Best talent management strategies of gold loan non-banking financial companies

Abstract

Many organizations are realizing that it is equally important to attract talent as it is to attract customers. This is as a result of the competitive scenario in the marketplace and the challenges encountered in recruiting available top talents as well as the risks of losing them to competitors. Talent is one of the key elements behind the success of many firms because of its contribution towards the growth of human resource. However, an understanding that each and every talent has a set of needs different from the other and the development of strategies to match these is also very essential. Therefore, this study examines the different talent management strategies that are being practiced in an organization using three leading Gold Loan NBFCs and their effects on organizational performance. The survey was carried out among 450 respondents of these organizations in Kerala State using stratified random sampling method. A quantitative technique and descriptive research design were adopted for the study. The research hypotheses of the study were tested by using multiple regression analysis as the statistical tool. Through the results, it has been revealed that; performance appraisal, reward and recognition, training and development, career development, succession planning, recruitment and selection and employee engagement have effects on organizational performance and are as well positively related. Finally, it is recommended that in order for organizations to retain their talents and to improve their overall performance, it is important that they ensure higher levels of talent management strategies in the organization and also introduce more extensive training and development programmers.