Blog 03- Retaining Talent

 Retaining Talent


Figure 01: Retaining top talent (Source: Internet)

International boundaries have become increasingly blurry as a result of globalization. Because of globalization, there is an open market for corporations to seek talent on the one hand, and a wide range of options for individuals to work with on the other. However, such some open and international market exposes businesses to issues in the crucial field of human resources. Human resources are evolving as modern businesses face various and complicated issues while also taking advantage of possibilities. Human resource transformation nowadays is a direct result of rapid changes in enterprises due to causes such as globalization. The talent pool for exceptional and marginal workers, as well as permanent and temporary workers, has widened in the new global environment. Talent in an organization can provide a long-term competitive advantage and influence key organizational outcomes like survival, profitability, customer happiness, and employee performance. (Pfeffer, 1994).

Employee retention definition

Employee retention refers to a company’s capacity to retain its personnel on the payroll, resulting in a more stable and productive staff. Companies that are serious about retaining their employees create rules and initiatives to help them do so. Those that succeed in generating high employee retention rates operate at an advantage both in reaching company goals and in recruiting new workers.

8 employee retention strategies for retaining top talent

1. Recognize that hiring is the first step towards retaining customers.

2. Identify individuals who will stick with the program.

3. Find people who share your viewpoint.

4. Providers should provide continual training and well defined career paths.

5. Keep remote work choices in mind.

6. Compensation packages should be competitive.

7. Deliver it to your workers.

8. Engage your employees.

Retaining Talent as a Challenge of Globalization

MNCs are the best platforms for dealing with management challenges such as talent shortages, surpluses, locating and relocating talent, and talent compensation levels. Organizations now operate in a global, complex, dynamic, highly competitive, and very volatile environment that is projected to last for years. Companies all around the world are grappling with the challenge of establishing a solid people management channel. This issue has been prevalent during global financial crises and economic booms. Another essential aspect is that many organizations face fierce competition for talent around the world, and they have significant difficulties in attracting, motivating, promoting, and retaining personnel. (Dhiman, 2018).

References

Bluen, S., 2013. Talent Management in Emerging Markets. Republic of South Africa ed. s.l.:Knowers Publishing Ltd.

CIO, 2022. Employee retention: 10 strategies for retaining top talent. [Online]
Available at: http://www.google.com
[Accessed 22 03 2022].

Dhiman, M. M., 2018. Global Talent Management : Strategies and Challenges. pp. 1-12.

Pfeffer, J., 1994. Competitive Advantage Through People'Boston Mass : Harvard Business Scholl Press. s.l.:s.n.

 

 

 

Comments

  1. Dilini MBA2 April 2022 at 03:06

    As you have clearly explained, staff turnover is a major issue faced by many organisations. It is the main role of HRM is take necessary steps to retain employees within the organisation. This will reduce cost of hiring, advertising and training and also increase the productivity. All the Best!

    ReplyDelete
  2. Venushka Bandaranayake4 April 2022 at 08:54

    Retaining talented employees are very important to an organization. With the current competitive environment people use to change their jobs frequently in order to find the rights value for their talents. HRM has crucial role to develop suitable policies and procedures to retain their employees. Good Luck.

    ReplyDelete
  3. Mahinda Herath4 May 2022 at 20:58

    Thank you for making this document available, retaining talent is universal challenge to the HR manager

    ReplyDelete
  4. Chaminda4 May 2022 at 20:59

    The difficulty of keeping good employees is a universal one. It's especially important when it comes to highly productive staff.

    ReplyDelete
  5. Rasika4 May 2022 at 21:00

    Because keeping talent is a global concern for HR managers, we appreciate you making this material available to us. It is a significant aspect, particularly when it comes to the highly productive staff.

    ReplyDelete

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