What Is Talent Retention At Baxter Bioscience

Talent Retention at Baxter BioScience Employee retention has emerged as one of the major aspects of talent management in the contemporary business environment. Organizations and companies are increasingly developing measures for talent retention because of its significance in obtaining competitive advantage and promoting organizational productivity. Baxter BioScience is an example of a company that focuses on talent retention in attempts to achieve its business objectives and goals. The firm is a leader in healthcare for over 80 years and operates in the pharmaceutical industry. The main business objective of the company is to helping healthcare professionals and their patients with the treatment of intricate clinical conditions. Talent management

Based on the nature of the contemporary business environment, organizations and companies are more concerned with selecting and retaining committed and competent workers who are known as knowledge workers (Gupta, Sukhmani & HarsimranKaur 2011 p.1). Skilled knowledge workers are important in the workforce because they are competent about the various aspects of their job. Knowledge retention is a major dimension in determining a retention strategy for the bio-pharmaceutical company because of its importance and the scarcity of specialized talent in this industry. The final main dimension in decision making about a retention strategy for Baxter BioScience is the cost of retraining and recruitment. The cost of retraining and recruitment plays a crucial role in this process because of the need to ensure the organization adopts the best possible retention strategy at affordable costs. These costs are usually compared to the benefits in order to determine whether the organization will achieve the best optimal results when adopting and implementing a retention strategy. In this case, the company tries to ensure that the cost of retraining and recruitment do not outweigh the benefits of the strategy or program. Generally, the thoughtful establishment of a retention strategy is important in maximizing the value of retraining and

Throughout the years, the firm has achieved this goal by providing employees the opportunity to enhance their knowledge and expand their knowledge and skills. These enhancement initiatives are part of its talent retention strategies or measures to ensure workforce sustainability and high-performing culture. However, in its talent retention measures, Baxter BioScience makes considerations of several major dimensions when making decisions regarding a retention strategy. Some of these major considerations include the talent war brought by the fight for scarce talents by new and existing bio-pharmaceutical companies in Singapore as the concept of talent management has received more attention in the past 15 years (Ingram 2013 p.694). The other major considerations are the scarcity of resources given that the bio-pharmaceutical industry in Singapore is characterized by a limited number of specialized talents. Moreover, the organization considers knowledge retention because of the significance of experience as well as the costs of retraining and recruitment. Generally, the firm considers several main dimensions when making decisions about a retention strategy, which provides examples of how an organization can retain