Talent Management, Work-Life Balance and Retention Strategies

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Introduction-------------------------------------------------------------------------------------------2-3 Influence of human resource strategies on retention--------------------------------------3-5 Using retention as a strategic HR tool ----------------------------------------------------------5-6 Talent management – a tool for employee retention ---------------------------------------6-7 Challenging assignments and retention ---------------------------------------------------------7 Work-life balance and retention -----------------------------------------------------------------8 Recommendations and Conclusion -------------------------------------------------------------- 9 References ------------------------------------------------------------------------------------------------10-14

Introduction
One of the major challenges facing today’ organizations is the need to retain valuable employees. This off course is the result of the fast growing technological changes that change in market demands and such things as deregulation and re-regulation. The world is now information centered and undoubtedly, the human resources in organizations are viewed as important factor for business development (kane, 2000). More and more, there is stiffer competition for the best talent employees; fresh organizations seem to understand the necessity of inspiring and keeping employees that will stand the test of change management (Porter and Clark, 2001). Numerous organizations now realize the importance of strategic staffing because as Ettorre, (1997) argues that in order to sustain success in an organization, it is crucial to retain high talent employees. Nussler, (2000) also argues that it is expensive to lose talent that is considered needed in the organization not only because of the ensuing raise in the salary request by knowledgeable new recruits, but, also the lost investment in development as well as the overall loss in organizational productivity. (Eskildsen, 2000) According to Davies, (2000) the cost of replacing a needed employee, is equal to a quarter of an employee’ annual salary. Moreover, more companies are beginning to accept the view as postulated by Hall (1996) that people are the most valuable resources in an organization. This view is also reflected by the fact that 80 percent of world business leaders agree to this fact while 68 percent think that it is more important to retain talent than to bring in new recruits (Walker, 2001). This study stresses and looks at the significance and consequence of well thought out strategic human resource schemes in relation to employee retention in line with talent management, Job design and work life balance. It went further to recognize the reason Resourcers should have a good understanding of the human aspects that are linked to job fulfillment and employment as well as the benefits that can come from excellent practice connected to well considered strategic deliberations. Finally, some realistic and helpful suggestions for good practice around the major matters talked about were proffered. The influence of strategic human resource management on retention Usually, companies or businesses come up with human resource strategies or policies that mirror what they value, their beliefs, traditions and cultures. Alternatively, they may choose to create policies that have to do with prevailing challenges or their obligations. These strategies according to Jackson and Schuler, (1995) may include training, development, recruitment, selection, work health and safety, payment systems, performance management, human resource information system plus a number of other functions (Delery and Doty, 1996). A good number of arguments have been put forth with the view that human resources of any organization are the single source of lasting competitive advantage (Buckley, Ferris, Harrell-Cook and Fink, Hochwarter, 1999; Gerhart, 1996; Wright and McMahan, 1992). An...
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