CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
In recent years, talent management has emerged as a critical aspect of organizational success, particularly in the dynamic and competitive business landscape of Nigeria. As companies strive to attract, develop, and retain skilled employees, the implementation of effective talent management strategies has become imperative. This study aims to assess the impact of talent management strategies on employee retention within Nigerian companies, recognizing the unique challenges and opportunities present in the country's business environment. Cascio, W. F., & Boudreau, J. W. (2008).
Nigeria, as an emerging economy, faces diverse socio-economic factors that influence talent management practices and employee retention. The dynamic nature of the labor market, coupled with demographic shifts and a growing demand for specialized skills, necessitates a thorough examination of the strategies employed by organizations to retain their top talent. This research seeks to shed light on the effectiveness of various talent management initiatives in addressing the specific needs and expectations of employees in Nigerian companies. Davenport, T. H. (2018).
The significance of this study lies in its potential to provide valuable insights for both scholars and practitioners. By evaluating the impact of talent management strategies on employee retention, organizations in Nigeria can gain a deeper understanding of the factors that contribute to employee satisfaction and commitment. Furthermore, this research contributes to the existing body of knowledge on talent management by examining its relevance and applicability in a unique cultural and business context. Ogunlana, S. O., & Okolie, U. C. (2019).
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1.2 Statement of the Problem
The dynamic business landscape in Nigeria, characterized by rapid economic growth, demographic shifts, and increased competition, places significant pressure on organizations to effectively manage their talent resources. Despite the acknowledged importance of talent management strategies, there is a paucity of empirical research specifically examining their impact on employee retention within Nigerian companies. The current dearth of comprehensive studies addressing this nexus limits both academic and practical understanding, hindering the development of tailored and effective talent management practices in the Nigerian context. This research aims to address this critical gap by conducting an in-depth assessment of the impact of talent management strategies on employee retention, thereby providing insights that can inform the design and implementation of human resource policies in Nigerian organizations. Cascio, W. F., & Boudreau, J. W. (2008).
Furthermore, the unique socio-cultural and economic factors prevalent in Nigeria may influence the effectiveness of talent management strategies. The existing literature on talent management predominantly draws from Western contexts, and the applicability of these findings to the Nigerian business environment remains uncertain. This study seeks to explore how cultural nuances, organizational structures, and external economic factors influence the success or failure of talent management initiatives, contributing to a more nuanced understanding of the challenges and opportunities faced by Nigerian companies in retaining their skilled workforce. Davenport, T. H. (2018).Top of Form
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1.3 Objectives of the Study
The main objective of the study is to examine Assessment of the Impact of Talent Management Strategies on Employee Retention in Nigerian Companies. Specific objectives of the study are:
- 1. To examine the relationship between specific talent management strategies (e.g., performance management, career development, compensation and benefits) and employee retention rates in Nigerian companies.
- 2. To identify the moderating factors that influence the effectiveness of talent management strategies on employee retention in the Nigerian context, such as company size, industry, and employee demographics.
- To develop recommendations for Nigerian companies based on the research findings, aimed at optimizing talent management practices for improved employee retention.
1.4 Research Questions
To guide the study and achieve the objectives of the study, the following research questions were formulated:
- 1. What is the correlation between the implementation of different talent management strategies and employee retention rates in Nigerian companies?
- 2. Do factors such as company size, industry, and employee demographics moderate the effectiveness of talent management strategies for employee retention in Nigeria?
- Based on the identified relationships and moderating factors, what evidence-based recommendations can be made for Nigerian companies to improve their talent management practices and enhance employee retention?
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no statistical significant relationship between Talent Management Strategies and Employee Retention in Nigerian Companies.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Business Admin sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to multi choice Nigeria. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
REFERENCES
Cascio, W. F., & Boudreau, J. W. (2008). Investing in People: Financial Impact of Human Resource Initiatives. Pearson Prentice Hall.
Davenport, T. H. (2018). Human Capital Analytics: How to Harness the Potential of Your Organization's Greatest Asset. Harvard Business Review Press.
Ogunlana, S. O., & Okolie, U. C. (2019). Talent Management Practices and Employee Retention in Selected Nigerian Organizations. International Journal of Human Resource Management, 30(10), 1549-1575.
Adeyemi, M. A., & Oke, A. O. (2017). The Impact of Talent Management on Organizational Performance: A Case Study of Nigerian Banking Sector. International Journal of Economics, Commerce and Management, 5(7), 25-34.
Agba, M. S., & Adeoye, B. W. (2016). Employee Retention: A Review of Literature. Journal of Business and Management, 18(2), 33-40.
