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Talent management is positively associated with employee retention. [2] Talent retention is the ability of an organisation to retain its high performing staff and is a key component of most talent management strategies and frameworks. [4] Retention is key to winning the war for talent.
Talent management (TM) is the anticipation of required human capital for an organization and the planning to meet those needs. [1] The field has been growing in significance and gaining interest among practitioners as well as in the scholarly debate over the past 10 years as of 2020, [2] particularly after McKinsey's 1997 research [3] and the 2001 book on The War for Talent.
It allows management's to provide necessary training for job success and monitor progress of their employees through virtual classrooms and computerized testing, predict the risk of employee turnover through data analysis, help HR to formulate relevant talent retention and incentive strategies, improve the personal development of the company ...
An alternative motivation theory to Maslow's hierarchy of needs is the motivator-hygiene (Herzberg's) theory. While Maslow's hierarchy implies the addition or removal of the same need stimuli will enhance or detract from the employee's satisfaction, Herzberg's findings indicate that factors garnering job satisfaction are separate from factors leading to poor job satisfaction and employee turnover.
Career management also covers talent management, as part of a talent retention strategy. Career orientation is referred as the overall pattern of one's career, shaped by particular goals and interests and identifiable by particular positions that embody these goals and interests.
Marketing and advertising expenditures decrease as existing employees source potential candidates from existing personal networks of friends, family, and associates. By contrast, recruiting through third-party recruitment agencies incurs a 20–25% agency finder's fee – which can top $25K for an employee with $100K annual salary.
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Staffing is the process of finding the right worker with appropriate qualifications or experience and recruiting them to fill a job position or role. [1] [2] Through this process, organizations acquire, deploy, and retain a workforce of sufficient quantity and quality to create positive impacts on the organization's effectiveness. [3]