This paper aims to review the talent management literature to identify ways in which organizations can practically and effectively improve talent retention.
This paper defines talent and talent retention and explains why retaining talent is so important and why talent leave. Then, it reviews existing literature from scholarly journals and practitioner reports and identifies and discusses means by which organizations can improve their talent retention. Finally, this paper outlines some important lessons that are relevant to all organizations when considering talent retention.
The review of the talent management literature identifies four ways that organizations can improve their talent retention: developing a solid organizational culture and strong values, providing applicable and dynamic training, fostering an engaging work environment, and offering clear and suitable career advancement opportunities.
The four practical ways to effectively improve talent retention discussed in this paper demonstrate that retaining talent requires more than just a competitive salary package. Talent want to work for and stay at an organization that has similar values, provides training opportunities, fosters engagement and offers career advancement.
