A Conceptual Review of the Talent Management and Employee Retention in Banking Industry

Abstract

The value of talent workers, talent management and talent retention has increased in the increasing economic circumstances of the world. Talented and devoted employees are often an integral part of every company. Smart, sophisticated, digitally literate, internationally astute and operationally agile businessmen are considered talented individuals. Talent management means that organisations have access to strategic planning with the best candidates with relevant expertise placed in the right place. Therefore, the aim of this study is to develop a conceptual model that explain the relationship between talent management and employee retention. The study will be used to accumulate empirical literature by the name of talent management and talent retention in different online database sources such as Google Scholars, Springer Link, Wiley, Science Direct, JSTOR, Emerald full text, Scopus, and EBSCO HOST, etc. The review findings of the study shown that any success or loss of a company mostly depends on the activities and survival of talented employees. The study also found that the retention of employees is one of the challenges that many public and private organisations face, has become an even greater challenge facing human resources professionals because there is a luxury of choice for talented candidates in the global job skills market. At the same time, there is a lack of research emphasizing only on banking industry. The proposed conceptual model depicts the significant effect of working environment and other dimensions of talent management and its effect on employee retention in banking industry.

Staff Retention among Employees in Malaysian Financial Institutions

“…In the modern day, many companies have made the retention of their employees their primary concern. According to Akanda, Bhuiyan, Kumarasamy, and Karuppannan (2021), the most essential quality of an excellent human resources professional is the individual's ability to retain employees, even though employing talented individuals is still very important. According to Chang and Busser (2020) and Marinakou and Giousmpasoglou (2019), the most critical variables that determine the success of a company are the retention and contentment of its employees, and work productivity inside the organisation is a significant component in determining these factors.…”

An Investigation into the Retention of Talent in the Nigeria Banking Sector

“…The increased turnover and retention rates of talent in various Nigerian firms have been the subject of several studies. These studies linked poor talent retention to a weak organizational reward system in some cases [3] and weak talent management in others [4].…”

“…However, despite the various benefits of being a talent in Nigeria, talent retention has become a significant problem for banks in the Nigerian banking sector [6]. Furthermore, Akanda et al [4] noted that the Nigerian banking sector still has a very high talent turnover rate, stressing that they never stay in one bank for an extended period. Thus, an investigation is still needed into the long-term retention of talent in banks [2].…”

Talent Management: Its Effect on the Competitive Advantage of Selected Money Deposit Banks in Ogun State, Nigeria

“…Banks can identify and develop employees with the potential to be future leaders by investing in Talent Management, thus providing the banks with a competitive advantage edge. Other than retaining potential leaders, Talent Management can be a tool for workforce diversity and access to a larger pool of talent (Racolța-Paina & ClaudiaBucur, 2019;Akanda, Bhuiyan, Kumarasamy, & Karuppannan, 2021). Banks can identify and develop employees from a variety of backgrounds by investing in Talent Management.…”