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Going by recent surveys on the impact of human resources on the future of businesses, there is need for Human Resource managers to be concerned as more employees tend to be actively seeking for alternative employment and are ready to quit their current job positions. One of such surveys was conducted by TNS for the conference board .The TNS survey covered about five thousand households and it was reported that employee satisfaction levels in the United States had dropped from 61.1% in 1987 to about 45% last year (Heathfield, 2011). Similarly, another survey done towards the end of 2007 by PricewaterhouseCoopers (PwC) set to understand the impact of human resources in business performance in the near future (the year 2020).Of particular focus was the analysis of the impact of how younger people who are set to dominate the job markets very soon may influence growth and sustainability of business enterprises (PWC, 2007).
These young employees have been christened as [link widoczny dla zalogowanych] the generation Y otherwise known as the "millennials". The PWC report points out that the generation Y is very different from [link widoczny dla zalogowanych] the generation X in that many young people look forward to career opportunities that offer them flexible time for their work. Again, most of the generation Y employees are most [link widoczny dla zalogowanych] likely to [link widoczny dla zalogowanych] have strong preferences for technology based work (PWC, 2007).compared to the past, employees are looking for job satisfaction and a sense of worthiness and therefore are more willing to seek for an employees and careers that are capable of providing them with these needs and not just a mare paycheck. Furthermore, employees want considerate managers, opportunities for growth and development in their chosen career, recognition for their hard work, rewards for their achievements and careers that enable employees to balance work and family life (Reitman, p.16)
There is need for HR managers to be concerned going by research indications of falling levels of employee satisfaction with their current jobs. With increased employee turnover and attrition, it is most unlikely that business firms will be able [link widoczny dla zalogowanych] to meet their financial goals and by extension, those of their stake holders. Talent and employee retention is an important component for business growth and sustainability. Increased competition and expansion of global trade need to minimize losses attributable to high employee turnover, diversity of the potential workforce in terms of job expectations and job; need to maintain an existing customer base and safeguard the public image of successful companies are important factors that necessitate the creation and sustainability of talent and employee retention programs. The role of HR in talent retention and employee retention is centered on their important components of talent and employee programs which include recruitment, motivation and retention. Some of the HR activities attached to the three components include employee recruitment, partnerships to upgrade skills needed in the work force, capacity building and career management.
There is no single success formula for creating talent retention and employee loyalty. Most of these programs will involve the use of mixed approaches .The kind of approaches to be used in these programs may at times vary with the [link widoczny dla zalogowanych] industry the business is involved in and it the role of HR to identify which kind of approaches to use. Talent retention as well as employee loyalty programs are closely tied with the need [link widoczny dla zalogowanych] to by organizations to protect their work force from poaching and the high cost organizations incur. So, assessments of attrition rates and as well as the estimation [link widoczny dla zalogowanych] of costs due to turn over are key components in the creation, implementation and evaluation of both talent retention and employee loyalty programs within any given organization. For each of the chosen approaches to be successful, the HR must [link widoczny dla zalogowanych] be supported by other levels of managements to be able to realize the full benefits intended to be realized through talent and employee loyalty programs. In addition to this, the persons who are charged with the responsibility of overseeing the implementation of these problems ought to be persons who understand the value of good communication within an a organization and be conversant with the ways of providing constructive feedback to the members who constitute part of their working groups .
It is [link widoczny dla zalogowanych] important for organizations to allocate sufficient resources to support the work of HR in creating and implementing talent retention and employee loyalty programs because a healthy work force constitutes an integral component that can be used for the organizations strategic position within an industry. So without a strong work force, it is most unlikely that business organizations will [link widoczny dla zalogowanych] be able to succeed in their respective business endeavors let alone create a niche for themselves in now what is a business world characterized by fierce competition and growing uncertainties' that can affect the performance of business ,often negatively.
Implementation of talent retention and employee loyalty programs calls for the use of an open approach so that those that will be in charge of running the programs have a clear perspective of the issues they will be handling. As opposed to using a common structure, appreciation of the cultural diversity of employees should serve as a guiding point when planning talent retention and employee loyalty [link widoczny dla zalogowanych] programs. The basic essence being that for multinational companies, mere duplication of such programs from one country to another may be counterproductive in the long run.
Lastly, to be able to run effective talent retention and employee retention programs, Human resource managers ought to even the least obvious of the expressed needs of the employees as most these may go unnoticed. Basing the programs on the complexities reflected on the ground is what will largely determine if the programs are likely to succeed or not. The important thing being that the organization should be able to realize the return on investment on such programs. These returns on investment are expected to be realized through the maintenance of healthy attrition rates within the organization as well as increased productivity by the employees.
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