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Strategies for Effective Talent Retention in Human Resources Management

Sep 16, 2023 | 0 comments

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Sep 16, 2023 | Essays | 0 comments

Management with an emphasis on human resources requires very specific strategies regarding Retaining Top Talent to achieve the objectives set by the organization. Several of these strategies include the following: recruiting the correct people from the first instance with strict considerations of the qualifications needed to have the right persons. Secondly, empowering the person with talent and enabling them to manage their profession. This ensures space to improve and add value to the work undertaken. Thirdly, allowing the person with the talent to grow and rise within the organization’s ranks in terms of promotions and appraisals when work is done has added worthiness to the company. Proactive measures are necessary to deal with the talent that drives it forward and enable maximum output from the person.

 

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Fourthly, whoever manages the person with talent must be given the ability within the management line to handle the talent and monitor the progress. Dynamism within the market opts to be checked to ensure talent matches the changes in the environment.

Continuous and internal feedback on the person’s progress towards achieving the goals is a vital strategy that motivates the quality of the talent as a fifth strategy. Goldsmith & Carter (2010) observed that feedback acts as a yardstick to another step, moving to a new horizon and improving on previous output. Many more strategies are used depending on the nature and size of the organization on the concept. The highlighted above serves as the core of the strategies and the mainstream used across the management in most organizations.

The three mechanisms are vital in any management practice, but one stands out. The re-recruit mechanism seems to override others since the best candidates determine how fast things run within the organization. An elite group is less expensive to re-engage and re-energize. Gostick & Elton (2007) suggested that setting the goals and vision from the beginning requires the correct expertise to jump-start a business project. On this basis, re-recruit is more important than the other mechanisms.

The majority of these strategies have been used in the workforce, from recruiting the correct persons, empowering them, managing them properly, and enabling them to rise to the organization’s ranks. Additionally, providing constant feedback on the progress of the work value is another strategy used in the workforce.

Graham (2011) pointed out that within the management practice, an organization chooses a model that can work for them and is result oriented. To me, the most effective model encompasses the four highlighted strategies. The structure is such that it revolves around a vicious cycle from one point to the endpoint.

A=RECRUIT RIGHT PERSON, B= EMPOWER, C=MANAGE PROPERLY, D= REWARD & PROMOTE

This is how my model would look when managing and retaining top talent in an organization, emphasizing the output resulting from a nurtured and empowered person. It is a simple model from the onset due to its structures and procedure in executing the model.

It starts from the single entry point of recruiting the elite person with pre-requisite qualifications and an individual with expertise in the relevant field. Such a person then proceeds to the next level of empowerment, where further skills and tools are impacted to boost the existing knowledge. On the same trend, the person is properly managed with constant review of the goals. The manager monitors every move to ensure the intended purpose of the original plan is still on course. Substantial investment in talent is required to anticipate better results. When such an occurrence emerges, the person is awarded for work well done to motivate and re-energize their morale. Promotions within the organization are part of the awards that can be extended to the top talent in the company’s workforce. Other scenarios may occur such that the anticipated output is not met, and then dismissal with recruiting again happens, which drives us to the entry point of the model.

Whether the model works well depends on the different inputs. Each model adds the top talent to get optimal and maximum results. My model has a few more inputs but almost looks similar to the original one. The aspects of managing the talent properly and rewarding them are another perspective to help retain the top talent. The latter model tends to nurture talent for optimal results, unlike the former, which emphasizes more on the work output, as was pointed out by (Sheridan, 2012).

The effectiveness of my model is enormous, given the investments in a single individual and resulting in a higher output per unit. When comparing and evaluating the two models, one will notice similarities and differences.

References;

Goldsmith, M., & Carter, L. (2010). Best practices in talent management: How the world’s leading corporations manage, develop, and retain top talent. San Francisco: Pfeiffer.

Gostick, A. R., & Elton, C. (2007). The carrot principle: How the best managers use recognition to engage their people, retain talent, and accelerate performance. New York: Free Press

Graham, L. K. (2011). The perfect hire: A tactical guide to hiring, developing, and retaining top sales talent. New York? Entrepreneur Press.

Sheridan, K. (2012). Building a magnetic culture: How to attract and retain top talent to create an engaged, productive workforce. New York: McGraw-Hill

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