Talent Management: The Impact Of Talent Management And Retention

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THE IMPACT OF TALENT MANAGEMENT ON RETENTION

Victor Oladapo, Strayer
Universit

Journal: Journal of Business Studies Quarterly
2014, Volume 5, Number 3
ISSN 2152

Talent management and retention
There has always been a shortage of talented workforce in any organization. On one hand there is a problem of retaining talented workers and eventually replace the existing workers with equally or more talented workforce. Organizations will have to attract talent, nurture them, engage them and retain them after having selected them. All of this falls under talent management and so is a critical factor for employee retention.
Organizations that have best practices employee retention is taken as a strategic issue. They lay priority to the skill set of employees they want to retain and who is best suited for which role.

Methodology:
The authors wanted to identify a relationship between retention and talent management and they have used a causal comparative method and for their quantitative research they used the survey technique wherein the sample included senior HR personnel of 36 organizations. A lot of open-ended questions were asked to obtain subjective response from the audience.

Results:
In many instances it was found that organizations have in their control a lot of factors that are important to retaining valued employees. Lack of a sound corporate strategy was indicated as the primary reason for why the organization did not have a sound talent management program. There is also the perception that talent management is not worth the costs. The authors feel that the entire organization must have a mind-set of management for it to be effective for if senior management of an organization buys into the concept then it will become engrai...

... middle of paper ...

...lso lend themselves to change based on changing conditions. The road to a game changing talent strategy is ambiguous and questions like how might execution and strategy be consistent? How can policies be lasting yet agile enough to be open to change? To achieve this the strategic orientation must be balanced by operational efficiency, a need for individuals to build careers vs. the need for collectiveness etc. We need the best talent to be hired in order to implement an innovative business model but this is easier said than done. The authors discovered that deploying the right personnel to the right roles is what kept BlackRock in front. Black rock has a Human Capital committee composed of 35 senior line leaders drawn from various facets within the company and only one member in this group belongs to the HR functionality.
The HCC has the following responsibilities:

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