Talented Workforce

Retention of Talented Workforce

GB540: Economics for Global Decision Makers

Student: M.V

Date: January 5 2015

Introduction

In today’s business environment talent management is essentially, an issue of corporate culture. It is not simply a matter of aligning various Human Resources systems: it's about recognizing that your organization needs talented, well-trained, highly-motivated people if it's to perform at its best and realize its full potential for that system to be effective, it must be supported and developed by managers and leaders from all parts of the organization.

For the more lucrative companies, compensation and benefit packages have now become the determining factor on whether a person accepts or declines a position with most companies. Salary used to be a major determining factor in considering a position with a company, but because salary pay has normalized across the board, the only other incentive a company could offer an employee was a benefit package (Cubizolle, 2005). For big companies, a simple benefit package will not suffice. Potential employee's who are well prepared and have earned their degree's become quiet meticulous when it comes to the benefit package a company is offering.

For a business to achieve success depends upon hiring right people at right positions when talented workers are hard to find, it's critically important to attract and retain high-quality staff, when competitors are actively trying to recruit top people and experienced workers. The organization pay special attention to confident managers throughout the organization who are committed to keeping the talented people they already have. In such competitive environment it is hard for employers to retain their talented staff when they are being offered better opportunities in the market. Talent Management is a formal approach for maximizing the contribution that individuals can make, by better using and developing their skills and experience the...