Effectiveness of Talent Management Strategies: Evidence from Indian Manufacturing Sector
Keywords:
Talent Management, Job engagement, Talent Retention, Career Path, Compensation managementAbstract
In a globalized era managing and developing talent has become the critical factor in the success of any organization. In the last two decades, the theme “Talent Management” is the most explored area by both academicians and HR managers. In this competitive corporate environment and lack of availability of highly talented and skilled employees, the major challenge for the HR department is that of attracting the right talent and retaining them to achieve the objectives of the organisation. Now, the HR department is of the opinion that “it’s better to develop talent rather than acquiring talents”. Therefore, the current empirical study has been undertaken to understand the major drivers of the Talent Management practices in Indian manufacturing sector. Based on the exhaustive study, the researchers have identified eight major determinants that influence the intention to stay in the current organisation namely; Supervision, Compensation management, Job engagement, Innovation, Open climate, Career development path, Organisation environment, Quality of working environment. In order to realise the stated objective, a structured questionnaire was administered on 235 highly talented employee respondents across various companies. For this purpose, the instrument’s reliability was adjudged by employing Cronbach’s alpha. The threshold Cronbach’s alpha value fixed for this purpose was 0.7. Only those items whose Cronbach’s alpha value was greater than .7 was retained for further analysis. In the next phase, frequency table and cross tabulation have been run and inferential statistics have been run to arrive at the meaningful statistical inference. In the last phase, multiple regression has been run to identify the major determinates of intention to stay in the current organisation. The findings revealed that Compensation management, Job engagement, Open climate, Career development path, Quality of working environment were the major factors that drive the dependent variable Intention to stay in the organization. It is recommended to the organisations to integrate career mapping tool and career planning discussions as they help employees think strategically about their career paths and the ways to meet their career goals within the organization. Proper alignment of Talent Management strategies with organizational goals and creating a culture where employees work is valued will be helpful to sustain in the competitive environment for a long period of time. Finally the results have been compared with the possible evidence.
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