Crucial Talent

We can see from the data that regardless of the role, retention is costly. Therefore maintaining a strong stable workforce, while reducing employee turnover is vital to the success of the

3. How can an organization maintain its image while dealing with a talent surplus? If layoffs are necessary, what would you recommend managers do to ensure that survivors remain committed and productive?

This paper is going to describe OCBC’s unique approach to talent management and development. Compare OCBC’s approach to talent management and development to other organizations you are familiar with (e.g., current or past employers, a family business). Explain how OCBC’s approach to talent management and employee development been a primary contributing factor to the firm’s success. Evaluate the extent to which OCBC’s approach to talent management and development fits other organizations or industries, including some limitations if applied elsewhere without modification.

D. Consequences for recruitment and retention of top talent: Matthew Rice’s article outlines the compensation and talent strategies that minimize employee turnover. Talent audits are used to identify top performers, investing in employee engagement strategies to improve retention of the existing team, and eliminate employees’ reasons to leave by offering job activities and development opportunities, and this because: “A talent audit is a critical first step in understanding your risk profile and where you need to invest time, energy and capital to limit your turnover risk” (Rice, 2011, p. 32). If applicable, describe any consequences this scenario has had for the organization 's ability to recruit and/or retain top talent. The research provides insight in how changes in

This report has been written on Talent Planning, within this report the following will be indentified and assessed: At least four ways that affect the organisations approach to attracting talent, three organisation benefits of attracting and retaining a diverse workforce, three factors that affect an organisations approach to recruitment and selection methods, three purposes on induction and how they benefit individuals and organisations and I will include our organisations induction plans that will identify areas covered in the plans, including timelines and those involved in the process.

There are obviously many different factors that affect an organistions approach to talent planning. External factors such as the economic environment can have a massive effect in how an organisation resources and retains talent. For example, in times of high unemployment it is far easier to attract high levels of talent, as there are many unemployed suitable candidates in the job market. Similarly it is easier to retain staff as they are less likely to leave due tot the difficulty of finding new suitable employment. Political factors such as changes to minimum wage may also have an effect on talent planning, it may be that an increase in minimum wage will

I believe it is essential that you have an understanding of the business needs so you can better utilise your resources to attract employees who are likely to stay with the company thus having a knock on effect on retention.

For an organisation to attract talent successfully, as part of the talent planning policy it needs to identify and assess what factors affect its approach to attracting talent. For example:

The most important factors weighing into an employee’s decision to stay or leave is based on the balance of costs and benefits. To put in place a solid retention program, it is important to weigh out what the duties are of your employees and make sure not to overwhelm them with an immense workload. In addition to creating a balanced workload, benefits are vital to retaining valuable employees.

During the recent past however, when the company became a more dominant global competitor and a publicly traded conglomerate, the numbers of employees leaving the firm have increased, generating adjacent problems of employee recruitment, training and retention. In other words, the major challenges currently faced by the company are related to talent management. At a more specific level, the issues refer to the following:

Talent Management now has a proverbial seat at the boardroom table; Leadership bench strength - or the lack thereof - is reflective in bottom line earnings; Leaders in development programs are not as engaged as initially thought; and the importance of talent acquisition amplifies the fact that a company cannot

Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank

Allen, D. G., Bryant, P. C., & Vardaman, J. M. (2010). Retaining Talent: Replacing Misconceptions with Evidence-Based Strategies. Academy Of Management Perspectives, 24(2), 48-64. doi:10.5465/AMP.2010.51827775

A critical factor to the success of any company is its ability to attract top talent while retaining those already working within the company. Losing employees can have a significant impact on a company’s morale, productivity and overall profit.

RETENTION OF EMPLOYEES: Employee retention is one of the most widely researched topics in organizational analysis. Employee retention is a practice or method or whatever organization does to have and retain skilled employees (Dochy et al, 2009) . Retention is considered as all around module of an organization’s human resource strategies. It commences with the recruiting of right people and continues with practicing programs to keep them engaged and committed to the organization (Freyermuth, 2004). Despite various past researches, there is still a lot of confusion about the factors responsible for employee turnover. Among those factors are the external factors( the labor market), institutional factors ( such as physical working conditions, pay, job skill, supervision and so on); employee’s personal characteristics( such as intelligence and aptitude, personal history, sex, interests, age, length of service and so on )( Knowles, 1964)