Impact of Talent Management on Employee Turnover Case study in YS Vietnam Co., Ltd
Loading...
Date
2015-11
Authors
Lee, York Soo
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Talent management is of prime importance in today competitive business environment as it determine the success and profitability of an organization. Therefore well managed talents will impact on employee turnover which affect a company growth towards achieving company objective, as well as contributing towards a country GDP and economy growth. This research is on impact of talent management on employee turnover, a qualitative case study conducted in YS Vietnam Co.,Ltd. (undisclosed company name), a medium size company located in Ho Chi Minh City and the world's major suppliers of chemical polymer. The purpose of this research is to find out the talent management factors that affects the high employee turnover in YSCL and to find ways of improving these factors. Methodology used in this research is by carrying out interviews on eight randomly selected YSCL employees from different departments within the organisation including a YSCL external consultant, representing 11.67% of total employees. The area of research mainly focus on the four main factors of talent management from Pareto 80/20 Rule of prioritization of talent management factors which covers employee compensation and benefits, training and career prospects, employee relationships and employer branding that will impact on employee turnover. These four factors are selected based on Pareto Rule and the advice from YSCL external consultant. Based on the researcher findings using Pareto Rules and SWOT analysis, the key strength of YSCL is the good employee relationship. YSCL has very good established employee relationship at all levels within the organization which should be maintained for company growth and future prospect. The “opportunity” in YSCL SWOT analysis is training and career development, training is view as an opportunity for reducing employee turnover as all of the interviewees voiced that trainings are important provided trainings given are relevant to employee job responsibilities. The weakness in YSCL is employer branding as not enough publicity has been carried out in this factor and the main threat is low compensation and benefits where employee need to consider improving this factor of talent management. Based on these findings, researcher has make recommendation to YS Co. Ltd to integrate talent management process by YSCL HR and the management of all levels. Rewarding the good performers as a motivation to other employees under the Maslow Motivational Theory and Hezberg Two Way Theory to overcome the threat of low compensation and benefits and also as means to reduce employee turnover. In terms of training provided, management need to consider the training relevancy to employee job responsibilities. Management should also consider making more effort in
employer branding to increase YSCL publicity in term of good employee relationship and a good place to work. The major contribution is that the key factors of talent management which affect employees turnover are identified, if the researcher recommendations are considered and implemented will lead to reduction in employee turnover in YSCL. There are not many available research and literature review done in Vietnam business environment, therefore this research will benefits the YSCL management , HR practitioners , investors , potential investors , consultants , local authorities and government.
Description
Keywords
Talent management , Profitability of an organization.