Effective talent retention approaches

Abstract

Purpose This paper aims to review the talent management literature to identify ways in which organizations can practically and effectively improve talent retention. Design/methodology/approach This paper defines talent and talent retention and explains why retaining talent is so important and why talent leave. Then, it reviews existing literature from scholarly journals and practitioner reports and identifies and discusses means by which organizations can improve their talent retention. Finally, this paper outlines some important lessons that are relevant to all organizations when considering talent retention. Findings The review of the talent management literature identifies four ways that organizations can improve their talent retention: developing a solid organizational culture and strong values, providing applicable and dynamic training, fostering an engaging work environment, and offering clear and suitable career advancement opportunities. Originality/value The four practical ways to effectively improve talent retention discussed in this paper demonstrate that retaining talent requires more than just a competitive salary package. Talent want to work for and stay at an organization that has similar values, provides training opportunities, fosters engagement and offers career advancement.

Digitalization and its Impact on the Future Role of SCM Executives in Talent Management – An International Cross‐Industry Delphi Study

“…Our findings support extant literature in attributing a decisive role to the executive in talent retention (Johennesse and Chou 2017;Wong et al 2017;Ott et al 2018;Pandita and Ray 2018). According to these studies, there are many factors, such as training and coaching (Johennesse and Chou 2017;Ott et al 2018;Pandita and Ray 2018), career succession planning (Ott et al 2018;Pandita and Ray 2018;Wong et al 2017), appraisal and feedback (Johennesse and Chou 2017; Pandita and Ray 2018), and empowerment (Johennesse and Chou 2017) that have a direct impact on talent retention and are influenced by the executive (Johennesse and Chou 2017;Wong et al 2017;Ott et al 2018;Pandita and Ray 2018).…”

Ethnocentric HRM practices: evidence from Western MNEs in Ghana

“…Performance management practices and reporting systems were used to achieve corporate HQ goals. Supervisors coached and mentored employees to make them feel valued (see Ott et al , 2018), but also to align their behaviours with HQ standards and develop new skills and responsibilities. The findings revealed whilst performance management practices were embraced in some subsidiaries for lack of discrimination/favouritism, they were forcefully imposed on other subsidiaries because of resistance from employees who perceived performance management as requiring overwork.…”

Sustainable expatriate compensation in an uncertain environment

“…However, it is important when thinking about sending less people abroad with a traditional expatriate contract to communicate openly about other options for future assignees and include them into the discussion process early on. For a sustainable expatriate program, future assignees still need to see their career advancement and training opportunities while also being given a sense of engagement in the work they are doing ( Ott et al, 2018 ). We argue that relational returns are as important as compensation, hence, involving the future assignee into the conversation about different options is crucial in order to retain high quality social exchanges.…”