Talent management – A key strategy for employee retention

Talent has a connotation of distinction. It is something that sets one part. The point to be underscored here is that talent is a commodity on short supply and comes at a price. Since it is scarce resource, it needs to be optimally managed. Management gurus and business leaders have defined talent asthe people who have potential and skills or those who can successfully lead transformationand changes in the organisation. Such individuals are usually sought after in the market and their contribution to business adds direct value to its strategies and competition position in the market.

Each resource in the organisation plays a vital role in its success. Amongst all the available resources in the organisation, Human resource is the most crucial for the success. Managing human resources in an effective manner can lead to better chances of organisational success.

Talent is the critical success factor to any organization. Talent pool management is the most challenging area to any organization. The challenge of finding, attracting, developing and retaining the right talent is taking up a major part of management and once the right talent is found the next demanding job is to retain that talent. The paper conceptualizes talent management and its effectiveness for organizations in present competitive business environments. The study reveals that talent management has positive significant influence on employee attitudinal outcomes and organizational effectiveness.

The authors would like to conclude that organizations, which are enthusiastic for gaining competitive advantage over their business rivals, need to manage their talent in vigilant and effective ways. Therefore managing talent has become one of the key strategies for employee retention.