Talent Management: An Emerging Focus on the Banking Sector of South Africa

Abstract

An organisation's talent management practice is a human resource strategy aimed at identifying, developing, deploying and retaining talented and high-potential staff. Talent management is primarily among the human resource practices of employee development. By identifying and enhancing the skills of employees, it not only increases their efficiency, but also results in higher job satisfaction, increased motivation, and elevated retention rates of staff.

The purpose of this research was to look into the impact of talent management on South Africa's banking sector, with reference to the retention of employees. Those included in the study were randomly selected managers and staff from FNB, ABSA and Nedbank. The study's goal was to investigate if targeted talent management influences the retention of employees within the organisation.

This study used a descriptive research design. To obtain quantitative data, the researcher applied a questionnaire. Descriptive statistics were used to analyse the quantitative data produced from Cronbach alpha, Z-test and Chi-square tests. The research disclosed that the primary talent methods are motivation, regular training and employee development.

However, succession planning, career mentoring, recruitment, and selection - as talent management techniques have a direct relationship with employee retention. Based on the study’s findings, it is recommended that the organisation should develop effective talent management practices aimed at increasing the retention of employees.