TALENT RETENTION

Talent Management and Retention Policies in IT Companies

Talent Management and Retention Policies in IT Companies

Introduction

The talent management is one of the areas of management of jobs and skills, along with payroll, the administration staff or management time and activities. From a more strategic and administrative, management talent for the company employees whose potential has been identified and whose presence within the organization represents a major interest for it. Basically, it is a process of development and integration of new workers, development and maintenance of current workers and attracting highly qualified staff at your company. It refers to a set of tools of personnel management that enable organizations to attract and effectively use and reproduce the quality employees that allow them to make a significant contribution to the organization. Talent management and employee retention is equally important for the organizations of all types and categories, but its significance increases more in the industry of information and technology. The management and retention of talent is a very critical issue nowadays in the industry of IT.

Discussion

Talent management in the IT industry is mainly looking to highlight those with high potential, defined as talent, within their workplace. It also retains or attracts the talented IT professionals. It focuses on giving priority to the top quality of the professionals and engineers of IT. The process of attracting and retaining highly productive IT professionals has become increasingly competitive among the IT companies and also has strategic importance. It has been converted into a "war for talent" and even more at a stage where competition of IT business is very tough (Schweyer, 2004).

The Management of Human Capital in the IT Industry

The IT companies which engage in the talent management (Human Capital Management) are strategic and intentional to find, employees in the organization. Employee satisfaction improved with opportunities to promote to higher levels of responsibility; a manageable workload; meaningful work standards and measurements; fair rewards. Material rewards as part of the motivation system plays a major role, but in companies with a comfortable indoor environment, it is no longer the only factor to retain staff. They can go to another organization, even if they earn reduced wages, just to change the environment. The recruitment and selection is so expensive for an IT company because of the lengthy hiring process and the initial training of the newly hired employees. Due to this reason, it is important to place the individual in a position where their skills are optimally used (Amig, 2001).

Issues and Challenges of Talent Management in the IT Industry

The management skills can become a legal obligation for large IT companies; there is the problem of finding the IT Company with competitive advantage by managing skills in strategic perspective. This may be a cause of the emergence of the concept of talent management in the IT industry (Dychtwald et al., 2006).

The Market for Talent in the IT Industry

A talent market is a strategy of training and employee development in establishing an ...