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A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED IT ORGANIZATIONS IN CHENNAI

The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.

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https://iaeme.com/Home/journal/IJM 1951 editor@iaeme.com
International Journal of Management (IJM)
Volume 11, Issue 9, September 2020, pp.1951-1966, Article ID: IJM_11_09_186
Available online at https://iaeme.com/Home/issue/IJM?Volume=11&Issue=9
ISSN Print: 0976-6502 and ISSN Online: 0976-6510
DOI: https://doi.org/10.34218/IJM.11.9.2020.186
© IAEME Publication Scopus Indexed
A STUDY ON TALENT MANAGEMENT AND ITS
IMPACT ON EMPLOYEE RETENTION IN
SELECTED IT ORGANIZATIONS IN CHENNAI
Jothi Priya. R
Research Scholar, PG and Research Department of Management,
Rajagiri Dawood Batcha College of Arts and Science,
(Affiliated to Bharathidasan University), Papanasam, Tamil Nadu, India.
Dr. K. Balasaravanan
Assistant Professor, PG and Research Department of Management,
Rajagiri Dawood Batcha College of Arts and Science,
(Affiliated to Bharathidasan University), Papanasam, Tamil Nadu, India
ABSTRACT
The goal of this study was to see how talent management affected employee retention
in the selected IT organizations in Chennai. The fundamental issue was the difficulty to
attract, hire, and retain talented personnel who perform well and the gap between
supply and demand of talent acquisition and retaining them within the firms. The study's
main goals were to determine the impact of talent management on employee retention
in IT companies in Chennai, investigate talent management strategies that IT companies
could use to improve talent acquisition, performance management, career planning and
formulate retention strategies that the IT firms could use. The respondents were given
a structured close-ended questionnaire with the 5 Point Likert Scale as part of the
study's quantitative research design. The target population consisted of 289 IT
professionals. The questionnaires were distributed and collected by the researcher
directly. The Statistical Package for Social Sciences (SPSS) was used to collect and
analyse the questionnaire responses. Hypotheses that were formulated for the various
areas of the study were tested using a variety of statistical tests. The key findings of the
study suggested that talent management had an impact on employee retention. The
studies also found that there is a clear link between the implementation of talent
management and retention measures. Management should provide enough training and
development for employees, clarify job responsibilities, provide adequate remuneration
packages, and recognise employees for exceptional performance.
A Study on Talent Management and its Impact on Employee Retention in Selected it
Organizations in Chennai
https://iaeme.com/Home/journal/IJM 1952 editor@iaeme.com
Key words: Talent Management, Employee Retention, IT organization, Performance
Management, Retention Strategies.
Cite this Article: Jothi Priya R and K. Balasaravanan, A Study on Talent Management
and its Impact on Employee Retention in Selected it Organizations in Chennai,
International Journal of Management (IJM), 11(9), 2020, pp. 1951-1966.
https://iaeme.com/Home/issue/IJM?Volume=11&Issue=9
1. INTRODUCTION
One of the most important management tools in the twenty-first century is talent management.
It is a valuable tool for both employees as well as organizations. It improves the organization's
efficiency and helps people enhance their own abilities. Talent management is the process of
identifying an employee's unique skills and competencies and matching them with a suitable
position. Human resource management (HRM) is in charge of placing the right people in the
right jobs. It also improves the organization's productivity and quality of work. Thus, talent
management is critical for both the company and its employees. Globalization has raised rivalry
among businesses while also opening up new doors of opportunity.
The current economic scenario has raised the demand for talent management, which is
fuelled by a worldwide trend that includes a competitive market, advanced technology, and
business expansion, all of which necessitate a variety of abilities. Human capital is a critical
resource for organisations to adapt to global rivals; as a result, organisations have issues in
retaining exceptional individuals in order to maintain operations and continue to grow. The
capacity to have the appropriate people in the right location at the right time is critical to an
organization's growth potential. Talent management ensures that the appropriate people with
the right talents are in the right place at the right time. The ability to retain highly talented
employees is critical for an organization's future survival. This necessitates the development of
talent management practices in order to assist in the retention of talented employees who could
play a significant role in improving the quality of IT services in Chennai.
2. BACKGROUND OF THE STUDY
Due to developments in the corporate environment, huge improvements in technology have
happened in recent years, necessitating the introduction of computers into enterprises. It has
established the essential human resource capabilities and performance around the globe in the
globalised business. Globalization provides a platform for young people to pursue a variety of
employment options. As a result, globalisation will need to adopt a new strategy to manage
people in organisations. However, in the context of globalisation, firms face difficulty in
exploring the potential of qualified individuals. It is the only method to maintain a competitive
advantage in the workforce through managing promising employees, also known as talent
management. Organizations' main difficulty is not finding the appropriate individual for the
right job, but keeping the competent employee. Therefore, the goal of talent management is to
attract, develop, employ, and retain the greatest minds in order to meet company needs. Thus,
the researcher wants to learn more about talent management and how it affects employee
retention in a few IT companies in Chennai.
3. TALENT MANAGEMENT – CONCEPT AND DEFINITION
The concept of talent management has become so important that it has become the focal point
of many firms' HR strategies. Companies have learned that their employees' abilities and skills
are the driving force behind their performance and commercial success. These businesses
devise strategies and procedures for tracking and managing their staff talent. A company with
Jothi Priya R and K. Balasaravanan
https://iaeme.com/Home/journal/IJM 1953 editor@iaeme.com
a skilled and successful workforce can earn a reputation as a wonderful place to work, which
encourages current employees to stay. Talented individuals will also want to work for a
company that values its employees and provides them with opportunities for advancement. It is
tough to keep high-performing employees, which is why HR has grown increasingly important
in this area.[1]
Talent management, according to Mohaimen (2015) [2], entails human resource techniques
aimed at acquiring and retaining the right people for the right position at the right time. In other
words, talent management is the process of acquiring, developing, implementing, engaging,
retaining, and employing a valued employee. As a result, talent management differs
significantly from traditional HRM, which combines fresh information with new technology
and skills rather than repackaging old ideas under a new label. Jyoti (2014) [3] acknowledged
that talent management is one of the methods for attracting and absorbing new personnel, as
well as blossoming and motivating ultra-talented individuals to achieve an organization's total
goals.
3.1 Benefits of Talent Management
In order for a firm to succeed, it is essential that talent management practices are implemented
by that firm. It is a complex collection of human resource operations that generate benefits for
every company.
A better understanding of Employees: Employee evaluations provide managers with in-
depth information on their staff. Their development needs, career goals, strengths and
weaknesses, abilities, and likes and dislikes are all factors to consider. It is so easy to determine
what motivates people to contribute significantly to the job enrichment process.
Development of professional decision-making skills: When an employer is aware of an
employee's great potential, investing in their professional growth becomes easier. Because
development necessitates investment decisions in the individual's learning, training, and
development, whether for growth, succession planning, or performance management, an
organisation is unsure where to make this investment, and talent management simply makes it
easy for them.
Retaining top talent: Despite global economic developments, attrition remains a big worry
for businesses. Retaining excellent people is critical to market leadership and expansion.
Companies that fail to retain their best employees risk losing out to the competition. The
emphasis now shifts to developing employee retention programmes and tactics in order to
recruit, develop, retain, and engage top talent.
Hiring suitable candidates: An organization's quality is determined by the quality of its
staff. Recruiting talent from the bottom up is the best approach to having talent at the top. It's
no surprise, then, that talent management programmes and training, as well as recruiting
assessments, have become an important part of HR operations in recent years.
Right Person in the Right Job: People decisions gain a strategic agenda when their talents
and strengths are properly assessed. The skill or competency mapping helps the employee to
assess the organization's skill inventories. This is particularly significant from both the
organization's and employee's perspectives, because the correct individual is placed in the right
position, and employee productivity is boosted.
3.2 Retention of Employees
Employee Retention refers to an organization's capacity to retain its staff. A simple statistic can
be used to indicate employee retention. Employee retention, on the other hand, is often thought
to refer to businesses' efforts to keep employees in their workforce. In this way, retention
A Study on Talent Management and its Impact on Employee Retention in Selected it
Organizations in Chennai
https://iaeme.com/Home/journal/IJM 1954 editor@iaeme.com
becomes a strategy rather than an end result. Employee retention is the practise of persuading
employees, particularly high-skilled individuals who add value to the organisation, to stay with
the company for a long time. Employee retention did not become popular in the business world
until the 1970s and early 1980s, when job mobility and voluntary job change became
increasingly common. The most significant transfer in power from management to employees,
whom the employers failed to recognise, was the shift in power from management to
employees. The most significant requirement on today's management is to retain the most
important and dynamic human resource motivated and dedicated. It's crucial to monitor not
only who the company hires, but also how they keep their core personnel. Managing and
retaining talented personnel is a critical component of gaining a competitive advantage.
3.3 Impact of Talent Management on Employee Retention
Although talent management is a relatively young field, many firms have made it a priority to
guarantee that they can recruit and retain people. The need to develop talent management
expertise can be seen in both corporate and academic studies. When the Boston consultancy
group and the World Federation of People Management Association asked HR professionals
from around the world to rank their most important priorities in 2012, they discovered that
managing talent, improving leadership, and strategic workforce planning were the three most
pressing areas. It implies that every employer must be prepared to fulfil future business
demands, which may be managed effectively through talent management. Employee attraction,
retention, and development have all been connected to the effectiveness of implementing talent
management. Employee retention increases the likelihood that employees will think long term
and avoid making short-sighted decisions. Because retaining high potential employees is a
difficult task, employers must devise strategies to keep them as the organisation pursues high
performance and retention of employees with improved skills. Talent management
encompasses a variety of human resource features, such as various methods for employees to
grow and achieve organisational goals, and it has become critical to the survival of today's
profit-driven competitive company climate.
3.4 Employee Retention and Talent Management Relationship
One of the most significant issues that management faces today is developing and retaining a
workforce that contributes to the organization's performance. Every organization's key goal in
order to expand and progress in this competitive market is to perform consistently and on a
regular basis. Effective talent management is critical for organisations' success and long-term
growth in the present day’s complicated and dynamic business environment, as it allows them
to retain top employees while enhancing productivity. Any company's most valuable asset is
the right talent. Indeed, one of HR's most essential responsibilities is to ensure that employees
with the appropriate abilities remain with the company for a long period. It is critical that a
talent management system is integrated into all parts of human resource management; this will
aid in the recruitment and retention of key people who will contribute to the organization's
success and long-term growth. Talent management and recruitment, development, diversity,
retention, and succession planning approaches all have clear interdependencies. Organizations
may successfully hire and keep necessary talented individuals with effective talent
management.
4. REVIEW OF LITERATURE
Companies should establish and develop talent management in order to recruit and retain staff.
Kumar and Munjal (2021) [4] examined the role of talent management practices in retaining
employees. To determine the influence of talent management practices on employee retention,
Jothi Priya R and K. Balasaravanan
https://iaeme.com/Home/journal/IJM 1955 editor@iaeme.com
a descriptive study was done. The association between the variable of talent management and
employee retention was investigated using a multiple regression model. Personnel like to stay
in a company that allows them to advance and grow in their careers, and pay plans are also
highly beneficial in attracting and retaining employees. Talent management, according to
Zulaecha Ngiu et al (2021) [5] focused on talent, which is described as high performance with
developed skills. To investigate the impact of talent management on employee performance, a
quantitative methodology will be used to collect data from 100 respondents. The findings
demonstrated that the more talent management initiatives are adopted, the greater the retention
rate and performance will be. As per Kamal Abdi Yousuf (2019) [6] talent management is a
common retention approach for talented people in the present business environment. Talent
management is a relatively new idea in Somalia, both in the public and commercial sectors, as
many businesses have yet to adopt its content and face significant issues in retaining bright
personnel. The influence of talent management and its influencing elements on retaining
talented people in the Somali banking sector were explored in this study. The purpose of this
study is to assess the efficiency of talent management in retaining personnel in the banking
sector, as well as to identify a research need in Somalia.
5. RESEARCH GAP
Because of the widespread talent shortages, talent management has become a vital business
activity in organisations and a critical decision area for managers (Sparrow & Makram,
2015).[7] Despite practitioners' keen interest in Talent Management, theoretical research has
not progressed at the same rate. Bolander et al. (2014) [8] suggested that the strategic focus on
Talent Management, in particular, has yet to make an impact on practice because of the absence
of empirical studies in the sector. Many researchers state that, despite the focus on Talent
Management, there has been a lack of theoretical advancement due to a lack of practical study.
As a result, more empirical research is needed, as there appears to be a disconnection between
the practitioner and academic interests (Cappelli & Keller, 2014) [9], as well as a paucity of
empirical evidence on existing conceptual models and theories on the issue of Talent
Management. Specifically, there is a little theoretical study on the alignment of Talent
Management with strategy, despite the strategic importance of Talent Management being
emphasised by numerous researchers and practitioners. Hence, this thesis aims to contribute to
the empirical study on Talent Management in order to bridge not only the gap between
practitioners and academics but also the theoretical gap between Talent Management and
strategy.
6. STATEMENT OF THE PROBLEM
There was a bubble in this technological era that caused the most brilliant to transfer from
traditional to information technology. However, they are now returning to their old economy
enterprises. The recession widened the gap between talent supply and demand, resulting in an
oversupply of technical workers compared to demand and an undersupply of multi-talented
workers compared to demand. As a result of this predicament, organisations began to engage
in poaching. To address this issue, businesses must employ the most effective retention
techniques. A talent management strategy can help organisations enhance their performance by
better identifying, sourcing, developing, rewarding, motivating, and retaining the people that
keeps them ahead of the competition. To remain competitive, a company must be able to
function efficiently in the absence of key employees, which can only be accomplished if talent
management and retention policies are implemented. Consequently, every employee will be
involved in the organization's activities, and their efforts will ultimately contribute to the
organization's overall performance. Organizations, according to Khadka (2011) (10), must
employ retention tactics in order to compete. However, no previous study encompassing the
A Study on Talent Management and its Impact on Employee Retention in Selected it
Organizations in Chennai
https://iaeme.com/Home/journal/IJM 1956 editor@iaeme.com
talent management practices in the context of determining its effect on employee retention
among IT organizations in Chennai has been conducted. Subsequently, Chennai city was
selected as the research's study area.
7. OBJECTIVES OF THE STUDY
• To find out the current employee retention strategies being used in IT industries of
Chennai city
• To investigate the factors that could lead to improved employee retention strategies
• To identify the impact of talent management practices on employees in IT industries of
Chennai city
• To provide suitable suggestions for enhancing talent management strategies that can be
used by IT industries of Chennai city
8. NEED FOR THE STUDY
The concept of talent management is not new; there has always been a demand for talented
personnel. However, due to the shifting paradigms of the workforce in the modern period, the
corporate sector has just recently experienced a talent shortage. A thorough review of the
literature demonstrates that in today's competitive environment, organisations are confronting
a talent shortage, putting pressure on them to attract the best individuals. Corporate leaders must
ensure that talented employees join the organisation and opt to stay rather than seek
employment elsewhere. Many academics have defined talent management in various ways in
the literature reviewed, but few studies have empirically tested the notion. None of the studies
looked into the many aspects of talent management in depth. There have been few studies that
have looked into the relative value of talent management for employees. Besides that, previous
studies have failed to address the problem of determining the worth of various talent
management components and the weight they carry for employees. From the standpoint of
employees and management, the question of the effectiveness of talent management strategies
has also gone unaddressed. In the present study, employees' perceptions of the relative
importance of various aspects of talent management are assessed, and the success of talent
management strategies is measured by assessing the factors such as talent acquisition, career
planning, performance management, talent strategy and employee retention in the perspective
of the IT employees.
9. SCOPE OF THE STUDY
This study will benefit organizations in Chennai’s IT industry in the areas of talent management
and employee retention. The organisation, personnel, and other researchers would all benefit
from this research. Subsequently, the findings of this study will be beneficial to IT firms, as it
will aid management in their efforts to ensure that talent management practices are fully
understood as specified by policies, procedures, and processes. Thus, IT companies in Chennai
will be able to retain their employees and improve their overall performance. The outcomes of
this investigation will also be added to the existing body of knowledge.
10. RESEARCH METHODOLOGY
The specification of the research design, questionnaire design, sample design, data collection,
and statistical techniques that are used to analyse the acquired data are all part of the
methodology utilised to conduct the study.
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A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED IT ORGANIZATIONS IN CHENNAI

  • 1. https://iaeme.com/Home/journal/IJM 1951 editor@iaeme.com International Journal of Management (IJM) Volume 11, Issue 9, September 2020, pp.1951-1966, Article ID: IJM_11_09_186 Available online at https://iaeme.com/Home/issue/IJM?Volume=11&Issue=9 ISSN Print: 0976-6502 and ISSN Online: 0976-6510 DOI: https://doi.org/10.34218/IJM.11.9.2020.186 © IAEME Publication Scopus Indexed A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED IT ORGANIZATIONS IN CHENNAI Jothi Priya. R Research Scholar, PG and Research Department of Management, Rajagiri Dawood Batcha College of Arts and Science, (Affiliated to Bharathidasan University), Papanasam, Tamil Nadu, India. Dr. K. Balasaravanan Assistant Professor, PG and Research Department of Management, Rajagiri Dawood Batcha College of Arts and Science, (Affiliated to Bharathidasan University), Papanasam, Tamil Nadu, India ABSTRACT The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
  • 2. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1952 editor@iaeme.com Key words: Talent Management, Employee Retention, IT organization, Performance Management, Retention Strategies. Cite this Article: Jothi Priya R and K. Balasaravanan, A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai, International Journal of Management (IJM), 11(9), 2020, pp. 1951-1966. https://iaeme.com/Home/issue/IJM?Volume=11&Issue=9 1. INTRODUCTION One of the most important management tools in the twenty-first century is talent management. It is a valuable tool for both employees as well as organizations. It improves the organization's efficiency and helps people enhance their own abilities. Talent management is the process of identifying an employee's unique skills and competencies and matching them with a suitable position. Human resource management (HRM) is in charge of placing the right people in the right jobs. It also improves the organization's productivity and quality of work. Thus, talent management is critical for both the company and its employees. Globalization has raised rivalry among businesses while also opening up new doors of opportunity. The current economic scenario has raised the demand for talent management, which is fuelled by a worldwide trend that includes a competitive market, advanced technology, and business expansion, all of which necessitate a variety of abilities. Human capital is a critical resource for organisations to adapt to global rivals; as a result, organisations have issues in retaining exceptional individuals in order to maintain operations and continue to grow. The capacity to have the appropriate people in the right location at the right time is critical to an organization's growth potential. Talent management ensures that the appropriate people with the right talents are in the right place at the right time. The ability to retain highly talented employees is critical for an organization's future survival. This necessitates the development of talent management practices in order to assist in the retention of talented employees who could play a significant role in improving the quality of IT services in Chennai. 2. BACKGROUND OF THE STUDY Due to developments in the corporate environment, huge improvements in technology have happened in recent years, necessitating the introduction of computers into enterprises. It has established the essential human resource capabilities and performance around the globe in the globalised business. Globalization provides a platform for young people to pursue a variety of employment options. As a result, globalisation will need to adopt a new strategy to manage people in organisations. However, in the context of globalisation, firms face difficulty in exploring the potential of qualified individuals. It is the only method to maintain a competitive advantage in the workforce through managing promising employees, also known as talent management. Organizations' main difficulty is not finding the appropriate individual for the right job, but keeping the competent employee. Therefore, the goal of talent management is to attract, develop, employ, and retain the greatest minds in order to meet company needs. Thus, the researcher wants to learn more about talent management and how it affects employee retention in a few IT companies in Chennai. 3. TALENT MANAGEMENT – CONCEPT AND DEFINITION The concept of talent management has become so important that it has become the focal point of many firms' HR strategies. Companies have learned that their employees' abilities and skills are the driving force behind their performance and commercial success. These businesses devise strategies and procedures for tracking and managing their staff talent. A company with
  • 3. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1953 editor@iaeme.com a skilled and successful workforce can earn a reputation as a wonderful place to work, which encourages current employees to stay. Talented individuals will also want to work for a company that values its employees and provides them with opportunities for advancement. It is tough to keep high-performing employees, which is why HR has grown increasingly important in this area.[1] Talent management, according to Mohaimen (2015) [2], entails human resource techniques aimed at acquiring and retaining the right people for the right position at the right time. In other words, talent management is the process of acquiring, developing, implementing, engaging, retaining, and employing a valued employee. As a result, talent management differs significantly from traditional HRM, which combines fresh information with new technology and skills rather than repackaging old ideas under a new label. Jyoti (2014) [3] acknowledged that talent management is one of the methods for attracting and absorbing new personnel, as well as blossoming and motivating ultra-talented individuals to achieve an organization's total goals. 3.1 Benefits of Talent Management In order for a firm to succeed, it is essential that talent management practices are implemented by that firm. It is a complex collection of human resource operations that generate benefits for every company. A better understanding of Employees: Employee evaluations provide managers with in- depth information on their staff. Their development needs, career goals, strengths and weaknesses, abilities, and likes and dislikes are all factors to consider. It is so easy to determine what motivates people to contribute significantly to the job enrichment process. Development of professional decision-making skills: When an employer is aware of an employee's great potential, investing in their professional growth becomes easier. Because development necessitates investment decisions in the individual's learning, training, and development, whether for growth, succession planning, or performance management, an organisation is unsure where to make this investment, and talent management simply makes it easy for them. Retaining top talent: Despite global economic developments, attrition remains a big worry for businesses. Retaining excellent people is critical to market leadership and expansion. Companies that fail to retain their best employees risk losing out to the competition. The emphasis now shifts to developing employee retention programmes and tactics in order to recruit, develop, retain, and engage top talent. Hiring suitable candidates: An organization's quality is determined by the quality of its staff. Recruiting talent from the bottom up is the best approach to having talent at the top. It's no surprise, then, that talent management programmes and training, as well as recruiting assessments, have become an important part of HR operations in recent years. Right Person in the Right Job: People decisions gain a strategic agenda when their talents and strengths are properly assessed. The skill or competency mapping helps the employee to assess the organization's skill inventories. This is particularly significant from both the organization's and employee's perspectives, because the correct individual is placed in the right position, and employee productivity is boosted. 3.2 Retention of Employees Employee Retention refers to an organization's capacity to retain its staff. A simple statistic can be used to indicate employee retention. Employee retention, on the other hand, is often thought to refer to businesses' efforts to keep employees in their workforce. In this way, retention
  • 4. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1954 editor@iaeme.com becomes a strategy rather than an end result. Employee retention is the practise of persuading employees, particularly high-skilled individuals who add value to the organisation, to stay with the company for a long time. Employee retention did not become popular in the business world until the 1970s and early 1980s, when job mobility and voluntary job change became increasingly common. The most significant transfer in power from management to employees, whom the employers failed to recognise, was the shift in power from management to employees. The most significant requirement on today's management is to retain the most important and dynamic human resource motivated and dedicated. It's crucial to monitor not only who the company hires, but also how they keep their core personnel. Managing and retaining talented personnel is a critical component of gaining a competitive advantage. 3.3 Impact of Talent Management on Employee Retention Although talent management is a relatively young field, many firms have made it a priority to guarantee that they can recruit and retain people. The need to develop talent management expertise can be seen in both corporate and academic studies. When the Boston consultancy group and the World Federation of People Management Association asked HR professionals from around the world to rank their most important priorities in 2012, they discovered that managing talent, improving leadership, and strategic workforce planning were the three most pressing areas. It implies that every employer must be prepared to fulfil future business demands, which may be managed effectively through talent management. Employee attraction, retention, and development have all been connected to the effectiveness of implementing talent management. Employee retention increases the likelihood that employees will think long term and avoid making short-sighted decisions. Because retaining high potential employees is a difficult task, employers must devise strategies to keep them as the organisation pursues high performance and retention of employees with improved skills. Talent management encompasses a variety of human resource features, such as various methods for employees to grow and achieve organisational goals, and it has become critical to the survival of today's profit-driven competitive company climate. 3.4 Employee Retention and Talent Management Relationship One of the most significant issues that management faces today is developing and retaining a workforce that contributes to the organization's performance. Every organization's key goal in order to expand and progress in this competitive market is to perform consistently and on a regular basis. Effective talent management is critical for organisations' success and long-term growth in the present day’s complicated and dynamic business environment, as it allows them to retain top employees while enhancing productivity. Any company's most valuable asset is the right talent. Indeed, one of HR's most essential responsibilities is to ensure that employees with the appropriate abilities remain with the company for a long period. It is critical that a talent management system is integrated into all parts of human resource management; this will aid in the recruitment and retention of key people who will contribute to the organization's success and long-term growth. Talent management and recruitment, development, diversity, retention, and succession planning approaches all have clear interdependencies. Organizations may successfully hire and keep necessary talented individuals with effective talent management. 4. REVIEW OF LITERATURE Companies should establish and develop talent management in order to recruit and retain staff. Kumar and Munjal (2021) [4] examined the role of talent management practices in retaining employees. To determine the influence of talent management practices on employee retention,
  • 5. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1955 editor@iaeme.com a descriptive study was done. The association between the variable of talent management and employee retention was investigated using a multiple regression model. Personnel like to stay in a company that allows them to advance and grow in their careers, and pay plans are also highly beneficial in attracting and retaining employees. Talent management, according to Zulaecha Ngiu et al (2021) [5] focused on talent, which is described as high performance with developed skills. To investigate the impact of talent management on employee performance, a quantitative methodology will be used to collect data from 100 respondents. The findings demonstrated that the more talent management initiatives are adopted, the greater the retention rate and performance will be. As per Kamal Abdi Yousuf (2019) [6] talent management is a common retention approach for talented people in the present business environment. Talent management is a relatively new idea in Somalia, both in the public and commercial sectors, as many businesses have yet to adopt its content and face significant issues in retaining bright personnel. The influence of talent management and its influencing elements on retaining talented people in the Somali banking sector were explored in this study. The purpose of this study is to assess the efficiency of talent management in retaining personnel in the banking sector, as well as to identify a research need in Somalia. 5. RESEARCH GAP Because of the widespread talent shortages, talent management has become a vital business activity in organisations and a critical decision area for managers (Sparrow & Makram, 2015).[7] Despite practitioners' keen interest in Talent Management, theoretical research has not progressed at the same rate. Bolander et al. (2014) [8] suggested that the strategic focus on Talent Management, in particular, has yet to make an impact on practice because of the absence of empirical studies in the sector. Many researchers state that, despite the focus on Talent Management, there has been a lack of theoretical advancement due to a lack of practical study. As a result, more empirical research is needed, as there appears to be a disconnection between the practitioner and academic interests (Cappelli & Keller, 2014) [9], as well as a paucity of empirical evidence on existing conceptual models and theories on the issue of Talent Management. Specifically, there is a little theoretical study on the alignment of Talent Management with strategy, despite the strategic importance of Talent Management being emphasised by numerous researchers and practitioners. Hence, this thesis aims to contribute to the empirical study on Talent Management in order to bridge not only the gap between practitioners and academics but also the theoretical gap between Talent Management and strategy. 6. STATEMENT OF THE PROBLEM There was a bubble in this technological era that caused the most brilliant to transfer from traditional to information technology. However, they are now returning to their old economy enterprises. The recession widened the gap between talent supply and demand, resulting in an oversupply of technical workers compared to demand and an undersupply of multi-talented workers compared to demand. As a result of this predicament, organisations began to engage in poaching. To address this issue, businesses must employ the most effective retention techniques. A talent management strategy can help organisations enhance their performance by better identifying, sourcing, developing, rewarding, motivating, and retaining the people that keeps them ahead of the competition. To remain competitive, a company must be able to function efficiently in the absence of key employees, which can only be accomplished if talent management and retention policies are implemented. Consequently, every employee will be involved in the organization's activities, and their efforts will ultimately contribute to the organization's overall performance. Organizations, according to Khadka (2011) (10), must employ retention tactics in order to compete. However, no previous study encompassing the
  • 6. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1956 editor@iaeme.com talent management practices in the context of determining its effect on employee retention among IT organizations in Chennai has been conducted. Subsequently, Chennai city was selected as the research's study area. 7. OBJECTIVES OF THE STUDY • To find out the current employee retention strategies being used in IT industries of Chennai city • To investigate the factors that could lead to improved employee retention strategies • To identify the impact of talent management practices on employees in IT industries of Chennai city • To provide suitable suggestions for enhancing talent management strategies that can be used by IT industries of Chennai city 8. NEED FOR THE STUDY The concept of talent management is not new; there has always been a demand for talented personnel. However, due to the shifting paradigms of the workforce in the modern period, the corporate sector has just recently experienced a talent shortage. A thorough review of the literature demonstrates that in today's competitive environment, organisations are confronting a talent shortage, putting pressure on them to attract the best individuals. Corporate leaders must ensure that talented employees join the organisation and opt to stay rather than seek employment elsewhere. Many academics have defined talent management in various ways in the literature reviewed, but few studies have empirically tested the notion. None of the studies looked into the many aspects of talent management in depth. There have been few studies that have looked into the relative value of talent management for employees. Besides that, previous studies have failed to address the problem of determining the worth of various talent management components and the weight they carry for employees. From the standpoint of employees and management, the question of the effectiveness of talent management strategies has also gone unaddressed. In the present study, employees' perceptions of the relative importance of various aspects of talent management are assessed, and the success of talent management strategies is measured by assessing the factors such as talent acquisition, career planning, performance management, talent strategy and employee retention in the perspective of the IT employees. 9. SCOPE OF THE STUDY This study will benefit organizations in Chennai’s IT industry in the areas of talent management and employee retention. The organisation, personnel, and other researchers would all benefit from this research. Subsequently, the findings of this study will be beneficial to IT firms, as it will aid management in their efforts to ensure that talent management practices are fully understood as specified by policies, procedures, and processes. Thus, IT companies in Chennai will be able to retain their employees and improve their overall performance. The outcomes of this investigation will also be added to the existing body of knowledge. 10. RESEARCH METHODOLOGY The specification of the research design, questionnaire design, sample design, data collection, and statistical techniques that are used to analyse the acquired data are all part of the methodology utilised to conduct the study.
  • 7. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1957 editor@iaeme.com Research design: The research design for this study is a descriptive research design. The features of a relevant group are described in a descriptive research design. The information in descriptive research is precisely defined because it is characterised by the creation of specific hypotheses. Study area: Due to time and budgetary constraints on the part of the researcher, the study was limited to Chennai. Study units: Through descriptive research approaches, the current study intends to investigate talent management strategy and its impact on employee retention among the employees (team members, team leads and project managers) at chosen IT organizations (i.e. TCS, Infosys, Wipro, and HCL Technologies) based in Chennai city. Sample Population: The employees at selected IT companies (i.e. TCS, Infosys, Wipro, and HCL Technologies) in Chennai city are the sample population for the current study. Research Instrument: To examine the talent management strategies and their influence on employee retention within TCS, Infosys, Wipro, and HCL Technologies, a self-structured questionnaire was created. The survey questionnaire was designed in such a way that the responses reflected the respondents' opinions and thoughts. The Likert 5 point scale (• Strongly Disagree. • Disagree • Neither agree nor disagree • Agree • Strongly Agree) was used to evaluate the questions. HR professionals took the talent management initiative, but the repercussions of this endeavour are related to employees. These questionnaires assisted in determining the efficiency of such management initiatives as well as employee satisfaction levels. Sampling Technique: Because the population is only a few hundred, the sampling approach used for this study is a simple random sample strategy. Simple random sampling is another name for probability sampling. Every element has an equal chance of being included in the sample under this sampling design. Sample Size: The current study has a sample size of 289 people. For the current study, 356 respondents were approached from four different IT firms in Chennai, and 289 of them answered relevantly, resulting in a sample size of 289 respondents (team members, team leads and project managers) from four different IT companies in Chennai being chosen for the final study. Table 1 Sample Size Estimation SL. No. Selected IT companies in Chennai No. of respondents approached No. of populations responded with complete data 1 TCS 96 80 2 INFOSYS 89 70 3 WIPRO 90 73 4 HCL TECHNOLOGY 81 66 Total 356 289 Source: Primary Data Variables in the study Independent Variables: Talent Acquisition, Career Planning, Performance Management Dependent Variables: Talent Strategy & Employee Retention
  • 8. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1958 editor@iaeme.com Data Collection Primary data: A structured questionnaire was used to conduct a survey among the employees of four IT firms in Chennai to acquire primary data. The participants were asked to rate several items on a 5-point Likert Scale, from 5 representing Strongly Agree to 1 representing Strongly Disagree. The survey asked questions about talent management and how it affects employee retention. The researcher followed all of the research ethical principles. Secondary information: Journals, reports, publications, books, newspapers, magazines, working papers, research papers, relevant websites, company publications, and manuals were used to gather secondary data. Reliability: Reliability is the term used to describe the result consistency across time. The results of the questionnaire under investigation are regarded to be reliable if they can be replicated using the same approach. The two most critical characteristics of any research are validity and reliability. Internal consistency is measured using Cronbach's alpha. Cronbach's Alpha was used to assess the questionnaire's reliability, with an estimate of 0.7 and above indicating that the data was reliable. The outcomes are displayed below: Table 2 Reliability Factors Cronbach’s Alpha Number of Items Talent Acquisition 0.910 3 Career Planning 0.723 3 Performance Management 0.754 3 Talent Strategy 0.717 3 Employee Retention 0.744 3 Overall value 0.836 15 Source –SPSS Output Validity: Validity refers to the quality of the research technique utilised. Validity determines whether or not the procedures utilised are appropriate. The content validity and item validity of the statements/items of the questionnaire schedule utilised for the research project are satisfied following a systematic inspection. The questionnaire was modified with required revisions and the data collecting tool was made contently legitimate based on the comments and recommendations of specialists in the field of HRM. After scrutinising the items and deleting the invalid ones based on the suggestions, only valid items are retained. Data Analysis and Statistical Tools: Simple percentages, One-way ANOVA and SEM were used to analyse the primary data gathered using a questionnaire. Various statistical and mathematical techniques were used to compute and analyse the acquired data. The data were analysed with IBM SPSS 20 software. The AMOS -20 Software was used to test the models. 11. OVERVIEW OF INFORMATION TECHNOLOGY Information technology is a broad term that refers to all aspects of organising and processing data, particularly within a large organisation or business. IT is a term that is frequently used to describe computers and computer networks. It encompasses all levels of a company's systems, from physical hardware to operating systems, applications, databases, storage, servers, and much more. In recent years, the contribution of IT industries to economic growth has been enormous. This is due to the reliance of western firms on outsourcing work to India. The IT industry, as a hotbed of innovators, provides world-class technology to people all over the world. This allows the Indian economy to transition from an agriculturally based economy to a knowledge-based economy.
  • 9. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1959 editor@iaeme.com 12. PROFILE OF STUDY UNITS - SELECTED IT COMPANIES IN CHENNAI • TCS - Tata Consultancy Services: Tata Consultancy Services, located in Mumbai, India, was founded in 1968. TCS is one of the most valued 'Big4' IT service brands in the world, employing over three lakh employees. It is the face of the Indian IT industry and a well-known name in the worldwide IT industry. In Chennai, there are 11 branches of the TCS office. • Infosys: Infosys is an Indian software company that was founded in 1981 and is based in Bengaluru. It is home to around 175000 individuals, including many well-known Indian personalities such as Mr Narayan Murthy and Nandan Nilekani, to name a few. There are 4 branches of Infosys in Chennai. • Wipro: Wipro, founded in 1945, joined the IT-sphere in 1980 and has since grown to become one of the world's largest IT companies. It is led by Azim Premji and is headquartered in Bengaluru, India. It was the first software company to receive SEI CMMI Level 5 certification in 2002. It has a long list of firsts in the IT industry, including introducing Lean Management to the service industry. Including BPO offices, there are 7 branches for Wipro in Chennai. • HCL Technologies: Mr Shiv Nadar created HCL Technologies in the year 1976, and the company is headquartered in Noida, India. HCL employs hundreds of thousands of individuals in 35 countries around the world. Business Services, Custom Application Services, Engineering R&D, Enterprise Transformation Services, and IT Infrastructure Management Services are some of the business lines where HCL has a presence. There are about 9 offices in Chennai, operated by HCL Technologies. 13. DATA ANALYSIS 13.1 Demographic Profile of the Respondents The demographic profile of the respondents may be gleaned from table 3. 67.5 percent of the responders in the sample are men, while 32.5 percent are women. 62.3 percent of workers are between the ages of 26 and 35 years, 22.1 percent are between the ages of 36 and 45 years, 12.1 percent are between the ages of 46 and 55 years, and just 3.5 percent are beyond 55 years old. 78 (27%) of the 289 respondents are graduates, 132 (45.7%) are postgraduates, 49 (17%) are certificate holders, and 30 (10.4%) of their education falls into the other group. In IT firms, 15.6 percent of workers are system engineers, 56.1 percent are senior system engineers, 24.6 percent are team leaders, and 3.8 percent are project managers. In terms of experience, 102 (35.2 percent) of them have 1–5 years in the IT industry, 114 (39.5 percent) have 6–10 years, 43 (14.9 percent) have 11–13 years, and just 30 (10.4 percent) have more than 15 years. According to the table below, 10.4 percent of them earn between Rs. 4,00,000 and Rs. 8,00,000 per year, 60.2 percent earn between Rs. 8,00,001 and Rs. 12,00,000 per year, 22.5 percent earn between Rs. 12,00,000 and Rs. 16,00,000 per year, and 6.9 percent earn more than Rs. 16,00,000 per year from IT companies. Table 3 Demographic Profile Factors Frequency(n) Percentage (%) Gender Male 195 67.5 Female 94 32.5
  • 10. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1960 editor@iaeme.com Age 26 - 35 Years 180 62.3 36 - 45 Years 64 22.1 46 - 55 Years 35 12.1 Above 55 Years 10 3.5 Education Graduate 78 27.0 Post Graduate 132 45.7 Diploma 49 17.0 Others 30 10.4 Designation System Engineer 45 15.6 Senior System Engineer 162 56.1 Team Lead 71 24.6 Project Manager 11 3.8 Experience 1 - 5 Years 102 35.3 6 - 10 Years 114 39.4 11 - 15 Years 43 14.9 Above 15 Years 30 10.4 Annual Income Rs. 4,00,001- Rs. 8,00,000 30 10.4 Rs. 8,00,001- Rs. 12,00,000 174 60.2 Rs. 12,00,001 - Rs. 16,00,000 65 22.5 Rs. 16,00,000 and Above 20 6.9 Total 289 100.0 Source – SPSS Output Result: According to the above data, the majority of the workers who took part in the survey were men between the ages of 26 and 35. The bulk of the responders were post-graduates with a senior system engineer title and 6–10 years of experience. The majority of workers have a yearly income of between 8,00,000 to 12,00,000. 13.2 Structural Equation Modelling (SEM) The Observed, endogenous variables: Talent Strategy & Employee Retention The Observed, exogenous variables: Talent Acquisition, Career Planning & Performance Management
  • 11. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1961 editor@iaeme.com The Unobserved, exogenous variables: e1 (Customer Satisfaction) & e2 (Customer Retention) Variable counts (Group number 1) Number of variables in your model: 7 Number of observed variables: 5 Number of unobserved variables: 2 Number of exogenous variables: 5 Number of endogenous variables: 2 Figure 1 SEM model Assessment of talent management and its impact on employee retention Source: AMOS output Table 2 Results of Testing of Hypothesis Variables Relationship Estimation SE CR P-Value Talent Strategy <--- Talent Acquisition 0.195 0.076 2.567 0.010 Talent Strategy <--- Career Planning 0.412 0.079 5.242 0.000 Talent Strategy <--- Performance Management 0.441 0.075 5.906 0.000 Employee Retention <--- Talent Strategy 0.754 0.034 22.286 0.000 Source: AMOS output Hypothesis Discussion: H01 – Talent acquisition has no significant impact on Talent strategy The null hypothesis is rejected since the p-value (0.10) is smaller than the significant value (0.01), as indicated in table 4. As a result, talent acquisition has a major influence on talent strategy.
  • 12. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1962 editor@iaeme.com H02 – Career planning has no significant impact on Talent strategy From table – 4 it is shown that the p-value (0.000) is lesser than the significant value (0.01), thus the null hypothesis is rejected. So, career planning has a significant impact on talent strategy. H03 – Performance management has no significant impact on Talent strategy As indicated in Table – 4, the p-value (0.000) is less than the significance level (0.01), indicating that the null hypothesis is rejected. As a result, performance management has a substantial influence on talent strategy. H04 – Talent strategy has no significant impact on Employee Retention Table – 4 demonstrates that the p-value (0.000) is smaller than the significant value (0.01), and as a result, the null hypothesis is rejected. As an outcome, it can be argued that talent strategy has a major influence on employee retention. Table 5 Summary of Major Model Fit Indices Parameters Acceptable Good Fit values Values of the Research Model GFI >0.9 0.973 AGFI >0.9 0.966 CFI >0.9 0.976 RMSEA <0.06 0.036 RMR <0.10 0.066 Source: AMOS output Interpretation: The research looked at criteria such as absolute goodness of fit (GFI = 0.973), comparative fit indices (CFI=0.976), adjusted goodness of fit (ACFI=0.966), root mean square error of approximation (RMSEA= 0.036), and root mean square residual (RMR= 0.066) to assess the overall model's suitability. Though no uniform figures exist for these SEM fit metrics, recommendations may be derived from a variety of sources to arrive at the final conclusion. As a result, the aforementioned number indicates that the model is a perfect fit. 13.3 One-way ANOVA Analysis One Way ANOVA between Age and Study Variables H04 – There is no significant relationship between the age of the respondents and study variables Table 6 Age and Study variables Factors F-Value P-value Inference Result Talent Acquisition 0.125 0.945 NS Accepted Career Planning 2.590 0.043 S Rejected Performance management 2.497 0.050 S Rejected Talent Strategy 3.346 0.020 S Rejected Employee Retention 1.897 0.130 NS Accepted Source – SPSS output, NS – Not Significant, S – Significant
  • 13. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1963 editor@iaeme.com Interpretation and Inference The above table shows that since the significant value is lesser than 5% level, for career planning, performance management and talent strategy the null hypothesis is rejected for age factor and the variables career planning, performance management and talent strategy. The significant value is higher than the 5% level for the variables talent acquisition and employee retention; here we accept the null hypothesis. So, there is a significant relationship between age factors and career planning, performance management and talent strategy. There is no significant relationship between the age factor and the study variables like talent acquisition and employee retention. One Way ANOVA between Education and Study Variables H05 – There is no significant relationship between the education of the respondents and study variables Table 6 Education and Study variables Factors F-Value P-value Inference Result Talent Acquisition 0.718 0.542 NS Accepted Career Planning 2.377 0.070 NS Accepted Performance management 3.361 0.019 S Rejected Talent Strategy 5.013 0.002 S Rejected Employee Retention 3.371 0.019 S Accepted Source – SPSS output, NS – Not Significant, S – Significant Interpretation and Inference The above table shows that since the significant value is lesser than 5% level, for, performance management, talent strategy and employee retention the null hypothesis is rejected for education factor and the variables performance management, talent strategy and employee retention. The significant value is higher than the 5% level for the variables talent acquisition and career planning; here we accept the null hypothesis. So, there is a significant relationship between education factors and performance management, talent strategy and employee retention. There is no significant relationship between the education factor and the study variables like talent acquisition and career planning. 14. MAJOR FINDINGS • The demographic information of the respondents depicts that the majority of the employees who took part in the poll were males between the ages of 26 and 35, according to the aforementioned statistics. The majority of those who responded were post-graduates with a designation of the senior system engineer and 6–10 years of experience. The bulk of employees earns between 8,00,000 to 12,00,000. per year. • SEM analysis portrays that the Goodness-of-fit index: GFI = 0.973, CFI = 0.976, ACFI = 0.966, RMSEA = 0.036, and RMR = 0.066 were used to judge the model's overall suitability by looking at things like the root mean square error of approximation (RMSEA = 0.036) and the root mean square residual (RMR = 0.066). These SEM fit metrics don't have a set number for them, but recommendations can come from a variety of sources to get to the end result. As a result, the number above shows that the model is the appropriate fit. • ANOVA result shows that there is a significant relationship between age factors and career planning, performance management and talent strategy. There is no significant
  • 14. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1964 editor@iaeme.com relationship between the age factor and the study variables like talent acquisition and employee retention. • One-way ANOVA between education and study variables depicts that there is a significant relationship between education factors and performance management, talent strategy and employee retention. There is no significant relationship between the education factor and the study variables like talent acquisition and career planning. 15. SUGGESTIONS • It is possible to provide managers with training, skills, and knowledge, as well as encourage them to engage and conduct regular conversations with employees, particularly about their career aspirations and developmental needs, in order to ensure the proper assignment of work assignments to high-potential employees, thereby increasing their retention within the IT organisation. • Employees can be retained if adequate opportunities for career growth opportunities are provided. Employees must be treated fairly – through compensation, rewards and recognition schemes, an open environment and culture are created, competitive remuneration packages are provided, job responsibilities are clarified, and continuous training opportunities for skill up-gradation are provided. • Employees will become more entwined with the organisation if their thoughts and opinions are valued, resulting in a better retention rate. Employees are also more likely to perform well when their opinions and ideas are valued, therefore employee performance will improve. • To create a sophisticated talent management environment, an organisation must develop a roadmap for technology and process integration; define a clear vision for talent management; integrate and optimise processes; use robust technology to enable processes, and prepare the workforce for the changes that will occur as a result of the new environment. 16. LIMITATIONS OF THE STUDY • The views and opinions of employees from 5 different IT organisations were included in this study. It is possible that participants' responses to certain questions are skewed. It could be due to a lack of interest or bias in relation to the questions. • Due to a lack of time and financial resources, the data for this study was only obtained from 5 IT firms in Chennai city. • A time span of just 3 to 4 months was available to conduct and complete the study, indicating a time constraint. Therefore, more detailed studies, such as in terms of employee satisfaction, organizational culture and other related factors were not analyzed. • The study also has a limitation in terms of the generalizability of its findings. The sample data pertains to only the IT sector, hence the conclusions may not be totally generalizable to other industries. • Interrupted interviews were another stumbling block. Because some of the participants were highly busy and had limited time, their concentration and the natural flow of the interviews suffered as a result. This study, however, used observation and recording methods to triangulate the data in order to improve the validity (and reduce bias) of the findings.
  • 15. Jothi Priya R and K. Balasaravanan https://iaeme.com/Home/journal/IJM 1965 editor@iaeme.com 17. IMPLICATIONS OF THE STUDY One of the most essential consequences for management is that talent is inextricably related to strategy, and building Talent Management techniques and processes necessitates an awareness of the unique requirements that arise from the strategy to guide talent description. Management should, however, assess whether talent could play a role in establishing the strategy's direction. Because talent is inherently dynamic, it can shift fast and frequently. When talent requirements change, the managerial impact is to evaluate how to keep Talent Management operations current and functional. Furthermore, realising the benefits of Talent Management takes time, and implementing Talent Management systems is both time-consuming and expensive. It might be said that measuring Talent Management actions is difficult; generating relative measurements for the performance of procedures and practises, or measures of recognising talented individuals, can be difficult, but necessary. Disparities in strategy, talent perceptions, and Talent Management activities can lead to demotivation and communication problems, making it difficult to realise the benefits of Talent Management. Thus, strong leadership is required to ensure that the processes run smoothly and that the potential value of Talent Management is realised. As a result, managers must comprehend their position in the formulation and implementation of successful Talent Management. 18. CONCLUSION The requirement for human capital drives talent management, which improves the integration of newcomers, employee retention, and development. The goal of the study was to look into the effect of talent management practices on employee retention in a few IT companies in Chennai. 289 respondents were chosen for this study from various IT organisations in Chennai, including HCL, TCS, Wipro, and Infosys. Various levels and sectors will have different talent management strategies, therefore adequate attention must be made to ensure that the right strategy is followed for better results. With rising competition, a scarcity of talent, globalisation, and an ever-increasing need to manage talent, the study of talent management practice is becoming more important. As a result, it is critical to provide training and development in conjunction with a long-term career development plan, as well as to practise performance appraisal by providing accurate feedback in a timely manner so that employees can benefit from the rewards and remunerations that come with good performance. Talent acquisition, Career planning, Performance management, Talent Strategy and Employee retention will all improve as a result of this. According to the findings of this study, by implementing these talent management techniques in the selected IT organisations, employee retention can be improved while the organisation remains competitive and successful. REFERENCES [1] Walker, J. W, &LaRocco, J. M. (2002). Perspectives: Talent pools: The best and the rest. HR. Human Resource Planning, 25, 3,12-15 [2] Mohaimen. (2015). Talent Management: Three new perceptions intended for managing and retaining talent in Bangladesh. Asian Business Review, 3(3),07. [3] Jeevan Jyoti. (2014). Exploring talent management practices: Antecedents and consequences. International Journal of Management Concepts and Philosophy, 8(5), 220-248. [4] Sourabh Kumar and Sourabh Munjal (2021) The impact of talent management practices on employee turnover and retention intentions, Global Business and Organizational Excellence
  • 16. A Study on Talent Management and its Impact on Employee Retention in Selected it Organizations in Chennai https://iaeme.com/Home/journal/IJM 1966 editor@iaeme.com [5] ZulaechaNgiu, Aruzhan K. Jussibaliyeva, Sarfraz Hussain,BotagozDuisenbayeva, Edwin Ramirez Asis,Guillermo Napoleon Pelaez- Diaz (2021) The Impact of Talent Management on Performance: Moderating Effect of Career Management, Indian Journal of Economics and Business Vol. 20 No. 2 [6] Kamal Abdi yousuf, Qian Yan (2019) The Impact of Talent management on Employee retention in Somali, Journal of Research in Business, Economics and Management (JRBEM) ISSN: 2395- 2210 [7] Sparrow, P. R. & Makram, H. (2015). What is the Value of Talent Management? Building Value-Driven Processes within a Talent Management Architecture. Human Resource Management Review, 25(3), pp.249-263 [8] Bolander, P., Asplund, K. & Werr, A. (2014). Talent Management in a Collectivistic and Egalitarian Context: The Swedish Case. Stockholm School of Economics/EFI Working Paper Series in Business Administration, no. 2014:2, Stockholm. [9] Cappelli, P. & Keller, J. R. (2014). Talent Management: Conceptual Approaches and Practical Challenges. Annual Review of Organizational Psychology and Organizational Behavior, 1, pp.305-331. [10] Khadka, S. (2011). Employee Retention in Banking Industry of Nepal. Unpublished Phd thesis. Department of Human Resources Management. Faculty of Management. SInghania University. Rajasthan: University Press.