An examination of factors impacting on talent retention at a financial institution

M.Com. (Business Management)Talent commitment, efficiency and retention issues are emerging as the most important corporate challenges of the present and immediate future, driven by talent loyalty concerns, corporate reorganization efforts and stiff competition for key talent. For most organizations, “surprise” talent departures can be devastating on the execution of business strategy and the achievement of business goals and objectives. This phenomenon is most prevalent now in light of current economic uncertainty and following corporate downsizings when the risk of losing critical talent increases exponentially. Talent retention is one of the greatest challenges confronting many business organizations today. For most organizations talent recruitment and retention is a major concern as the ability to keep talent is crucial for the organization’s performance and future survival. It is recognized that talent turnover, is a critical challenge to most organizations that cost money, effort and energy. This challenge poses major problems to HR professionals in their efforts to formulate talent retention policies. South Africa has for the past few decades seen an influx of foreign investment, ideas and practices, facilitated by the development of the Internet and associated technologies. As with many organizations worldwide including organizations in South Africa, staff retention problems affect organizational productivity and performance. The global war for talent has increased the challenge to most organizations in attempting to address the issue of talent retention in the context of increasing competition in the global marketplace. It is against this background that this research will look into talent retention problems within the socio‐economic context of South Africa and in particular factors impacting on talent retention at Alexander Forbes as an organization. This study brings into focus the extent to which factors impacting on talent retention such as pay and compensation, career development, leadership, working environment and organizational commitment as discussed in the literature review impacts talent retention within Alexander Forbes