chapter  4
20 Pages

Attracting and Retaining Talented People in Challenging Times

How to become and maintain the status of an employer of choice in order to attract and retain the best and most talented people will be one of the next major challenges facing executive management. This is because most Western countries have reached their peak in the number of people eligible to be in the workforce due to the imminent retirement of the Baby Boomer generation and declining population growth in the 1970s and 1980s. In addition to this decline in the labour force, there are other reasons why attracting and retain employees should be viewed as a strategic management issue. Not least is the fact that individuals’ talents and skills are an organization’s most valuable resource, both in terms of their contribution to business success and the significant cost of salaries and add-on costs.