Employees are the most crucial asset of an organization. Therefore, it is fundamental to hold the key to employee retention as it keeps business on the correct pathway. In favor of keeping the greatest talents, a set of approaches aimed at gratifying employee's requirements has to be executed regardless of multinational companies or small-medium enterprises. Employee retention is vital where it will give the main impact on the overall performance of the personnel as well as the productivity of the company. Losing key talent costs considerably larger considering the actuality that those employee impact and input are superior to other workers. It has been identified that several organizations failed due to a lack of talent and experience in the organization. The major purpose of talent management is to keep the best talent in the organization to increase profitability and productivity. In this case, the main aim is to analyze the importance and effects of talent management in the organization. The particular theme will help the company to retain the best talent to strengthen employee retention.
The company is located in Mauritius and it has around 300 employees. It is a tuna factory processing loins for the export market. Furthermore, the company employs Mauritian and Bangladeshi Mauritian at the management level. The history of the organization shows that it gave more opportunities to the residents rather than the individuals from other countries. Due to this practice, the company was unable to hire talented employees. It is necessary to understand that the struggle to retain qualified people can have a depressing impact on the organization's employee morale, overall growth, and bottom line. Furthermore, it is highly essential for the human resource management department to understand that hiring a foreign employee can bring people with different perspectives because they come from different backgrounds.
The blend of ideas and perspectives from different cultures is the best possible source for creativity and innovation that can become a competitive advantage. The ultimate aim of talent management is to enhance the business outcome. Talent management practices, whether paying attention to recruitment, reimbursement, performance administration or career progress all share a similar objective of supporting employee behaviors to hold the company’s business approach and objectives (Goldstein et al 2017). The nonexistent talent management may affect the hiring process as a result the manager is not able to manage the employees in an effectual manner. Also, the issue affects employees as they are no effective policies and approaches. All these practices may affect the morale and engagement of employees.
Evidence specified that the effectiveness of any company based on the approach put in place to make sure they keep a capable workforce. Today’s era leader’s challenge is to keep the personnel engaged and guarantee attraction and retention of an able workforce. The supervisor has to recognize the existing acquisition and retention approach used by other companies (Ambrosius 2018). The objective of most businesses is to benefit from brilliant employee performance and input in the workplace by encouraging a win-win state for both the corporation and the workforce. However, talent management practice does not influence employee performance directly. Employee performances are determined mainly by the continuing characteristic of the employees themselves.
These traits are shaped by individual dissimilarity among human resources linked to their behavior, capability, and principles, as well as aspects of their job atmosphere including inducement, resources, and colleague. What talent management plan does is support the employment of a definite type of people and the formation of a definite category of job surroundings. If completed appropriately, these plans augment the probability of workers exhibiting on-the-job performance that drive business outcome. The ultimate purpose of talent management proposal is to assist in getting the correct employees in the correct occupation doing the correct stuff to make a company succeed. This objective may look uncomplicated, but it is enormously complicated to attain. Because to be flourishing talent management procedure has to efficiently forecast and alter the day-to-day performance of individual workers. Forecasting and manipulate human behavior is complicated. If workers believe they are not learning and growing, they sense they are not remaining viable with their industry peers for sponsorship opportunities and career development (Narayanan et al 2019). Once top human resources experience they are no longer rising, they start on to look externally for fresh occupation opportunities.
Also, poor employee retention is one of the key problems facing companies in the competitive setting. The immense business challenge is to line up your purpose with the rising demand for a balanced organizational atmosphere that meets essential human wants and where vocation is synonymous with individual accomplishment and achievement. In this sense, managers are ever more influenced that attracting and retaining superior staff goes far beyond paying the top salaries in the market (Nyberg et al 2017). It is very important to recognize the factors that lead employees to stay in an occupation, as all business actions need monetary and human resources, and the latter act better when motivated. Therefore, implement an effectual employee retention approach assists the business to ensure enhanced performance by correctly using employee capital. Furthermore, Stress is also given to the deficiency of capable labor, which impedes the procedure to replace superior experts (Hafez et al 2017). Even when businesses are competent to categorize experienced people, in numerous cases, they are faced with the demotivation of workers when they do not distinguish the association between their viewpoint and company’s objectives. It must be noted that the loss of human resources causes not only staffing and training expenses but also the discontinuation of behavior.
Talent administrations entail identifying a person's intrinsic ability, character, behavior, and offering him a similar job. Each individual has an exceptional talent that goes with a particular job summary and any other place will cause distress. It is the work of the administration, mainly the Human Resource Department, to put applicants with carefulness and vigilance (Alias et al 2016). An incorrect fit will result in additional staffing, re-training, and further uneconomical activities. Talent Management is valuable to both the business and employees. The business benefits from the augmented output and potential; a superior connection between individuals' efforts and business objectives; the promise of valued workers, low turnover, augmented bench strength, and a superior fit among people's work and ability.
On the other hand, Employees benefit from: superior enthusiasm and promise; career growth; amplified understanding about and contribution to the business objective; continued inspiration, and job contentment. Talent indicates a capability to discover and build up in the face of new challenges. Talent is about future potential rather than past evidence of achievement. Therefore talent tends to be calculated in terms of having definite characteristics, such as a readiness to take risks and learning from a blunder, a sensible level of objective and competitiveness, and a consciousness of their one's strength, limits, and impact on others (Onyango et al 2017). Several talent management procedures have to be input on a tactical level to guarantee its success. Such strategies include talent recognition, staffing, and evaluation, skill management, performance management, career development, compensation, succession planning.
The imperative extent, which comprises the notion of talent management, is attraction, retention, enthusiasm, growth, and succession planning. However, they are bundled collectively to create a more logical complete that can be a vehicle for the progress and execution of synchronized and commonly sustaining actions that assist the association to get and to remain the capable people it wants. The thought of talent management is attractive for many grounds (Mohammed 2016). Managers and HR expert experience must be doing more about developing their organization’s personnel for the future and talent management is assumed to be just about this. Talent management is the about optimistic thing doing things for your community, investing in developing them, building on their skills and, then, helping people make the best use of their skills and recover their flaws.
The accomplishment of any talent management approach relies on a clear plan that supports long term visualization. The long term idea of the business will ease in evaluating its existing talented workforce. Human resource development aims to continuously assess the skill necessities of diverse people to perform the work allocated to them efficiently and give opportunities for rising these capabilities to train them for a future position in the company (Weerasinghe 2017). Competencies are the initial building block to talent administration. By recognizing the significant proficiency existing with high performing personnel, the other workers can also be influenced by the same by conduct preparation and progress programs (Salari et al 2018). Proficiency-based talent supervision is a significant planned approach of the organization as it has an influence on the manager skill to attract talent, keep workers and guarantee the best level of performance in fulfilling the organization’s tactical objectives ability, organizations can ensure they are hiring and managing brilliant people in the most planned manner, place the correct people in the correct work with the capability to act upon at their utmost potential each day.
In the current scenario, one of the major issues that organizations are experiencing is to effectively attract, evaluate, train, and retain brilliant workers. Talent Management includes in itself the complete procedure of preparation, Recruiting, Developing, organizing, and recompense workers throughout the business. Organizations have understood the requirement for talent management and are currently focus on the process to expand and keep the existing talent in their association rather than trying to obtain a fresh talent as the expenditure of classifying, developing and keeping the effective employee internally is more cost effectual than that of swapping the employee (Vázquez et al 2017). Although it may appear initially that in the procedure of keeping talented employees, businesses are spending additional in terms of augmented salary, rewards, and credit, while it is necessary to examine the expenditure of hiring new talent is superior.
Apart from the advanced expenditure of recruiting the new employee, it has also face the early hiccups of the latest worker getting alongside with the managerial aim and approach. Talent management entails distinguishing an individual’s intrinsic expertise, character, behavior, and providing him an identical job. Additionally, No approach can be effectual with no support of leadership, and talent management is positively no exemption. In the past, Human resource managers struggle to persuade business leaders to devote their time and wealth to talent management. Nowadays, the challenge is not only whether to invest possessions in talent management, but also how to recognize what talent practices offer the maximum return; where leaders can most efficiently use their time developing individuals; and how to drive greater constancy, combination, and arrangement of talent practices with the business plan (Berger et al 2018). Evidence revealed that business with more mature talent practice is driving enhanced assimilation and constancy through an amalgamation of approaches including:
It is significant to note that the talent acquisition procedure does not end with attracting quality applicants. It is uniformly critical to have a complete approach to assimilating new hires (Talpoş et al 2018). It is significant for organizations to put noteworthy emphasis on their on-boarding and assimilation efforts to ensure retention during the first 12 months and beyond. Heightened monetary pressures, strong competition, and multifaceted global challenges have augmented the demand for vital skills, such as modernism and the capability to manage change. The capability to enlarge leaders who can efficiently face tomorrow’s international business challenge is crucial to an organization’s accomplishment (Huff 2018). Sustaining executive buy-in to the criticality of talent administration is particularly imperative in a challenging business atmosphere, when business need, more than ever, to have the correct people focusing on the right things.
It has been concluded from the above report that talent management is highly crucial in increasing employee retention. Furthermore, the evidence specified that organization is facing issues due to poor employee retention. The evidence specified that talent management is useful in strengthening employee retention. With the help of talent management, the leader can employ talented employees to identify effective ideas and creativity. It has been identified Organizations have understood the requirement for talent management and are currently focus on the process to expand and keep the existing talent in their association. Furthermore, experienced and talented employees are essential for further growth and expansion of the company. The management of the organization must implement talent management strategies in order to improve hiring practices and overall profitability. Managers and HR experts must try to enhance hiring practices by using talent management strategies. Talent management focuses on improving employee staffing, training and expansion, performance analysis, and their return in the organization.
Employee capacity also extends and modifies with changes in the organization's desires therefore increasing and improving their aptitude to carry out their roles. Also, Altering demographics, financial evolution & technology will have an intense impact on human resources. The organization has to demonstrate absolute determination for bringing long term outcomes. The evidence also revealed that organization which uses talent management practices have constantly demonstrated their obligation to build up probable talent. Hence this obligation has transformed into a tough base and channel of talent, which has its constructive impact on business performance. Those organizations which stress on talent & consider it as a key differentiator will be having competitive gain in comparison to other business. Therefore, it can be said that novel ideas, restraint, and strong implementation play a practical part in applying talent management practices and this will also assist in making a talent mindset that will arrange the business to face the challenge ahead.
For sourcing, the company must leverage the unexploited potential of the talent community and the potential of unconventional talent. This comprises older personnel, retired employees, previous employees, and a huge pool of competent candidates. It has been identified that effectual utilization of internal talent agenda can be completed by recruiting & mobilize citizens internally. The talent acquisition group has to work directly with the HR team with the objective of sharing information about the potential gap and generate surroundings where interior job openings are noticeable and employees feel confident to chase opportunities that align with their job development. The overall analyses specified that organizations must put more emphasis on hiring candidates from different backgrounds in order to increase employee retention and employ talented employees in the company. Furthermore, the leaders of the organization must be accountable for employee engagement and development. Research has also highlighted that companies employing talent management policy and solutions display better performance than their direct competitors and the market in broad. Lastly, the company must understand the benefits and effects of talent management in order to become highly successful.
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Ambrosius, J., 2018. Strategic talent management in emerging markets and its impact on employee retention: Evidence from Brazilian MNCs. Thunderbird International Business Review, 60(1), pp.53-68.
Berger, L.A., Berger, D.R. and Education, M.H. eds., 2018. The talent management handbook. McGraw-Hill.
Carpio Vázquez, E.P. and Lysenko, E., 2017. Succession planning as a business process of talent-management. Стратегии развития социальных общностей, институтов и территорий. Т. 1.—Екатеринбург, 2017, 1(3), pp.253-255.
Goldstein, H.W., Pulakos, E.D., Semedo, C. and Passmore, J., 2017. The Wiley Blackwell handbook of the psychology of recruitment, selection and employee retention. John Wiley & Sons.
Hafez, E., AbouelNeel, R. and Elsaid, E., 2017. An exploratory study on how talent management affects employee retention and job satisfaction for personnel administration in Ain Shams University Egypt. Journal of Management and Strategy, 8(4), p.1.
Huff, D.R., 2018. A Quantitative Study on the Effects of Talent Management on Succession Planning (Doctoral dissertation, Northcentral University).
Mohammed, A., 2016. The impact of talent management on employee engagement, retention and value addition in achieving organizational performance. International Journal of Engineering and Management, 1(12), pp.142-152.
Narayanan, A., Rajithakumar, S. and Menon, M., 2019. Talent management and employee retention: An integrative research framework. Human Resource Development Review, 18(2), pp.228-247.
Nyberg, A.J., Schepker, D.J., Cragun, O.R. and Wright, P.M., 2017. Succession planning. In The Oxford Handbook of Talent Management.
Onyango, P.O., Nzulwa, J. and Kwena, R., 2017. Influence of talent management on employee retention in public hospitals in Kenya; a case of Siaya county refferal hospital. Strategic Journal of Business & Change Management, 4(2).
Salari, S. and Abedini, M., 2017. Examining the role of management succession planning (MSP) in talent identification and empowerment of human capital in Hormozgan University of Medical Sciences. Hormozgan Medical Journal 2017; 21 (2): 119-128. Soheila Salari, et al Examining the Role of Management Succession Planning Hormozgan Medical Journal, 21(2), p.120.
Talpoş, M.F., Pop, I.G., Văduva, S. and Kovács, L.A., 2017. Talent management and the quest for effective succession management in the knowledge-based economy. In business ethics and leadership from an Eastern European, transdisciplinary Context (pp. 65-73). Springer, Cham.
Weerasinghe, G., 2017. Impact of talent management on employee retention: A study carried out on travel agency in Sri Lanka.
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