"Visions of World Benefit & Global Responsibility: Perspectives of McGill Students

Saturday, July 28, 2007

Employee Retention and Global Talent Management

In today’s world, the need to retain talented employees is among the top priorities of the major companies because of the heightening technological development and need for more in depth training. Many people change jobs multiple times in life, but today’s corporations are sponsoring employee retention with added benefits and extra money in order to keep employees happy. It is the current and future desire of companies to find the most talented employees for hire, and in order to do so they must offer more benefits, which is therefore a movement in improving the benefits and pay of many employees from executives to lower management. Currently many employees in the workforce feel underpaid and under appreciated, which is why studies have shown that about six in ten people are looking for new employment, but companies are now willing to sacrifice more money in order to hold onto existing, trained employees. It is proven that companies with better talent management actually have a better stand in the market and in the industry.

In the twenty-first century the world is going to see more technological advances then before, and it is becoming more challenging for employers to keep hiring new staff and retraining them just because they were not able to keep previous employees happy enough to remain in their positions. In order for the leaders of the future to find the most talented employees who are willing to stay in the same job, benefits and higher pay must be implemented. The trend of today is to change jobs more frequently, but employers are attempting to end this trend by finding talented employees and then doing everything they can to keep them within the company instead of losing the best person for the job. It is getting harder and harder for companies to find talented employees to take the place of those who are retiring. As the baby boomer generation is leaving the work force, there are many positions to be filled, yet businesses are having a very hard time trying to do so. In the future, if companies continue this trend in giving more benefits and higher wages to qualified workers, they will see a return on their investment in terms of holding talented employees for a longer period of time, yet if companies don’t begin right now to try harder to keep up company morale, it is possible that, due to employee shortage, they may find themselves downsizing.

Managers and leaders must follow the trend to employee retention or else. By improving working qualities and giving out more benefits to those who deserve it, leaders will be able to keep their businesses strong and thriving. If the employee is aware that the leaders are happy with him or her, then it will be much easier to make everyone feel appreciated and needed, a key factor in employee retention. If every employer were to tell ten people per day that they were doing a great job and that they are important assets to the company, then people would feel more satisfied with an existing job.

In a corporate world where talented workers are becoming more scarce, it is important for companies to retain every talented employee possible, or the company risks severe failure.

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