If you are an HR professional then you must be familiar with the terms like talent retention, talent acquisition or even employee engagement. However, if you are an entrepreneur running a start-up, then while you may have heard about these terms, do you understand the importance of these terms.
While the companies/organizations spend huge amounts on hiring new talent, what they lack is retaining that talent either through lack of employee engagement or work culture that is not conducive for an employee’s growth hence making him or her disinterested both in the organization and the job that he or she is doing. So how do we retain a talent and what exactly is talent retention, how to reward a talent and what is talent acquisition models are some of the things we will learn in this article.
What Is Talent Retention?
In simple words talent retention is when employees who have been performing consistently are given enough reasons to believe that an organization is growing because of their dedicated efforts and employees are happy to stay in an organization. When an employee feels that his or her hard work and efforts are not only being recognized but appreciated as well that is when we say a talent has been retained in an organization. Now how does an organization retain its employees? Through employee engagement. And what is employee engagement – let’s read it here.
Employee Engagement and Rewarding Talent
Heard the term? But don’t know what exactly it means. Worry not, as we tell you what exactly employee engagement means and how it helps in retaining an employee or rather talented employees. Employee engagement is nothing but an organization’s approach to ensure that each and every employee’s needs and wants are well taken care of so that he or she feels committed to the organization’s goals and values and motivated to ensure that he or she is an important part of an organization’s success. While this is all the part of an employee engagement, there is another thing that organization can give its employees and that is sense of well-being.
Another way to engage an employee is to reward the talent. When an organization recognizes and rewards a talent or performance, employee is motivated to keep doing his or her best so that there are more such rewards for him or her and for others as well. Rewarding a talent can be done in numerous ways – you can reward it by giving performance bonus, an extra off to enjoy with family, or by giving certificate along with the previous two ways. Depending on your organization’s culture.
Talent Acquisition And Talent Acquisition Models
Talent Acquisition is a process through which the Talent Management team searches and acquires skilled applicants who fit the needs and requirements of an organization. Talent Acquisition Models are the ways designed to acquire those skilled people in the company.