Literature review

1] https://hr.economictimes.indiatimes.com/news/workplace-4-0/talent-management/attracting-
and-retaining-millennials-and-gen-z-talent/92310696

2] https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=11838&context=dissertations

As of 2020, millennials became the largest generation in the workforce, impacting the U.S. economy
by $30 billion in turnover annually. It has become increasingly challenging to attract and retain
millennial generation employees. Business leaders face financial and operational decreases due to
millennial employee turnover. Using transformational leadership and generational theories as the
conceptual lens, the purpose of this qualitative multiple case study was to explore strategies
organizational leaders use to motivate and retain talented millennial employees. The participants
included six business leaders in the southeastern United States who implemented successful
retention and motivational strategies. Data were collected from semistructured interviews, a review
of company public records, and the organizations’ websites. Yin’s 5-stage analysis was used to
analyze the data, which enabled identifying three themes: competitive benefits, workplace values,
and open communication and feedback. A key recommendation is for leaders to use
transformational leadership tenets to recognize the millennial cohort’s distinctiveness to support
retention strategies that foster increased employee engagement to enhanced employee
commitment and willingness to participate in their organizations’ successes. The implications for
positive social change include the potential for business leaders to implement transformational
leadership strategies to improve the workplace environment, increase job satisfaction, and reduce
turnover, thereby increasing organizational profitability and productivity and improving local
economies

3] https://www.ccl.org/articles/leading-effectively-articles/3-ways-to-engage-attract-and-retain-
millennials/

Millennials make up a large part of the workforce, and more are entering every
year. But even though their share of the labor pool will only grow as Baby
Boomers continue to retire, plenty of organizations still don’t understand what
Millennials want, or how to manage them.

Contrary to the stereotype, Millennials don’t prefer changing organizations

every few years. In fact, Millennials want to learn, grow, and become leaders in
their organizations. They are eager for opportunities.

Even so, HR leaders should understand that current satisfaction doesn’t mean
Millennials aren’t looking or willing to make a change.
4] https://www.greatplacetowork.com/resources/blog/talent-management-definition-strategy-
processes-models

A talent management strategy is critical to every business. If your organization was

one of the many impacted by the Great Resignation of 2022 (or if you're clued up
on how workplace culture affects business profits), you'll know how important it
is. After employees across the U.S. realized how unhappy they were with the state
of their workplaces, they went walking — and employers were left scrambling.

“The Great Resignation was a war for talent,” says Matt Bush, principal strategic
advisor with Great Place To Work®. “And that talent was renegotiating what they
expected from employers.

The bar has been raised. People now expect more equitable treatment, more
flexibility, more care for their health and well-being outside of work. And as that
norm changed, talent management had to change, too.

5] https://www.cio.com/article/251060/employee-retention-10-strategies-for-retaining-top-
talent.html

IT departments in particular have been ramping up efforts to retain valuable employees in the
face of ongoing talent gap issues, according to CIOs and enterprise hiring managers.

“There is a talent shortage, which is expected to grow. Numerous studies show that recruiting
tech talent is become more and more difficult. Competition is fiercer than ever,” says Nancy
Parsons, president and CEO of CDR Companies, an assessment, leadership development, and
talent management firm.

A comprehensive employee retention program is a key differentiator in tight

talent markets. Here's how to reduce employee turnover, retain top talent,
and establish an engaged workforce.
6] https://www.zellalife.com/blog/millennial-employees/

 Millennial employees value work-life balance, meaningful work, and opportunities

for advancement.
 An inclusive culture, ethical workplace, and engagement strategies are essential for
retaining millennials.
 Coaching, mentorship, and technology play significant roles in meeting millennials'
professional expectations.

7] https://instituteod.com/attracting-retaining-millenials-using-strategic-talent-management-
approach/

It all started with a simple question to my buddy (high level manager with
international financial institution). I wanted to know how he was managing
millennials (that generation born between 1977 and 1997). “Aw”, he said, “they
get a bad rap.” “These millennials are so smart, light years ahead of other
generations in the application of technology for just about anything you can think
of… They just need a lot of TLC, but it’s not the smothering kind of attention, but
rather they need…” And he began to list some things and then expound on them.
I’ve tried to capture his thoughts and those of other thought leaders so here goes- a
few tips that that will leverage your organization’s ability to attract and retain your
millennial workforce.

8] https://www.hr.com/en/magazines/talent_management_excellence_essentials/
october_2023_talent_management_excellence/6-essential-strategies-to-attract-engage-and-
retai_lnvojo9u.html
Business leaders and HR teams have been offered helpful tips and advice on how to attract, engage and retain
Gen Z talent in the workplace.

Generation Z refers to those born between 1997 and 2012. This generation is fast changing the expectations of
employment, with many requesting the latest technology, flexible working arrangements, higher salaries and
more company perks. So, it’s important for businesses and HR teams to create effective strategies to attract,
engage, and retain the top Gen Z talent.

Unlike previous generations, Gen Z has never known a world without the Internet, smartphones, and social
media. They are the first true digital natives, growing up in a hyperconnected world where technology is an
integral part of their daily lives.

Gen Z’s drive and determination for more make them a valuable asset for businesses, as they are always looking
for new ways of working. Millennials are also highly motivated and bring new perspectives to the table, but Gen
Z’s fresh energy can help refocus established teams.
Gen Z brings fresh perspectives, innovative thinking and unique workplace expectations, so attracting and
retaining high-quality Gen Z employees is vital to any organization’s longevity.

9] https://www.talentlyft.com/en/blog/article/279/7-strategies-to-attract-and-engage-millennial-
talent

Millennials are the generational cohort born between 1980 and 1999; thus, by now, most
Millennials are aged 30-40 years old, being the most active and largely
represented working-age population.

As baby Boomers and Gen Xers are gradually retiring and foregoing their job positions to
Millennials, the latter are projected to constitute up to 75% of the global labor force.

The challenge that HR professionals face right now is Millennials’ fundamentally different
set of workplace values and objectives.

Compared to older generational cohorts valuing stability and high salaries, Millennials are
not attracted to money in the first place and are more mobile in workplace choices.

Therefore, you as an employer should keep track of this trend and devise strategies
for attracting, engaging and retaining more talented Millennials in your workplace for the
sake of getting a competitive advantage.

10 ]

https://www.academia.edu/35402152/Talent_management_full_research_paper_Sunayana_docx
Talent management strategies are dependent on the constitution of an organisation’s workforce and as
such are usually evolutionary in nature, to address contemporary issues. With businesses world over
having recognised the economic and talent imperative of a diverse workforce, these management
strategies must be tailored to engage, retain and develop employees - men and women, belonging to
different generations, culturally and linguistically diverse. Though gender diversity in corporate India
has been an area of focus for many high growth organisations, generational diversity or diversity in the
ages of workers is under-explored in the Indian context. The need for smart strategising becomes the
need of the hour when one generation of all accounts for the majority of workers

11] https://www.zoho.com/people/hrknowledgehive/Top-6-tips-to-attract-and-retain-top-
talent.html

The competition for talent these days is fierce, even despite the pandemic.
As Gen Zers enter the workforce in full swing and millennials climb to
higher levels of management, your strategies for attracting, engaging, and
retaining talented employees should be evolving. What millennial and Gen
Z employees expect from their workplace is very different compared to their
counterparts from previous generations. They put more emphasis on well-
being, transparency, ethics, company culture, and flexibility rather than just
pay or other monetary benefits. To survive this tight talent market and cater
to changing employee expectations, your organization should develop
compassionate, versatile, and progressive talent management
strategies that will appeal to both job-seekers and your current workforce.
In this article, we take a look at some key areas to revisit in your
organization and how improvements can be made to help you better attract
and retain talented individuals

12] https://www.kornferry.com/insights/this-week-in-leadership/attracting-and-retaining-millennials-
in-the-competitive-hospitality-sector

Korn Ferry, the preeminent authority on leadership and talent, has

partnered with the World Tourism Forum since its inception.

Each year, we shine a spotlight on the critical industry

challenges and propose solutions. This year, in collaboration with
Bridge.Over, we sought to understand in some depth the most
effective ways to attract and retain Millennials.

Partnering with Bridge.Over Group, a specialist hospitality

and tourism strategy consulting firm, Korn Ferry conducted surveys
to explore this issue from the perspectives of Millennial (Gen
Y) employees and Hospitality Chief Executive Officers. Korn
Ferry surveyed Millennials on their work habits, what they look for in
an employer, as well as the rewards and benefits they seek and
value.

Bridge.Over Group interviewed CEOs of select hospitality

companies to ascertain the importance they place on talent
management. Questions included how their companies attract and
retain talent, as well as their willingness to adapt the industry’s
established practices to accommodate Millennials’ demands.

13] https://www.cnbc.com/2023/03/19/ways-hr-is-thinking-about-attracting-and-retaining-gen-z-
talent.html
  The impact of Gen Z on the workforce may be greater than the
pandemic and a potential recession.

 Top HR executives are taking notice and adapting their

recruiting and employee management practices around how to
get and keep these younger workers.

 Gen Z wants to work for employers that care about their mental
well-being and offer opportunities to advance their careers.

14] https://www.tandfonline.com/doi/full/10.1080/1331677X.2020.1748510
In a competitive marketplace, retention of talented and younger
employees is a challenge for organizations. Thus, it becomes important for
organizations to execute employees’ development strategies to retain
Generation Y employees. The goal of this research is to analyze the effect
of talent management (TM) practices i.e. mentoring, strategic leadership,
social media, and knowledge sharing on the intention to stay of
generation Y employees and strengthening this relationship by
investigating the mediating role of competency development. A total of
372 employees of generation Y participated in the study. The data were
analyzed through the PLS-SEM model using smartPLS-3 software. Findings
reveal that TM practices: mentoring, strategic leadership, social media
positively affect the intention to stay of generation Y employees, while
knowledge sharing has no significant effect on the intention to stay.
15]

16]

17]

18] https://www.aihr.com/blog/what-is-talent-management/

It is primarily the responsibility of HR professionals to lead talent management

efforts. They must develop and implement talent management strategies that

align with organizational goals, culture, and values. They also need to identify,
develop, and evaluate talent pipelines and provide ongoing training and

development opportunities for employees at all levels.

Talent management, however, is a collaborative effort that requires the

involvement of managers, supervisors, and executives, who provide support and

resources to enable the successful implementation of talent management

practices.

19] https://www.sciencedirect.com/science/article/pii/S1053482222000456

 Systematic literature review on talent development in talent management

literatures.
 •
Inclusive talent development for individual talent growth and firm
performance.

 •
Inclusive talent development only represents 2.7% of talent management
literatures.

 •
Resource-based view – valuable, rare, inimitable, and organized model as
overarching framework for sustainable advantage.

 •
Current research on inclusive talent development lacks a 360° view.

20] https://norma.ncirl.ie/4580/1/oyindamolasusanabimbola.pdf

Retaining employees is an issue that has been of great concern to both employers and
scholars studying the phenomenon. As literature concerning the research area became extensive, it
gave rise to other areas of research concerning employees: talent management. Talent management
has been proven as a useful strategy in retaining employees, till the rise of millennial employees. This
notion is what this study set out to assess while using a sample group drawn from the millennial
employees who work at Google’s European Headquarters in Ireland (Google Ireland, for short). While
reviewing the literature on talent management and employee retention, it was discovered that
ensuring employee satisfaction with the talent management fosters a higher retention rate and
lower attrition rate. Even though this has been proven to be true for employees of the previous
generation, the same cannot be said for millennial employees. This research employs the
quantitative research design for the data collection and analysis. Surveys containing 6 Likert scale as
well as 5 Likert scale questions were distributed to the sample group. Linear regression analysis used
for analyzing the data and creating models for predicting the impact of talent management on the
retention of millennial employees. The results of the analysis show that indeed, talent management
can engender the retention of millennial employees

21] https://www.sciencedirect.com/science/article/pii/S2340943619302129
Rapid changes in demographics, technology and globalization have considerable global
implications for work and the worker. This new context is also disrupting talent management
as known for the last two decades. Progressive companies in all sectors realize that their
talent management practices are no longer meeting the needs of their workers. Instead,
employers focus their attention on developing a meaningful employee experience to attract
and nurture the talent they need. A new breed of talent management practitioners is
developing an HR stack that includes other management frameworks such as design
thinking, agile management, behavioral economics and analytics to augment their HR
competencies. Organizations will be unable to reinvent their existing talent management
practices in a sustainable way unless they broaden the talent management conversation.

22] https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=13596&context=dissertations

A literature gap exists on organizational context challenges facing meso-level public sector managers
that undermine retention of millennial talent. Scholars recommend that this gap should be
addressed in theoretical and empirical research. The purpose of this study was to understand public
sector managers’ perceptions on how organizational context challenges in their public sector
agencies undermine talent management implementation with millennial employees. A single case
study with an embedded unit design was used to address the literature gap, and qualitative data
from 15 semistructured interviews, reflective field notes, and archival data were collected to answer
the central research question. This study was framed by Gallardo-Gallardo et al.’s concept of
contextualized talent management and Kravariti and Johnston’s concept of generational factors
influencing public sector talent management

23] https://www.talentmgt.com/articles/2023/04/19/unlocking-the-secrets-to-recruiting-and-
retaining-todays-young-workers/

As businesses continue to adapt to the shifting landscape of talent acquisition, one demographic is
standing out as both a challenge and an opportunity: Gen Z. With their unique perspectives,
values and preferences, this generation of workers is shaking up the traditional approach to
workplace culture and recruitment.

Gen Z is a highly educated, diverse and ambitious generation, who have been born with access to
the internet and social media. As a result, they are constantly exposed to a wide range of
information and ideas, making them highly discerning and selective about the companies they
choose to work for. Unlike previous generations, Gen Z places a high value on work-life balance,
career growth and social responsibility. They expect a seamless digital experience throughout the
recruitment process and companies need to tailor their recruitment strategies to meet their unique
expectations.

To compete for their attention and retain them for the long haul, companies must create a culture
that values inclusivity and flexibility, invest in career development opportunities and use
technology to engage with them in a meaningful way
24] https://www2.deloitte.com/us/en/insights/industry/public-sector/talent-war-government.html

This challenge is not new, but it has risen to a new level. Every two years, the
Government Accountability Office (GAO) releases a “high risk” list of federal
operations in need of transformation.4 Strategic human capital management has
appeared on this list since 2001; in 2021, it was flagged as an area that has
become worse. The GAO’s assessment stems from government’s inability to hire
and retain individuals in critical fields, including cybersecurity, enforcement of tax
laws, and management of IT acquisitions.5
25] https://blog.empuls.io/talent-management-strategy/

Talent management strategies have transformed over the years to cater to people-
specific trends much like all other aspects of work and have changed in fast strides
over the last few years.Strategic talent management is a need in today's ever-
changing world.As any manager understands, losing a key team member can wreak
havoc with your business. That’s why when you find a great member of staff, you
want to do everything possible to keep them at your company. That’s why talent
management is so important.

26] https://www.insightsforprofessionals.com/hr/talent-management/strategies-to-attract-and-
engage-millennial-talent

1. Self-actualization - Looking at work as a means for realizing one’s true

potential, beyond one’s paycheck or designation. In other words, mere climbing up
the organizational ladder without personal growth is out.
2. Making a difference - The need to believe that one is working towards a bigger
cause, beyond the day-to-day business. This naturally leads to an expectation of a
clear definition of work goals and how they are linked to the larger organization vision
and mission of the organization.
3. An aversion to communication hierarchies - The ability to question superiors, and
expect rational answers in return, about the broader context in terms of business
goals. In contrast to one-way communication merely around tasks, this drives a
broader conversation towards objectives and open, structured feedback.

27]
https://www.academia.edu/34348300/HOW_TO_RETAIN_AND_ATTRACT_EMPLOYEES_IN_THE_MILL
ENNIAL_GENERATION_OF_UPHSD

28] https://engagedly.com/blog/talent-management/
Businesses are struggling to keep up with their talent management
practices. In the current global business environment, it is getting
tougher to hire and retain top talent. With the recession weakening
revenue streams and the great resignation causing employers to lose
their top talent to their competitors, businesses are at a tipping point.

In such tough times, when the skills gap is widening, hybrid work
setups have become a reality, and employees’ expectations are
constantly changing, HR professionals look at their talent
management strategies to stay sustainable in the long run

29] https://blog.deliveringhappiness.com/how-to-attract-train-and-retain-for-millennials-and-the-
next-generations

The problem is that different generations have essentially different working habits,
which makes it difficult to sustain a culture across the organization in regards to
customer service, safety, or continuous improvement. This disconnection or
disengagement impacts the organization resulting in high rates of absenteeism and
low retention as per the Gallup State of the American Workplace report.
30]