Abstract
An organisation's talent management practice is a human resource strategy aimed at identifying, developing, deploying and retaining talented and high-potential staff. Talent management is primarily among the human resource practices of employee development. By identifying and enhancing the skills of employees, it not only increases their efficiency, but also results in higher job satisfaction, increased motivation, and elevated retention rates of staff.The purpose of this research was to look into the impact of talent management on South Africa's banking sector, with reference to the retention of employees. Those included in the study were randomly selected managers and staff from FNB, ABSA and Nedbank. The study's goal was to investigate if targeted talent management influences the retention of employees within the organisation.This study used a descriptive research design. To obtain quantitative data, the researcher applied a questionnaire. Descriptive statistics were used to analyse the quantitative data produced from Cronbach alpha, Z-test and Chi-square tests. The research disclosed that the primary talent methods are motivation, regular training and employee development.However, succession planning, career mentoring, recruitment, and selection - as talent management techniques have a direct relationship with employee retention. Based on the study’s findings, it is recommended that the organisation should develop effective talent management practices aimed at increasing the retention of employees.
Highlights
The human resource department in an organisation is transforming, as business faces complex challenges and exploits opportunities
The study evaluated each objective and determined the extent to which the organisation's talent management practises contribute to the retention of employees
The study concludes that the effective practice of talent management helps to retain top talent within an organisation
Summary
The human resource department in an organisation is transforming, as business faces complex challenges and exploits opportunities. The transformation of human resources today, is due to the rapid changes within business, because of factors - such as globalisation and digitisation. Multinational companies need skilled labourers from developing countries at a low cost and the demand of such workers is very high. Managing such a diverse pool of talent is one of the biggest challenges for a global organisation’s human resource department. Multinational companies need to learn how to integrate a diverse value system and share common global work values, to create an environment in which workers can communicate and coordinate their activities to achieve common goals
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