Employee Retention Strategy: How to Attract and Retain Top Performers Talent is a driving force behind Human Resource contributions to organizational success. The ability to attract and retain such talent is rapidly becoming one of the key issues for human resource managers and their organizations across the globe. High performance organizations are consistently outperforming their competitors on a number of human resource factors, including the level of teamwork and openness between co-workers, the training and development opportunities they offer to employees and the degree of pro activity in HR planning. Developing this capability begins with the realization that effective human resource management underpins the competitiveness of organizations. Regardless of an employer’s size or industry, during the last 50 years waves of change have swept over organizations. this created pivotal space for talent retention. The companies now offer various attractive compensation packages to the employees and other good features to attract and retain the work force. The other developments like Business process outsourcing, Knowledge process outsourcing, Virtual organizations, etc also provide more opportunities to the employees for switching into more jobs. Talent management definition
A conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organisational needs. Talent management involves individual and organisational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organisation culture. Importance of talent management
Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives. Organisations that formally decide to "manage their talent" undertake a strategic analysis of their current HR processes. This is to ensure that a co-ordinated, performance oriented approach is adopted. Quite often, organisations adopting a TM approach will focus on co-ordinating and integrating: * Recruitment - ensuring the right people are attracted to the organisation. * Retention - developing and implementing practices that reward and support employees. * Employee development - ensuring continuous informal and formal learning and development. * Leadership and "high potential employee" development - specific development programs for existing and future leaders. * Performance management - specific processes that nurture and support performance, including feedback/measurement. * Workforce planning - planning for business and general changes, including the older workforce and current/future skills shortages. * Culture - development of a positive, progressive and high performance "way of operating".
One of the biggest challenges companies are facing is the attraction and retention of top performers. The World Future Society predicted that the greatest test of durability for companies in the next five years would be the ability to get and keep good people. In some industries such as the homebuilding industry there is a phenomenon of merry-go-round employees where employees jump ship within the industry and companies are recycling employees. In the finance industry the big question to a top performer is "Where did you jump from?" The greatest challenge faced today by organisations the world over is retaining talented employees in the organisation. A debate raging since many decades has been as to whether to retain them is more important than finding a successor to the vacant position. Whilst the argument continues, let us examine the causes, consequences and control of employee turnover in an organisation. By employee turnover, we mean that employees of an organisation cease to remain in the services of that organisation and...
References: 1. http://retention.naukrihub.com/compensation.html
2. “Human Resource Management –Best practices and Cases-Sumati Reddy”, ICFAI university press.
3. Human Resource Management
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