickramasiri.May 7, 2022 at 12:44 PM

    As discussed, hiring has become an expensive and time-consuming process.
    A solid talent management plan is required to attract and retain top performers in the organization. Otherwise, the organization will lose its most valuable staff.
    Good article.

    ReplyDelete

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