Does Talent Management Impact Employee Retention

People innovate, create a culture of high performance and lead inspiring success stories. Efforts and hard work of PEOPLE, not just an employer, build a successful business.

Experts believe that talented people are the real business differentiator. Employer must provide a work culture where top talent can realize their full potential.

It is becoming imperative to manage human capital for any growing business. There is a need to implement talent management strategies for the competitive workforce and for businesses to become more strategic.

According to the McKinsey & Company 1998 study, “The most important corporate resource over the next 20 years will be talent: smart, sophisticated business people who are technologically literate, globally astute, and operationally agile. And even as the demand for talent goes up, the supply of it will go down.”

Growing Talent Management

Talent management is a concept, originally developed by McKinsey & Company, that encourages an employer to attract, hire, develop, engage and retain top talent to meet fast-changing business needs. This means an employer nurtures top talent to create value and adapt to the growing speed of the business.

Talent Management has become a popular trend, as it enables an employer to optimize a company’s performance and reach its goals.

A Talent Management strategy must be fully integrated with all employee related processes of the organization, thus enabling effective and efficient decision making.

How does Talent Management work?

-  Have a structured recruiting strategy in place.

-  Identify critical roles in the organization and actively match top talent with suitable skills to fill the job role by having a succession planning strategy in place.

-  Develop strategic learning and training programs for the workforce.

-  Ensure a pool of qualified succession candidates for critical roles.

-  Motivate, engage and retain talent.

A well-defined talent management strategy shows an organization’s commitment to seamlessly connects employees working at different levels and build a powerful workforce.

How Talent Management and Employee Retention Are Related?

Since the global war for top talent is heating up, HR practitioners need to implement effective talent management strategies and retain top talent.

-  Through employee training, skill development can be reinforced.

-  A fair, unbiased feedback system can encourage employees to act on corrective plans.

-  Employer can use communication and self-services tools to build credibility.

-  Offer competitive compensation and benefits to give the best to the deserving employees.

-  Show appreciation and give benefits to make employees feel valued.

-  Coach and mentor employees for better skill development.

-  Guide employees to have a work life balance.

-  Foster trust and confidence in potential successors.

Talent management and employee retention go parallel. The latter can be achieved, if proven strategies are in place. Have retention of talented employees by focusing on various talent management practices. This will enhance a positive connection between the employees and the organization.