“Talent retention” is a critical issue as companies compete for talent in a tight economy. The "loss" of talented people not only causes financial losses, time and effort but also risks losing the opportunity for breakthrough development for businesses.
To accompany the Human Resources community in Vietnam, PACE Institute of Management and SHRM in Vietnam organized a regular activity SHRM Café on July 13, 2019, with the topic "Talent Retention ”. The event was coordinated by Mr. Vu Duc Tri The - Solution Director, representative of SHRM in Vietnam with the participation of many HR professionals from many corporations and businesses.
Regarding the definition of "talent", there were many ideas, focus on who suitable to value and corporate culture; who produce consistently high results for the company; or those with exceptional special skills; as well as the members holding key positions in business. Through discussion, everyone agreed that retaining talent is not only about keeping people but also keeping their knowledge and skills to stay with the organization even when they leave.
Some external challenges make talent retention more difficult, which can be the attraction of other companies, more convenience of finding employment opportunities, Headhunter organizations, "exploring" characteristic of Millennials generation; or the attraction from local industrial zones, which leads to the desire of employees to move back to their hometown. Besides, some internal challenges make it difficult to keep talent, for example, enterprises do not have a career development and promotion plan for their employees, there is no strong culture for internal integration, or company policy is not open enough …
After defining challenges, the event moved to share experiences, best practices that help businesses and HR departments to improve efficiency in retaining talents. For example, HR Professionals give employees confidence in their own careers and growth, provide growth opportunities through working with employees to establish career goals, create a career plan, and have monthly status meetings where HR professionals can provide feedback and have open conversations to show their talent that they are investing in their professional advancement.
At the end of event, SHRM in Vietnam hopes HR experts will have more useful knowledge and lessons to be able to apply in their daily work after this connection.
The event “SHRM Café” has received the attention and positive response of attendees and will continue to become a place to connect HR professionals in Vietnam.
With its long history and stature of influence, Society for Human Resource Management (SHRM) has always played a key role in establishing professional standards and shaping the future of global employment profession during many decades. PACE Institute of Management is the exclusively partner of SHRM in Vietnam.
The International Human Resource Management (IHRM) program is based on the SHRM BoCKTM. It is the SHRM’s world-class program which is exclusively delivered by PACE Institute of Management in Vietnam. IHRM program will continue to be opened on September 19, 2019 in Ho Chi Minh City and September 26, 2019 in Hanoi. Please see more details about the program and register here.