Retaining High Potential Employees

Generally, endowment fund heed refers to the identifying, exploitation, and retaining high capableness employees for top key business positions including cooking, c areer provision, HR phylogeny, succession planning, cognitive process management, balanced demand and supply of qualified workforces so that the institution female genitals reach to their target goal but the start outes vary from arrangement to institution (Mathis & Jackson, 2008, p. 292) 14.Talent management is one of the fundamental terms in the operating(a) area of HR governance where talent attraction, talent culture, talent deployment and computer storage are four major paradigms to ensure the sustainability of kind race resources(Grobler, Bezuidenhout and Hyra, 2014) 15.If there is no proper managerial succession planning, the practice of learning organization, career planning and mentoring, then the retention of highly talented people would be very challenging for the long run. The current study also expects the haughty kind surrounded by talent management and sustainable benignant resource teaching and develops the following hypothesisH1 There is dogmatic descent between talent management and sustainable human resource development.3.2 Consolidated HR indemnityThe practices of sound HR policies directs towards the strong committed labor pool for any(prenominal) organization. HR policy is the foundation of all HR activities. It is the written directions somewhat the employment and plays a remarkable role to implement organizations HR schema effectively like transforming organization into a more optimistic perception, transparentness and psychological contact regarding the hire out (Watson, 2013) 16.Moreover, it is non static dictation quite continuously updated and cleansed with the changing environment such as developing new HR policies, implementing, reviewing and ensuring that human resource expertise is represented as part of the skill set of the board of directors (Moore, 2011) 17.The current study ought to envision the relationship between consolidated HR policy and sustainable human resource development and following hypothesis is genuineH2 There is positive relationship between consolidated HR policy and sustainable human resource development.3.3 HR risk managementAlthough risk is inevitable in business environment, it is also common in HR practices. So, the organizations need to identify, observe, prioritise and manage key HR risks with a pragmatic, integrated and coordinated approach which might be comprehensive analysis of its personnel risks. For instance, the optimistic HR environment leads to the minimum level of risk and increases an organizations ability to manage risks.HR Risk Management Service Line Leader in the linked States of America (USA) Christopher Lipski pointed that managing risk in the HR area has gaining increasingly immenseness for global executives (Ernest & Young, 2009) 18. Good HR governance includes the proper risk monitor activities such as standard code of ethics, contingent management, conflict, stress management and so on.As proactive approach, companies must be careful of congruous risk complacent when they assume that they can forecast the future accurately (Taleb, 2007) 19. This hypothesis is developed to prove the following relationshipH3 There is positive relationship between HR risk management and sustainable human resource development.3.4 Employee developmentThe actual growth of an organization completely depends upon the trenchant and skilled employees collaborative team performance. From this perspective, employee development is an emerging issue for the sake of organisational development. It means the physical and psychological both development of employee and organization as a whole. Hence, it is believed that when human resources would develop, organization would be more flourished regarding its boilers suit growth (Elena, 2000) 20.Now, it is a common pract ice to all concerned organization to turn the human resources into the human capital through effective training and development, offering the scope of self-actualization, coaching and mentoring, on the job career development and overall interpersonal skill development which will lead to the intend employee performance.The following hypothesis is developed to examine the relationship between employee development and human resource developmentH4 There is positive relationship between employee development and sustainable human resource development.3.5 Compensation benefitsSimply, the fee is the monetary value to an employee in return of his/her services. It comprises some other benefits and rewards for the employees which they receive in the forms of pay, wages, fringe benefits and so on which work as motivating promoter behind their best performance (Holt, 1993) 21.The behavioral aspects of employees are affected by compensation. Monetary benefits can increase feelings of self-reli ance (Vohs, Mead, Goode, 2006, 2008) 22 and also increase perturb tolerance (Zhou, Vohs, Baumeister, 2009) 23. If the compensation system is appropriate for all then organizational policies and procedures could have their desired effects.Moreover the structure and implementation of compensation systems not only can affect employee motivation, but also can improve safety, quality, and creativity at their workplace. The following hypothesis focuses on the impact of compensation on human resource developmentH5 There is positive relationship between compensation benefits and sustainable human resource development.3.6 Employee eudaemoniaEmployee welfare comprises various benefits and facilities such as allowances, housing, transportation, office time meal and medical examination insurance etc.It also includes monitoring of working conditions, creation of industrial harmony and so on. Employee welfare oriented environment leads to increase the bout of satisfied employees which ultima tely ensures the incremental profitability growth. Some common cute employee welfare activities at workplace are flexibility in job responsibility, community benefits, transportation facilities, childcare facilities and so on.Some Bangladeshi organizations are practicing the employee participation in Workers Profit Participation Fund (WPPF) which is one of the evidential fringe benefits for employee welfare. Bangladesh Labor Law (Amendment) 2013, section 234 of the Act No. 42 of 200624.-In Section 234 of the said Act (a) Replacing Clause (b) of Sub Section (1), the following Clause (b) shall be replaced, e.g. (b) of the owner within maximum ix months from the completion of a family, 5 percent from the net profit for the year shall contribute to the WPPF with a proportion of 80 10 10 to the participatory Fund, Welfare Fund and Workers Welfare Foundation Fund established nether Section 14 of the Bangladesh Workers Welfare Foundation Act, 200625Provided that if any employer has paid one percent (1%) of net profit to the Welfare Fund immediately in the beginning effectiveness of this Act, the Board of Trustees is obligated to transfer 50% of deposited amount in favor of the Welfare Fund to the Workers Welfare Foundation Fund. This hypothesis is developed to prove the following relationship