In today's volatile, uncertain, complex, and ambiguous marketplace, talent retention management is a pressing issue as organizations face challenges in recruiting and retaining key employees due to internal and external factors. External factors, such as skilled labor shortage, globalization, and l...
Executive Summary
Effective talent retention management has become an urgent issue to address in today’s
volatile, uncertain, complex, and ambiguous marketplace as internal and external factors
make it increasingly difficult for organizations to recruit and retain key employees.
External factors such as economic growth, low unemployment rate, skilled labor shortage,
and globalization only contribute to further escalating the war for talent in the
marketplace. Unfortunately for employers, these events are far beyond their control and
are expected to get worse in the future. Therefore, leaders must focus on properly
addressing internal factors that influence talent retention. Internal factors that influence
talent retention, such as decreased employee loyalty, lack of recognition and rewards,
unclear career development, an unattractive compensation package, lack of balance
between work and personal life, an inadequate work environment, and an inadequate
retention strategy are crucial points where management has to think strategically and act
in collaboration with talented employees to meet their needs, wishes, and high
expectations. Leaders have control over the ultimate effects of internal influencers, and
therefore their action plan could make a great difference in the retention of talented
employees, as well as the overall success of the organization.
This paper will identify the most common internal and external factors that negatively
influence talent retention management in organizations. The survey results and actual
statistics collected in this research will help HR professionals and line managers
recognize critical gaps in talent retention practices and prioritize future talent retention
action plans.
, iii
List of Figures
Figure 1: More private job openings than hires in the United States in 2016…………...4
Figure 2: The development of Millennials in the US labor force (1994-2017)…..……...6
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