Retaining High Potential Employees

Gener wholly toldy, natural endowment care refers to the identifying, developing, and retaining high potential employees for top key business positions including training, career planning, HR training, duration planning, performance decimatement, balanced demand and supply of qualified workforces so that the organization stomach relieve oneself to their target goal tho the approaches vary from organization to organization (Mathis & Jackson, 2008, p. 292) 14.Talent management is one of the ordained terms in the operational area of HR governance where talent attraction, talent outgrowth, talent deployment and store are four major paradigms to ensure the sustainability of clement resources(Grobler, Bezuidenhout and Hyra, 2014) 15.If there is no worthy managerial succession planning, the practice of learning organization, career planning and mentoring, then the retention of highly talented people would be very challenging for the long run. The current study withal expects the positive descent between talent management and sustainable human resource development and develops the following hypothesisH1 There is positive family between talent management and sustainable human resource development.3.2 Consolidated HR insurance policyThe practices of expire HR policies directs towards the strong committed labor pool for some(prenominal) organization. HR policy is the foundation of all HR activities. It is the written directions about the employment and plays a remarkable role to implement organizations HR dodge effectively like transforming organization into a more optimistic perception, transparency and psychological contact regarding the avocation (Watson, 2013) 16.Moreover, it is not static dictation rather continuously updated and improved with the changing environment such as developing new HR policies, implementing, reviewing and ensuring that human resource expertise is represented as part of the dexterity set of the board of directors (Moore , 2011) 17.The current study ought to examine the relationship between consolidated HR policy and sustainable human resource development and following hypothesis is developedH2 There is positive relationship between consolidated HR policy and sustainable human resource development.3.3 HR try managementAlthough risk is inevitable in business environment, it is also common in HR practices. So, the organizations need to identify, observe, rate and manage key HR risks with a pragmatic, integrated and coordinated approach which might be countywide analysis of its personnel risks. For instance, the optimistic HR environment leads to the minimum level of risk and increases an organizations ability to manage risks.HR Risk Management Service Line Leader in the United States of America (USA) Christopher Lipski pointed that managing risk in the HR area has gaining increasingly importance for global executives (Ernest & Young, 2009) 18. Good HR governance includes the proper risk monitoring activities such as standard code of ethics, contingent management, conflict, stress management and so on.As proactive approach, companies must be careful of becoming risk complacent when they assume that they can forecast the future accurately (Taleb, 2007) 19. This hypothesis is developed to prove the following relationshipH3 There is positive relationship between HR risk management and sustainable human resource development.3.4 Employee developmentThe actual growth of an organization completely depends upon the intelligent and skilled employees collaborative team performance. From this perspective, employee development is an emerging do it for the sake of organizational development. It means the physical and psychological both development of employee and organization as a whole. Hence, it is believed that when human resources would develop, organization would be more flourished regarding its overall growth (Elena, 2000) 20.Now, it is a common practice to all concerned organizati on to turn the human resources into the human capital through effective training and development, pass the scope of self-actualization, coaching and mentoring, on the job career development and overall interpersonal skill development which will lead to the intended employee performance.The following hypothesis is developed to examine the relationship between employee development and human resource developmentH4 There is positive relationship between employee development and sustainable human resource development.3.5 Compensation benefitsSimply, the requital is the monetary value to an employee in return of his/her services. It comprises some other benefits and rewards for the employees which they adjoin in the forms of pay, wages, fringe benefits and so on which work as motivating factor behind their go around performance (Holt, 1993) 21.The behavioral aspects of employees are affected by compensation. Monetary benefits can increase feelings of self-reliance (Vohs, Mead, Goode, 2006, 2008) 22 and also increase pain tolerance (Zhou, Vohs, Baumeister, 2009) 23. If the compensation system is appropriate for all then organizational policies and procedures could entertain their desired effects.Moreover the structure and implementation of compensation systems not only can affect employee motivation, but also can improve safety, quality, and creativity at their workplace. The following hypothesis focuses on the impact of compensation on human resource developmentH5 There is positive relationship between compensation benefits and sustainable human resource development.3.6 Employee welfareEmployee welfare comprises various benefits and facilities such as allowances, housing, transportation, office time repast and medical insurance etc.It also includes monitoring of working conditions, creation of industrial harmony and so on. Employee welfare oriented environment leads to increase the number of satisfied employees which ultimately ensures the incremental do goo dability growth. virtually common cherished employee welfare activities at workplace are flexibility in job responsibility, alliance benefits, transportation facilities, childcare facilities and so on.Some Bangladeshi organizations are practicing the employee participation in Workers Profit employment lineage (WPPF) which is one of the significant fringe benefits for employee welfare. Bangladesh Labor Law (Amendment) 2013, Section 234 of the Act No. 42 of 200624.-In Section 234 of the said Act (a) Replacing Clause (b) of Sub Section (1), the following Clause (b) shall be replaced, e.g. (b) of the owner within maximum nine months from the completion of a year, 5 percent from the net profit for the year shall contribute to the WPPF with a proportion of 80 10 10 to the Participatory Fund, wellbeing Fund and Workers Welfare Foundation Fund established under Section 14 of the Bangladesh Workers Welfare Foundation Act, 200625Provided that if any employer has paid one percent (1%) o f net profit to the Welfare Fund immediately before persuasiveness of this Act, the Board of Trustees is obligated to transfer 50% of deposited amount in favor of the Welfare Fund to the Workers Welfare Foundation Fund. This hypothesis is developed to prove the following relationship