Retaining Staff through Talent Management

As I review the chapters, and think about the process that would be best to measure employee talent, I believe that my favorite would be the 360 performance management process. So I will employ this one to measure employee talent for this assignment. It is known for providing critical on-going feedback to maximize performance in organizations. The on-going feedback helps everyone maximize their performance and in-turn maximizes the organizations performance. It allows for quick corrective action when things start to go off the rails, so managers and employees can address any issues while they are still small. While ideally managers and

Talent management tend to be critical, however most of the organizations end up flounder in the case of effectively leveraging a state of the art technology solution. The basis of the difficulties comes from the business benefits that have sharply diminished in the event of failure by the organization to take advantage of talent solutions that have integrated completely with the core human resource system of records as well as with one another, (Bill Millar, 2007). Due to this, organization will always fail to have a decided competitive advantage on the part of

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.

The title of the article, Where Has All The Staff Gone?: Strategies to Recruit and Retain Quality Staff instantly draws the reader in, especially a human resources specialist looking to find methods for recruitment and

Retaining staff is essential to the long term health and success of a business. Retaining the best employees will ensure: customer satisfaction, product sales, satisfied

Succession, in simple terms, refers to the concept of recruiting competent staff members to carry on the work of an organization (Titzer, Phillips, Tooley, Hall, & Shirey, 2013). With retirement of long-term staff members comes the need for new workers who can carry the torch. Part of succession planning is developing the leadership potential of prospective candidates. As important as succession planning is to the long-term wellbeing of an organization, many obstacles stand in the way of this being completed. These can include egotism, insecurity, failure to plan for the future, inadequate resources, lack of clear positions, and constant change (Titzer et al., 2013).

Staff retention is the process of keeping staff in the business; businesses want to keep their employees working for them for as long as they can. During the employees working period, the employee would have accumulated experience and developed their skills whilst working for that business. Finding a new employee will be easy to find however they will not encounter the same knowledge and level of experience. ‘On average the cost of replacing an employee is £30,000, it also takes up 28 weeks on average for a new recruit to get up to speed.’ When employees decide to leave the company, the employer should preform an exit interview. During the exit interview, the employer may discover the reason/s why the employee wants to leave. It may be that he/she feels as if they are not being paid enough. Employers can try to resolve the issues, which may reduce the risk of other employees leaving the company. This improves performance as retaining staff means that you will have more employees working for. A great number of employees mean that you are more likely to make more profit at a faster rate, this will have a positive impact on the business’ financial performance. Retaining staff also means that they will continue to develop their skills and accumulate experience even further. Once a staff member has been there for a long time they may be promoted to a managerial role.

In much the same sense, there is a very high cost to employers who have poor talent management practices that result in high employee turnover and a substandard talent pool. Both turnover and poor quality talent end up being much more costly to employers than investing in their most important asset - their talent – in the first place. Employers who adopt competitive compensation packages, innovative employee recognition programs and employee development initiatives can more effectively foster a positive work culture that is essential today to attract and retain “game changing” talent.

I used the internet to research and read up on performance management generally. A good source of information was ‘The Chartered Institute of Personnel and Development’ and ‘Forbes’.

Sustainable Talent Management Utilizing Talent Management Strategy in Mind from Assignment 3 write a paper responding to five statements.

Even though employee retention starts with attracting potential employees, today’s society has placed a new and greater demand for skilled and educated employees as new hires for their companies. These employees, however, are starting to become harder and harder to find. So

Although Performance Management evolved from performance appraisals few decades ago, most literature still intensely focuses on performance appraisals when addressing performance management.

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:

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

Talent acquisition is defined as the “strategic approach to identifying, attracting and onboarding top talent to efficiently and effectively meet dynamic business needs” (Erickson, 2012). Talent acquisition has the unique role of ensuring job applicants not only have the right credentials for the job, but also have the right mentality for the job. In other words, the person who ultimately will be offered the job needs to ‘fit’ within the firm’s structure and culture.