HRM107 Study Guide - Final Guide: Qantas, Australia Post, Work Unit
4 Jun 2018
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Week 08: Chapter 7
Talent Retention and Development
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Knowledge management is about the knowledge in the heads and hearts of the people within the
organisation, and the management and retention of that knowledge. Lifelong learning has become
vital as rapidly changing technology requires that employees demonstrate the capabilities necessary
to cope with new processes and production techniques. *A major dilemma for organisations will be
the question of to what extent they expend resources on learning, development and career
management programs while accepting the contemporary reality of mobile, short-term and casual
employees.
HRD encompasses all activities that provides a conscious alignment between an organisation's
business and human resource management strategies and plans: training, learning, development
and education. (to add value to contribute more effectively to overall goals) For both the
organisational and employee benefit.
Training describes the short-term formal and semi-formal methods of transferring basic knowledge
and skills to employees. Development is usually a longer-term process focused on the acquisition of
more complex and deeper competencies which may involve both formal training programs and on-
the-job practical experience and mentoring. Learning is an ongoing process that requires positive
attitudes towards change. Education refers to formal courses provided in institutions and any broad
learning systems that encourage the acquisition of conceptual, analytical and evaluative
competencies within or outside organisations.
The challenges of supply and demand:
• Reduced supply of skilled labour
• Fierce global competition for skilled labour
• Crisis for labour supply led to the need to develop skills and training
• Limited labour available outside, hence, inward focus on development
• Economic recession, need to equip employees with necessary skills to survive
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Talent retention
An employee must 'fit' with the organisation's people and culture, particularly when attempting to
attract and retain a generational mix among employees. To retain: negotiate, interact, improve
perception and expectation they have of the job and of the organisation. This perception of the
beliefs held by the individual and the organisation, and the exchange relationship that exists
between them, can be referred to as the psychological contract.
5 retention factors:
1. Flexible work arrangements
2. Interesting and challenging work
3. Good manager/supervisor
4. Reasonable pay/salary
5. Autonomy and empowerment
Factors impacting career retention were job satisfaction, passion and feedback on performance. A
flexible and agile recruitment and retention program is essential if organisations are to engage the
key talent they need to sustain their competitive advantage.
Induction and orientation
Induction is the formal process of familiarising new employees with the organisation, job and work
unit. Well-designed = reduction of anxiety, develop positive attitudes, job satisfaction, long-term
commitment.
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Document Summary
Knowledge management is about the knowledge in the heads and hearts of the people within the organisation, and the management and retention of that knowledge. Lifelong learning has become vital as rapidly changing technology requires that employees demonstrate the capabilities necessary to cope with new processes and production techniques. *a major dilemma for organisations will be the question of to what extent they expend resources on learning, development and career management programs while accepting the contemporary reality of mobile, short-term and casual employees. Training describes the short-term formal and semi-formal methods of transferring basic knowledge and skills to employees. Development is usually a longer-term process focused on the acquisition of more complex and deeper competencies which may involve both formal training programs and on- the-job practical experience and mentoring. Learning is an ongoing process that requires positive attitudes towards change.
