ROLE OF TALENT MANAGEMENT PRACTICES ON EMPLOYEE RETENTION: A CORRELATION STUDY WITH SPECIAL FOCUS ON SELECTED INDIAN LIFE INSURANCE COMPANIES

Abstract

Employee retention and talent management have been a critical issue for many national and global level organizations. People are the most valuable asset and their development in terms of skills, knowledge and abilities gives strength to an organization to achieve desired outcomes. Talent management practices aimed at getting the right person in the right job and to get the best out of their right people. The study aims to understand the role and relation of various talent management practices on employee retention in Life Insurance sector. The nature of study is descriptive type and depends on both primary and secondary data. The total sample size was 100 comprising of all levels of employees and selected through non-probability purposive sampling method. The data collected from primary data were analyzed using descriptive statistic and correlation method. The main finding of the study indicate that there is a positive relationship among various dimensions of talent management practices such as training & development, rewards & compensation, performance management on employee retention. The present study cannot be generalized because the sample size is inadequate and confined to only four private life insurers. The study concludes that by effective talent management practices, the top management of private insurance companies can improve retention rate of employees and thus enhances overall organizational performance. Therefore, the top level managers can adopt various talent management strategies in reducing attrition and thereby improving employee retention and organizational performance. KEYWORDS: Talent management practices, Employee retention, Private Life Insurers and Organizational performance.