Companies work hard to train, attract, and retain the best talent. Besides employees are hoping that they will increase the value of the organization so that it can grow. The hiring process is the first step in building a strong workforce. Hiring authorities face the challenge of managing their talent before, during and after the hiring process. Companies often lean toward employers to apply successful talent management and retention strategies.
As an employer, the Human Resources Manager can provide direction to the company on the challenges of managing talent. Running talent management is not always simple. Numerous problems can arise, such as the managers not investing in support of employees, unskilled/dissatisfied employees, and non-business support
When the rate of unemployment rose steeply in the late 2000s, the recruiters were able to easily recruit new talent as the pool of candidates was huge. At the present time, it has dropped below 5% in some nations, it is much harder to find new employees. If the HR manager does not have the resources to provide the maximum compensation package, the organization may consider other work opportunities, such as remote locations or flexible times.
Employees always feel pressured to provide fine for themselves and their families. When the employee feel that their payment is not fair, they do not hesitate to talk about the situation. Employees indicated that salary is the most vital component in their overall job satisfaction. Moreover, it creates a problematic situation for any human resources manager whose job is to satisfy employees while reducing costs. When it comes to retaining employees, it is up to HRM to choose who is right and who is not right.
One of the problems with viewing a strategy from a business perspective is that it does not consider the employee it is. Sometimes they may have valid reasons to move forward rather than retain their skills and knowledge. Instead, the business organization or the MNC’s should focus on maintaining a relationship with them. Former staff members are a valuable source of reference for candidates. They are ambassadors for the brand and culture of the organization and can verify employee experience by posting on the employee experience and review site. As a fulfilled customer in the future, they can influence others in using MNC’s products and services. And veterans play an important role in an employee’s broad knowledge network.