Talent management – a strategy for millennials higher retention

Session

Management, Business and Economics

Description

Employee retention is crucial given the high competitiveness in the commodities, services, and labour market. Companies design and implement human resources development programs; empirical research has verified such interventions' positive effects. Talent management is an essential component of these human capital policies. It is becoming crucial in the last years due to the disruptive changes in the world of work caused by COVID-19 pandemic effects, digital and green transition and especially in developing contexts, social disparities, and migration. Millennials' talent management is a compelling research target group due to their attitude toward work and careers. This research aims to unfold the organisational practices of talent management and adaptations due to the new developments and youth perspective. It follows a qualitative approach and is conceptualised as a comparative case study analysis. In-depth semi-structured interviews and document reviews were used to map talent management practices and results of two companies operating respectively in the banking and consultancy sector in Albania. Results show that both organisations acknowledge rapid changes in the world of work, but the adaptations applied are only incremental. Both organisations apply agile working methods and are piloting more rapid development programs covering a wider variety of employees in terms of position and competencies. The findings of this research enrich the literature on talent management practices applied by multinationals in developing contexts and the effect on youth retention and development. From an applied research point of view, this research's findings can serve as an example, especially for mid-size organisations that can be inspired to customise their own strategies in support of human resource development impact in organisation design and implementation.

Keywords:

Talent management; developing countries; multinationals

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-550-50-5

Location

UBT Kampus, Lipjan

Start Date

29-10-2022 12:00 AM

End Date

30-10-2022 12:00 AM

DOI

10.33107/ubt-ic.2022.438

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Oct 29th, 12:00 AM Oct 30th, 12:00 AM

Talent management – a strategy for millennials higher retention

UBT Kampus, Lipjan

Employee retention is crucial given the high competitiveness in the commodities, services, and labour market. Companies design and implement human resources development programs; empirical research has verified such interventions' positive effects. Talent management is an essential component of these human capital policies. It is becoming crucial in the last years due to the disruptive changes in the world of work caused by COVID-19 pandemic effects, digital and green transition and especially in developing contexts, social disparities, and migration. Millennials' talent management is a compelling research target group due to their attitude toward work and careers. This research aims to unfold the organisational practices of talent management and adaptations due to the new developments and youth perspective. It follows a qualitative approach and is conceptualised as a comparative case study analysis. In-depth semi-structured interviews and document reviews were used to map talent management practices and results of two companies operating respectively in the banking and consultancy sector in Albania. Results show that both organisations acknowledge rapid changes in the world of work, but the adaptations applied are only incremental. Both organisations apply agile working methods and are piloting more rapid development programs covering a wider variety of employees in terms of position and competencies. The findings of this research enrich the literature on talent management practices applied by multinationals in developing contexts and the effect on youth retention and development. From an applied research point of view, this research's findings can serve as an example, especially for mid-size organisations that can be inspired to customise their own strategies in support of human resource development impact in organisation design and implementation.