HUMAN RESOURCES IN RETAINING TALENTED EMPLOYEES.

 

INTRUDUCTION

                      Source – Spice work (6 Statistics That Confirm Employee Recognition and Retention Are Related)

Today, we are living in a highly competitive environment. As we know, there is high competition in the labor market not only in the business environment. Therefore, there should be efficient human resource management in every organization to achieve a competitive advantage from the human capital.  According to Holland, Sheehan, and Cieri (2007), According to the argument, because of the emphasis on the employee, human resources (HR) departments in many businesses have the chance to take on a vital and dynamic role in the creation of a sustainable competitive advantage through HR practices and policies that prioritize attracting, retaining, and developing employees. 

Within that retaining talented employees is more important. Talent management, which is the process by which businesses satisfy their demands for talent in strategic occupations, is one of the main difficulties that organizations will confront in the twenty-first century, according to human resources (HR) management specialists.

Retaining Talented Employees.

Within every organization recognizing the talented employee is more important. Because they always bring competitive advantages to the organization. If not, it’s become a huge challenge to the organization. Therefore, an organization should have a management plan to overcome the challenges. Within that, organizations should understand why employees leave and why they stay, and based on that organizations should develop a plan for retaining talented employees. 

It is increasingly important to comprehend the many factors that influence workers' decisions to quit companies as well as the decision-making processes themselves. Organizations may better understand why individuals leave and remain by knowing why people depart, and they can also learn how to influence these decisions. According to Allen, three main factors make turnover important: (1) it is expensive; (2) it impacts a company's success; and (3) it might become harder to manage. Therefore, retaining the talented employee is more commanding. Therefore retaining talented employees is more important.

https://www.youtube.com/watch?v=z42UZpE5jys&list=PPSV&t=0s

Strategies for Retaining Talented Employees

Source – Pioneer Selection (Top strategies to retain your best Employees)

Landry, Schweyer, and Whillans (2017) mentioned, that employers often struggle to grasp what employees want and why, which contributes to the failure of pay and reward programs to positively encourage workers or elicit improved performance from them. According to the most recent data, the majority of employers appear to be motivating their workforce less than optimally, employing direct extrinsic motivators such as money and prizes as "incentives" or enticements for future behavior rather than as indirect "rewards" that express gratitude and recognition following the accomplishment of a desired behavior. To best inspire and compensate staff members, managers need to have a deeper grasp of the kinds of incentives that staff members are seeking. 

Landry, Schweyer and Whillans (2017) mentioned that organizations need a focus that goes beyond money and rewards that resemble money in today's competitive employment environment. Businesses will benefit from switching to well-thought-out total incentive plans that incorporate monetary, non-monetary, physical, and intangible benefits. These plans are intended to provide the best results, encourage a highly engaged workforce, and demonstrate appreciation for an employee's achievements. This is particularly crucial for sophisticated, non-routing, and/or creative work, which comprises the majority of jobs accessible in today's affluent economies. 

Also, Employers' intrinsic drive may be weakened by the use of financial and cash-like incentives, a process known as "crowding out" by some academics and "a motivational shift" by others. Self-determination theory, or SDT for short, proposes that human motivation may be best defined as a continuum that spans from intrinsic to extrinsic motivation to better comprehend this motivational transition. This hypothesis states that when workers believe their job aligns with their goals, identity, and personal values, they become intrinsically motivated. Because they truly like what they do, employees who are intrinsically driven value their work and give discretionary effort.

Bostjancic and Slana (2018) mentioned that additional opportunities for talented employees include training overseas, mobility, participation in interdisciplinary teams, knowledge-sharing with colleagues, participation in various external programs, connections to start-ups, board of directors meetings, and internal personal development initiatives.

References.

Allen, D. G., n.d. Retaining Talent: A Guide to Analyzing and Managing Employee Turnover. SHRM Foundation’s Effective Practice Guidelines Series.

Bostjancic, E. & Slana, Z. 2018. Role of Talent Management Comparing Medium-Sized and Large Companies – Major Challenges in Attracting and Retaining Talented Employees. Front. Psychol..

HOLLAND, P., SHEEHAN, C. & CIERI, H. D., September 2007. Attracting and Retaining Talent: Exploring Human Resources Development Trends in Australia. Human Resource Development International, Volume 10, p. 247 – 262.

Landry, A. T., Schweyer, A. & Whillans, A., 2017. Winning the War for Talent: Modern Motivational Methods for Attracting and Retaining Employees. Compensation & Benefits Review, Volume 49(4), pp. 230-246.