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Retaining and Developing Talent (Factors driving Talent Management…
Retaining and Developing Talent
Talent Management Retention and Career Development + HRM Model
Induction
Orientation
(on boarding)
Training & Development
Careers
Life Long Learning
Factors driving Talent Management
Changing demographics - older and younger workers
Digital technology
New social contract - flexibility and mobility
Talent Management + HRM Model
Short-term Outcomes:
Profitability
Competiveness
Flexibility/ adaptability
Long-term Outcomes:
Survival
Good place to work
Talent Management Retention + Theory/ Models
RBV
Employees are valuable internal resources
Training & Development enhances this so that the VRIO model leads to competitive advantage
Invest in/ develop employees to retain them and ensure they are engaged and motivated
"Fit"
Individuals stay because they "fit" (value alignment/ work alignment/ skill alignment)
White and Bryson (2013)
- Intrinsic work motivation
Talent Retention (retention levers)
Baby Boomers
Motivated by financial security and responsibility
Career concerns are related to reputation nd tradition
Prefer formal training
Retention best managed using supervision and recruitment
Gen Y
Motivated by job variety and creativity
Career concerns related to experience and perceptions
Prefer interactive/ multimodal
Retention best managed by innovating and empowering
Engaging Employees
Intrinsic Factors:
Feeling valued (E.g. recognition)
Sense of achievement (JCM)
Sense of respect and fairness
Sense of making a difference
Extrinsic Factors:
Induction/ on boarding processes
Good performance management (feedback)
Employee voice
Diversity/ inclusion
Rewards/ Development
Flexibility
Work environment
Strategic Alignment + Integration across HR activities
Sense of achievement and being valued
Through work design (E.g. self-managing teams)
Performance management (feedback and expectations
Reward management (recognition practices)
Using HRM policies and activities to communicate values around achievement and recognition
Flexibility
Work design practices
Managing diversity practices
Employee Voice
Performance management with upwards feedback
Learning & Development
The Importance of Training & Development
Enable employees
(allow them to do their jobs well by resourcing them)
Ensure adequate access to
training
(so they can do their jobs well)
Have regular conversations about employee performance and provide feedback
Focus on
developing
employees
Deloitte's Human Capital Trends 2016
84% of executives view learning as an important issue
Employees want self-directed and continuous learning opportunities
Employers need to provide learning opportunities to ensure business objectives are met
Technology and mobile devices will facilitate this
E.g. Training and Development at McDonalds
Formal Training
McDonalds is a 'Registered Training Organisation'
Spends $40m per year on training frontline staff and career development
Global Learning
Learn from McDonald's best practice in other parts of the world
Succession Planning
Bringing crew up through the ranks
80% of restaurant managers started as crew
Summary
Increasing competition, accelerating change and relentless restructuring have made career planning and development critical for both organisations and employees
Effective career planning is essential for employees if they are to fully achieve their career objectives
Organisations, in turn, must realise a better match between employee career aspirations and job opportunities to obtain the supply of qualified HR needed to achieve strategic organisational objectives