Talent Management Strategies: A Panacea to Employee Turnover in Commercial Banks in Abia State, Nigeria.

Abstract

Effective personnel management is increasingly acknowledged as a strategic method to handle the difficulty issue of employee retention which has been viewed as a major concern for firms in the competitive banking sector. Previous research has focused on specific tactics and how they can improve staff retention, yet turnover in the banking industry in Abia state, Nigeria, keeps rising. Determining the effect of talent management methods on employee retention in the setting of commercial banks in Abia State, Nigeria, is the purpose of this study. This is anticipated to fill in the knowledge gaps on the difficulties in talent management methods for commercial banks in Nigeria’s Abia state. This study aims to investigate the effects of talent management techniques on employee retention in the commercial banking sector in Abia State, including sourcing/recruitment, training/development, and reward/recognition. The study uses a qualitative method of data gathering through interviews with HR department workers of the chosen banks, using an interpretivist philosophy and inductive methodology. The data analysis includes thematic analysis to examine the effects of talent management strategies on employee retention. A strategy that can assist in overcoming the difficulties in the aforementioned talent management strategies is succession planning. The study finds that reward and recognition programs, comprehensive training and development programs that are seen to create opportunities for career growth and advancement, and effective recruitment practices that are in line with the bank’s culture and values are key strategies for reducing employee turnover. Thus, the study’s advice is consistent with its findings that succession planning is a talent management strategy that can combine other approaches to create a comprehensive approach to talent management, enhancing both competitive advantage and employee retention.