Talent management is one of the critical tasks every company has to undertake in order to keep their best employees, regardless of the state of the economy. Under favorable economic conditions, employees find it easy to conduct a job search in Singapore, mostly through job finder websites, in the hopes of landing a better job. This makes it necessary for companies to devise ways to retain their best talents. During difficult times, companies have to show their determination to keep their best employees, to prevent them from leaving once the economy gets better.
An ACCA report titled “Talent Management in 2010: Foundations for Growth” discussed the importance of talent management, as well as the effectiveness of current strategies, and the challenges involved in planning and implementing talent management programs. The report contains the findings of a survey on talent management practices in the finance profession, conducted among 1400 individuals from 105 countries.
The Importance of Talent Management
The ACCA report states that “good talent management practices lay the foundation for business growth, and are at the heart of value creation in the knowledge economy.” Finance professionals, it was found, recognize the benefits and importance of well-implemented talent management programs. They see these programs as critical to the development of high-potential individuals, the identification of future leaders, and the planning of succession.
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