Obtaining and Retaining Talent for Companies

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Obtaining and retaining talent is a struggle for both small and large companies. Companies are looking for talented employees to take their business to the next level, while employees are looking for an environment that will enhance their talents and provide growth. According to (Purushotham, 2009) every organizations goal is to attract and retain talented people through the use of monetary and non-monetary rewards. This report highlight ways companies has attract and retain talented employees using non-monetary means along with the issues, considerations and challenges both employers and employees face.
Key Consideration / Issues
When the job market is tight companies look for ways to “sweeten the package” to recruit and retain the best and the brightest (Ortega, 2006) one of the way is with non-monetary rewards. The survival of a company depends on the talent they have in helping to run the company. There are several issues that arise when dealing with compensation and benefits. Issues like should rewards be performance based? What constitutes a fair reward? What kind of rewards should be offered and how much of a budget should it consume? According to (Purushotham, 2009) there are factors like leadership, culture, employee demographics, affordability and business cycle that will affect the kinds of rewards that are offered. While many people equate their net worth to their self-worth non-monetary rewards can be used to increase the self-worth thus raising the
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