Retention strategies for talent Mohiuddin Mohammed Quadir Faculty of Human Resource, Department of Business Studies, IBRI College of Technology, Sultanate of Oman Paper Type: Literature Review Online published on 29 November, 2014. Abstract An idea can turn to dust or magic, depending on the talent that rubs against it. -- William Bernbach This paper looks at the issues and challenges facing Indian organizations with regard to talent and its management, a topic which is particularly relevant at time when the world is facing a ‘talent crunch’. In today's business climate, where growth is largely a product of creative and technological advancements, human capital is one of a company's most valuable assets. To obtain a competitive advantage, companies must attract, retain, and engage talented employees. However, this task is becoming increasingly difficult. Retention of talent and maintaining a motivated and contended workforce are, perhaps the biggest challenges before the HR professionals. It has become more significance and assumes greater importance in era of open economy and cutting edge competition. Corporates and HR professionals are busy devising new and innovative management practices and ideas towards keeping their personnel motivated, satisfied and always available for giving their best efforts towards achieving organizational goals and objectives Talent has become a resource that must be managed because it is an increasingly scarce resource. More and more, the financial value of our companies depends upon the quality of talent. Technology has enabled greater access to information and is forcing us to move “at the speed of business.” Adding to these challenges is the fact that an increasing number of organizations are expanding globally. Retention is a big and a constant challenge for every organization today whether to talk of any corporate sector or any educational institution. It is a Herculean task for most organizations in the modern era of globalization and competitive business. Successful organizations realize employee retention and talent management are integral to sustaining their leadership and growth in the market place. Becoming an employer of choice by retaining high caliber employees in today's labour market should be the highest priority. HR professionals all over the world are breaking their heads to formulate Retention Strategies but nothing is working-out in their favour. Top Keywords Talent, Talent crunch, Management, Technological advancements, Competitive advantage, Retention, Globalization, Organizational goals, Retention Strategies, Labour market. Top |