A Study on Talent Management Strategies and Employee Retention

Abstract

In today's global and rapidly changing business environment, companies are facing critical challenges of talent management and employee retention. This study examines how talent management strategies are connected to outcomes of employee retention in different contexts. The approach of the study was quantitative with primary data gathered from medium and large scale organizations in different industrial fields, 120 respondents. A structured questionnaire was used and the data was analyzed using Statistical Package for Social Sciences (SPSS) version 26.0. To analyze the research hypotheses, statistical methods such as descriptive statistics, Pearson correlation analysis, multiple regression analysis and one-way ANOVA were used. The results indicated that the relationship between talent acquisition, learning and development, performance management and compensation and reward and employee retention is statistically significant with a result of p<0.001 and R2=0.714. Learning and development emerged as the strongest predictor (β = 0.387, p < 0.001), followed by compensation and rewards (β = 0.312, p < 0.001), performance management (β = 0.241, p < 0.01), and talent acquisition (β = 0.198, p < 0.05). The results of ANOVA also indicated that there was a significant difference between the retention results obtained between the industry and the sector. The conclusion is an integrated and strategically combined talent management practice is a key to retaining employees and maintaining the competitiveness of the organization. Implications for HR practitioners and organizational leaders are discussed, as well as directions for future studies.