The Importance of Talent Management Strategy for The Attraction and

Retention of Employees

Background

Talent management refers to the process of attracting, retaining, motivating, and

developing talented individuals in accordance with the organization's needs. The
term "talent management" is more than simply a common human resource
phrase. It is also devoted to hiring, managing, developing and retaining the
industry's most talented and great staff. Indeed, talent management plays an
essential part in the business strategy as it handles one of the company's
important assets which are its employees.

The achievement and maintenance of a competitive advantage at now rely not

only on the value of the human capital, but rather on having an effective
management plan for human resources [ CITATION Nie16 \l 1033 ]. That being said,
It is essential to note that "the strategy for human resources may contribute to
the business strategy, and that the corporate strategy also justifies the HR
strategy" [CITATION Arm \l 1033 ]. In reality, this involves the consolidation of the
overall strategy with the plan for managing human resources. The adoption of
talent management and human resource management strategies inside the
business led in the development of talent management procedures. The talent
development approach is influenced by elements such as labor market
circumstances and the organizational value of interpersonal capital [ CITATION
Poc08 \l 1033 ].

The plan for the administration of human resources should never be in the form
of broad instructions for HR. In this area, it should define long-term goals
[ CITATION Kró16 \l 1033 ]. The development of staff-related strategies is such as
human resource, high efficiency management, corporate social responsibility,
HR and business growth, commitment, knowledge management, acquisition,
remuneration, employee relationships and talent management are essential.

For conducting the project, I have chosen a hospital. The name of the hospital is
Evercare Hospital Dhaka. Previously, this hospital was known as Apollo Dhaka
Hospital. Evercare and CDC Group have renamed Apollo Hospital Dhaka as
Evercare Hospital Dhaka following their acquisition in STS Holdings Ltd. It is
currently a member of the Evercare Group's worldwide network of 28 hospitals
throughout South Asia and Africa [ CITATION Cit21 \l 1033 ] . Evercare Dhaka
Hospital is now a 450-bed inter tertiary health care facility, the country's first of
its kind. It is equipped with diagnostic and treatment services for all major
medical specialties[ CITATION Apo21 \l 1033 ]. As a privately sponsored institution,
it mostly serves the working and middle classes. At the same time, there seems
to be a provision for individuals who cannot afford treatment to receive them
for free. It is located in Dhaka's Bashundhara residential neighborhood.

Nevertheless, the importance of talent management strategy for the attracting of

new employees as well as the retention of existing employees is essential. Top
level employees and HR professionals have various responsibilities to play in
managing employee performance and talent [ CITATION Ali14 \l 1033 ] . HR
managers assist and impact these operations by developing processes to manage
leadership and employee productivity towards a successful business. Business
performance is HR managers' emphasis. Like any other organization, Evercare
Hospital Dhaka's personnel management approach will influence both recruiting
new workers and retaining existing ones.

Although talent management is an integrated process, it will be more effective if

built as an interconnected pool that feeds data to all other departments. This is
especially true if talent management methods are used to transfer talent from
one activity to another[ CITATION Jul08 \l 1033 ]. Many businesses, regardless of
sector or size, might benefit from implementing and integrating several human
resource management techniques and policies that clearly belong within the area
of talent management [ CITATION Pre10 \l 1033 ]. Managers must understand what
motivates individuals, provide access to learning, and treat staff with dignity.
Instead, many businesses react by giving a valued employee a raise or by
sweetening their remuneration package. Hence, talent management is a
substantial strategy for coping with the looming labor issue and strengthening
an organization's posture and brand.

Project Aims and Objectives

My research aims to study the essential role that talent management plays in the
recruitment and retention of employees at Evercare Hospital Dhaka, a private
hospital in Bangladesh. The objective of this project is to analyze and identify
the vital elements that constitute a successful talent management strategy as
well as its role that they play in both attracting new employees and keeping
current employees at the stated organization.

Literature Review

Core elements of talent management exist in the literatures. Following a

discussion of various interpretations, the analytical framework of expertise is
more applicable to the researcher's competence in this study. Talent
management is the process of gaining talent through internal and external
recruiting, as well as through any other activity designed to attract talent. In the
talent inspection process, cognitive rhythm of prospective talent entailed
identifying key individuals capable of creating and delivering on organizational
goals (Davies and Davies, 2010). Additionally, the author [ CITATION Aer18 \l 1033
] argues that by concentrating on developing talent, employees would be able to
boost their job characteristics and performance. Talent development include
expanding one's knowledge, talents, skills, and competencies, all of which are
critical for employee retention and engagement. Employees' learning and
development are critical components of their professional path since they help
them gain the necessary capabilities for the assigned job.

Besides, the researcher reiterates based on his study that talent management is
concerned with attracting, developing, and retaining critical organizational
talent [ CITATION Moh15 \l 1033 ]. He emphasizes on the link among both talent
management and organizational engagement, retention, value addition, and
improved organizational performance. Although the research is empirical,
author Abdul [CITATION Moh15 \n \t \l 1033 ] concludes that talent management
has a favorable correlation with employee productivity. He also states that talent
management is the uncommon capability of an organization to continually
develop and optimize the talent resources required to accomplish strategic goals
and performance objectives. Modern businesses place a premium on talent
management, and developing technical and managerial capabilities may help
organizations achieve a competitive edge. Indeed, according to a 2013 report by
the Project Management Institute, an organization's strategy-aligned people
management system has a 72 percent success rate[CITATION PMI13 \n \t \l 1033 ].

On the other hand, the author [ CITATION Mag16 \l 1033 ] explains some variables
that play a significant role in influencing workers' decisions to quit or stay in a
business. Author suggests that organizations recognize and reward superior
achievement in order to increase employee motivation and engagement. He also
makes the point that an employee who does well will feel valued and
acknowledged, and therefore will remain dedicated and engaged. Nevertheless,
researcher [CITATION Lee17 \n \t \l 1033 ] conducts a thorough analysis of the
existing literature and provides empirical data on important human resource
policies that have a major influence on how employee retention procedures are
managed. He concurs with the assertion that businesses who concentrate in
talent management performance methods, such as staff effects and future
optimization, position themselves for better success [ CITATION Cas14 \l 1033 ].

Indeed, talent management strategy is essential for reducing hiring costs, a well-
negotiated compensation structure, an efficient and productive inspired and
dedicated workforce, and therefore increased service delivery efficiency are all
benefits of people management [CITATION Ell04 \n \t \l 1033 ]. In any business,
talent management processes such as talent planning, recruiting, development,
remuneration and incentives, productivity management and employee
empowerment, employee engagement, and organizational culture have been
adopted [ CITATION Aib15 \l 1033 ].

Hence, International human resource management practices have incorporated

talent management as an essential strategy and method, demonstrating a
commitment to the generally held notion that human resources are an
organization's primary aim and competitive advantage. Hughes and Rog (2008)
emphasized the benefits of executing a talent management strategy effectively
and efficiently for improved employee recruitment, retention, and a focus on
how to engage people for an extended length of time. Morton (2005) stated that
talent management is critical for organizational engagement. Effective talent
management ensures that businesses can accomplish their goal of retaining
people. Therefore, talent management techniques have a significant influence
on perceived human resource results, particularly on the output, efficiency, and
productivity of the business and its personnel. When workers are prepared to
serve alongside their parent business with a defined vision, philosophy and
long-term sustainability strategy, profitability improves immediately. As a
result, the value of talent management is undeniable.

Methods

The project will utilize both primary and secondary data, as this is fundamental
research in which I will develop knowledge, hypotheses, and predictions.
Secondary sources such as research papers, articles, and journals would provide
the theoretical foundations for my project. On the contrary, primary data would
support in the collection of accurate current-time data. Primary data will be
collected from a random sample of respondents, such as Evercare Hospital
Dhaka employees, using a judgmental sampling technique. The study will
involve approximately 40 respondents from the hospital.

I chose sample over census since the organization I chose has a sufficient
number of respondents. The raw data from employees is justified by observing
the standing of talent management strategies for employee attraction and
retention in Evercare Hospital Bangladesh. Convenience sampling might be
more efficient because it would require less time as hospitals are the busiest
organizations on the planet during this pandemic crisis. It is essential to select a
sampling method that requires respondents from the hospital to devote the least
amount of time possible to the survey in this period. On the other hand, other
probability sampling techniques require a significant investment of money and
time in comparison to convenience sampling. It enables researchers to generate
a greater number of samples with hardly any investment and in a short period of
time. Hence, convenience sampling seems to be more appropriate for my
organization.

Cost and Budget

As my research is for educational purposes, I will not require any specific

funding for it. Respondents are willing to participate in the survey on a
voluntary basis. However, there will be transportation and lunch costs
associated with the trip to the hospital. Additionally, a transcription service may
be required to transcribe the respondents' interviews. Additionally, access to
statistical analysis software is required for my project. The cost breakdown is as
follows:

Budget Items Subtotal (BDT) Total (BDT)

Direct Cost:
Transportation 300
Transcription service 1500
Statistical analysis 1000
software -----------------------------
----- 2800
Indirect Cost:
Lunch allocation 500
500
Total Amount (BDT) 3300

Due to the fact that I will not receive funding from my institute, I will attempt to
cut costs that are not necessary for the study, such as indirect costs (lunch
allocation). Additionally, if I can obtain access to the trial version, I will be able
to reduce direct costs such as services. This is the strategy I intend to use to
manage the cost and budget for my project.

Time Planning

Time planning and management for the project on importance of talent

management strategy for the attraction and retentions of employees through
Gantt chart is as follows:
Cr
ea
te
a The Importance of Talent Management Strategy for The Attraction and Retention of Employees
En
21/8/21
te Starting date
En
0
te
To
m
Ce August September
Th
lls 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
is
Milestone description Progress Start No. days S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T
ro
En
te Research Proposal
Identifing the general
100% 21/8/21 3
study idea

100% 23/8/21 1
Choosing my project topic
100% 23/8/21 10
Backgrpund inspection
100% 31/8/21 3
Literature review

85% 1/9/21 6
Cost and risk analysis

Research Activity
Collecting data from the
0% 5/9/21 13
employees of Evercare
Analyzing and interpreting
0% 12/9/21 9
data

30% 18/9/21 5
Presenting the findings

Risk and Issues

Most likely risk of this project is the physical safety of the data collector. As I
will be visiting Evercare Hospital to conduct the interviews, I will be at a high
risk of contracting the covid-19 virus. I've already received vaccination to
ensure my safety. Apart from that, I intend to maintain social distance
throughout the data collection process.

Additionally, there is a legal risk associated with this study. Certain questions in
the questionnaire may be prohibited by the authority from being answered. As a
result, data analysis may be harmed. To avoid this type of risk, I have already
contacted the hospital's administration to obtain approval for the questionnaire
in advance. As a result, the risk of legal complications can be avoided in
advance.

Index
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Pocztowski, A., 2008. Talent Management in Organisations. Kraków, pp. 9, 39,
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Król, H. L. A., 2016. Human Resources Management. Warszawa, p. 129.
City Desk, 2021. Apollo Hospital rebranded as Evercare Hospital , Dhaka: The
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