Strategic Resourcing and Talent Management

Strategic Resourcing and
Talent Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
An organisation which is run with help of human resources, it is essential to formulate
business strategies in a way that its implementation help in effective talent management
(Grissom, Viano and Selin, 2016). Strategies related to talent management are common in
every organisation these days. Identifying talent in today's scenario is difficult but real
difficulty is identifying a talent and incorporating it in business strategies.
MAIN BODY
Employee retention rate is capability of an organisation to retain their employees.
Employee turnover rates refers to number of employees who have left their jobs in a specified
period. It can be easily calculated by difference in employees in an organisation at beginning
of a period and at the end of it. While calculating it for long period it becomes difficult because
vacant jobs are filled by new employees. In this case average of employees working is
considered. High retention rate are never good for a firm because turnover is expensive. It take
cost, money and efforts to appoint an employee, train them and retain them in organisation as
long as possible. Arguments can be done against it as well because employee turnover can many
a times be in ones advantage because many recruitments does not cost much. It is less costly to
hire and train a new employee who is promising than to retain an employee whose work and
performance are not up to mark. Also there are employees who have a negative vibe and are a
liability for business. Letting such employees go can also improve working environment in an
organisation and boost up other employees.
Looking for new employees is difficult. It is also expensive a lot of factors are
considered in it which include training, hidden costs such as reduction in productivity during the
period when one employee leaves and other joins, loss in expertise and impact on employee
morale. When there are less chances of easily recruiting others employee retention in an
organisation becomes more important. This happens because effective strategies are costly or
unavailable to many smaller businesses. There are a number of ways in which company can
increase its retention ratio. One of the easiest way is to increase pay of employees. Anyhow this
can be too expensive for firm. There are a number of other ways through which company may
increase retention without actually much expenditures. There are various other factors which are
considered by an employee other then pay. This is how company needs to influence employees