Talent management and employee engagement – a meta-analysis of their impact on talent retention

Abstract

Purpose: The purpose of this paper is to enhance the readers’ understanding of the domain of talent management and employee engagement, and how the former culminates in the latter, specifically as a tool for retention of employees. The paper also attempts to probe and aid readers in understanding of the domain of talent management and employee engagement, specifically as a tool for retention of employees. Design/methodology/approach: The paper is based on secondary research in the areas of talent management practices, employee engagement and talent retention. The authors have reviewed the existing body of work on these topics in order to arrive at an analysis of the practice of talent management and employee engagement and to successively measure its impact on the retention of employees. In order to aid the endeavor to bring some clarity to and explore the trends in talent management, the authors have based this paper on a systematic review of the existing literature which seeks to examine the modern thought process and evidence. Current examples are drawn from many leading companies and their practices are emphasized for better understanding. Various drivers responsible for engaging and retaining talent are studied by reviewing the existing literature. After analyzing the existing literature, the authors have arrived at talent retention and engagement practices that may aid and assist industry practitioners and policy makers in designing and implementing successful talent management initiatives. The authors have proposed a model for arriving at improved retention from talent management practices. Findings: One of the most effective tools in ensuring that employees stay engaged and committed to their work is talent management. This sense of engagement or commitment toward their work ensures in turn that these employees stay with the organization in the long run. As the authors have begun analyzing the costs associated with recruitment, selection and the opportunity cost related to attrition, organizations have been concentrating their talent management efforts in the direction of retention. The paper concludes that a synchronization of talent management practices and employee engagement initiatives leads to improved talent retention and proposes a model to this end. Research limitations/implications: Owing to the fact that the paper is conceptual, the model and hypotheses the authors arrive at must be empirically tested by relevant stakeholders in the organization, specifically the stakeholders specializing in the area of talent management, in order to add further weight to the literature. Practical implications: Derived from an extensive study of current and impending talent management strategies, the findings may aid organizations and policy makers to develop and refine talent management practices in order to engage human capital, with the ulterior aim of talent retention – a concern that plagues most contemporary organizations. Originality/value: Preempting or preventing attrition is a priority in several organizations, and more often, in some industries as a whole. The authors examine how talent management practices can contribute to the efforts in preempting or preventing attrition in organizations. Adding to the existing literature on talent management, the paper explores the areas of talent management which directly affect employee engagement and in turn make a difference in talent retention. This link connecting talent management practices with retention deserves a greater amount of investigation, which the paper explores.