Strategies for Talent Retention in Modern Work Environments (Essay Sample)

Student’s Name Instructor Course Name and Number Due Date Strategies for Talent Retention in Modern Work Environments The modern-day job market makes it difficult for companies to maintain talented human resources for the maximum period or until project completion. The unpredictable and complex job market places a heavy responsibility on employers to attract, retain and motivate competent and top-talented employees. Hiring skilled and talented employees and retaining them for prolonged periods gives the business a competitive advantage over competitors. Moreover, organizations retain employees to assist in achieving their targets and goals for a specified time frame. Companies deploy training and development, recognition and reward, favorable work-life balance, and involvement in management and decision-making as primary human resource practices to attract, retain and motivate employees. Training and development is a human resource practice that organizations utilize in retaining top talented workers. It allows employees to acquire additional skills and attitudes to improve their expertise. Moreover, training and development involve preparing employees' soft skills and attitudes to develop appropriate experiences and leadership acumen. Employees become competent and equipped to apply their technical and soft skills in managerial and leadership capacities (Nor, 2018). This practice represents employers' investment in employees and provides opportunities for career development. Investing in the training and development of organization workers instills confidence and draws commitment from workers leading to long-term engagement and job satisfaction. Adopting career advancement policies assists organizations in retaining talented workers by aligning the workplace environment with employees' personal and professional growth needs (Sawaneh & Kamara, 2019). Therefore, training and development is a tool for businesses to retain talented workers but requires other means, such as recognition and reward. Businesses compensate employees for their work and excellent performance through rewards and recognition. Intrinsic and extrinsic rewards serve as compensations for jobs done by workers for the organization. They involve activities and gestures directed at organization employees as appreciation for their involvement in the operation and success of the business. Organizational workers get motivated when provided with intrinsic and extrinsic rewards leading to increased job satisfaction and commitment (Sawaneh & Kamara, 2019). Modern-day companies provide attractive pay while incorporating hospitalization benefits as extrinsic rewards to improve workers' feelings of belonging and accomplishment. Besides extrinsic and intrinsic rewards, organizations use recognition of the subordinates to improve workers' attitudes in the workplace (Nor, 2018). Appreciating workers' efforts increases motivation and creates an impression of value and acknowledgment of the input to the organization. Thus, rewards and motivation influence employees' decision to stay, albeit requiring a work-life balance to guarantee their stay. Work-life balance is a crucial tool to attract and keep endowed workers and compete in the current job market. Businesses that employ favorable work-life balance policies influence employees' decisions to stay. Employers align their organizational culture and workplace environment with changes in employee behavior and preferences. These employers acknowledge that modern-day employees have undergone a paradigm shift and prefer favorable work-life balances with sufficient time to spend with friends and families (Sawaneh & Kamara, 2019). Moreover, research findings have supported calls for work-life balance, given the increasing preference for flexible work schedules from employees seeking to balance their professional and personal lives. As a result, businesses deploy flexibility in scheduling and accommodate employees' location, responsibilities, and workloads, allowing employees to select their time to work and spend with family (Sawaneh & Kamara, 2019). Thus, allowing employees to fulfill their family responsibilities influences their decision to stay. This understanding requires organizations to involve employees in the decision-making affecting workplace operations. Modern businesses offer increased freedom and space to accommodate employees' input in crucial affairs by involving them in decision-making. This approach aims to tap into the competencies and talents of employees while also serving as motivation and recognition of employees' capacities. Research findings have shown that involvin...