Impact of Talent Management on Retention

By

CHAPTER 1: INTRODUCTION1

Background of the Study1

Problem Statement2

Research Questions and Hypotheses3

Scope of the Study4

Organization of the Chapters5

CHAPTER 2: LITERATURE REVIEW6

Human Resources Overview7

The Role of Human Resources8

Employee Engagement9

Professional Relationship10

Talent Management Overview11

Recruitment13

Retention15

Employee Recognition16

Employee Engagement18

Training and Developing19

Performance Management20

CHAPTER 3: METHODOLOGY22

Research Design23

Central research questions23

Supporting questions23

Data Collection Procedure24

Data Processing and Analysis25

Ethical Considerations27

REFERENCES29

CHAPTER 1: INTRODUCTION

Background of the Study

The shortage of talent within the organizational settings has emerged during the past ten years (Frank & Taylor, 2004). Management and leaders within organizational settings are struggling to find workers who are skilled and talented. However, finding a talented human resource is not the only challenge that the management and leaders are facing. Another challenge is to retain this talented and knowledgeable human capital who will be replacing the 70 million Baby Boomers soon retiring from work (Frank, Finnegan, & Taylor, 2004). Organizations are now facing the dilemma of addressing talent management and formulating strategies that are in accordance with the current economic conditions. In current economy it is crucial for organizational leaders to invest persistently in acquiring, developing, and retaining talented human capital in order to sustain the shortage of talent (Temkin, 2008).

For attracting, hiring, developing, and retaining talented workforce, the human resource managers must work in collaboration with the senior management of the organization. However, the human resource managers must consider the fact that shortage of talent can have both cultural as well as socio-economic challenges as the talented and skilled human capital crosses the borders (McCauley & Wakefield, 2006). Cultural challenges involves various aspects such as cultural differences that vary from one country to another, the authority of labor union in different cultures, and leadership and management styles. On the other hand, socio-economic challenges involve various aspects such as demographic changes, aging human capital (such as Baby Boomers), lack of legislation for immigrants, global security affecting the global economy, and employment outsourcing and off shoring (Lockwood, 2006). Therefore, it is the responsibility of the organizational leaders to aim for achieving long-term stability through their talent management strategies. This will help them in retaining competitive advantage in the global economy and not engaging in short-term strategies, which could lead towards economic crisis, such has mass downsizing (Temkin, 2008).

From 2008 to 2018 the Baby Boomer generation (i.e. people born between 1945 and 1964) will retire and Generation Xers (i.e. people born between 1964 and1980) will replace them and assume significant positions in organizational settings (Frank et al., 2004). Managing talent involves both management and role theories. Theories of management explain the way in which managers lead the organization through their planning, organizing, coordinating, leading and controlling (Robbins, 2003). Management can be considered as a leadership trait, personality, and style. Effective managers must understand and recognize their styles, and personality of management as well as their leadership traits (Robbins, 2003).

The concept of role theory explains the countless manners in which the human behaviors are performed while interacting. These human behaviors can be influenced by the positions occupied by that person within the society (Robbins, ...