A CONCEPTUAL REVIEW OF THE TALENT MANAGEMENT AND EMPLOYEE RETENTION IN BANKING INDUSTRY

The value of talent workers, talent management and talent retention has increased in the increasing economic circumstances of the world. Talented and devoted employees are often an integral part of every company. Smart, sophisticated, digitally literate, internationally astute and operationally agile businessmen are considered talented individuals. Talent management means that organisations have access to strategic planning with the best candidates with relevant expertise placed in the right place. Therefore, the aim of this study is to develop a conceptual model that explain the relationship between talent management and employee retention. The study will be used to accumulate empirical literature by the name of talent management and talent retention in different online database sources such as Google Scholars, Springer Link, Wiley, Science Direct, JSTOR, Emerald full text, Scopus, and EBSCO HOST, etc. The review findings of the study shown that any success or loss of a company mostly depends on the activities and survival of talented employees. The study also found that the retention of employees is one of the challenges that many public and private organisations face, has become an even greater challenge facing human resources professionals because there is a luxury of choice for talented candidates in the global job skills market. At the same time, there is a lack of research emphasizing only on banking industry. The proposed conceptual model depicts the significant effect of working environment and other dimensions of talent management and its effect on employee retention in banking industry.


INTRODUCTION
Few studies have examined the relationship between talent acquisition strategies and improved talent retention rates. Like in all other recruitment tactic, talent management has little clear impact on an employee's retention conduct (Chaudhuri et al., 2020). To understand the role of talent management in employee engagement, it is critical to understand the mindset formed in talented employees that can affect their behaviour. The word "employee retention" is used in the article to refer to the retention of the organization's skilled or high potential employees on whom talent acquisition programmes are based. Additionally, amid a wealth of empirical studies from a variety of researchers, further research is needed to further explain the effects of talent management on employee retention. As such, the aim of this analysis is to establish a testable theory about the aspects of talent management and employee retention.

LITERATURE REVIEW What is Talent Management (TM)?
Strategic talent management is concerned with the organisational management of employees defined as talent and their contribution to the organisation, which is itself a component of a broader strategy aimed at generating competitive advantage through human capital. Talent management is conducted to maximise an organization's overall efficiency or to serve as a competitive advantage. Concerned with the management of the firm's strategic human capital resources, which are viewed as rare, valuable, and difficult to replicate from the firm's resourcebased view (RBV), this practise of strategic workforce differentiation is expected to add value to the organisations that implement it, and doing so requires significant management effort and expense (Chang & Busser, 2020;Dhanpat et al., 2019;DiPietro et al., 2019;Matongolo et al., 2018;Mukherjee et al., 2019). The overarching principle of talent management is to maximise the value of talent as a distinct resource for the benefit of the organisation. However, research on talent resource management approaches, such as talent decision-making and talent value development, has only recently begun. Given that only a small percentage of the workforce is classified as high potential, skilled employees are a scarce resource that organisations view as critical to their success. Organizations believe that investing in talent management can result in increased levels of human capital.
Talent Management (TM) is a term that is widely used today, but gained popularity in 1997 when Mckinsey & Company coined the phrase 'War for talent' in reference to their research on talent management and practises. Since then, there has been an explosion of literature in the field of talent management, which continues to this day. While the increasing number of articles and books on the subject may lead one to believe that 'talent management' is a well-defined area of practise backed up by extensive research and a core set of principles, the majority of them lack empirical support. Due to the lack of a consistent definition and distinct conceptual boundaries, talent management is viewed as a complex and ever-evolving concept (Meyer & Smith, 2000;Nuhu et al., 2016;Sablok et al., 2017;Sinclair-Maragh et al., 2017). Lewis and Heckman (2006) identified three distinct strains of thought surrounding the concept of talent management, including rebranding human resource management as talent management, focusing on the development of talent pools, and focusing on talent generically regardless of organisational boundaries or specific positions. Collings and Mellahi (2009) added a fourth stream that focuses on identifying critical positions rather than on identifying talented individuals.
Many organisations have renamed their human resource management system due to the novelty of the term talent management and its associated legitimacy. However, they fail to distinguish talent management from traditional human resource management, resulting in criticisms akin to old wine in a new bottle. Human resource management is a wide umbrella of numerous employee related practices, but talent management is a focused strategy which aims at high potential employees or talented employees (Ewerlin & Süß, 2016;Su et al., 2020;Tian et al., 2020). It is important to understand the two main approaches to talent management when describing talent management: exclusive and inclusive approaches. The exclusive strategy is based on the principle of 'workforce distinction,' which views talent as an elite segment of the organization's employees that can make a difference in terms of organisational success. The egalitarian approach is often motivated by 'humanistic' considerations and implies that all organisational capital should be distributed equally among employees, since everybody in the organisation possesses potential 'talent.' These approaches to talent management evolved from a subject-matter perspective on talent. While an egalitarian approach can be enticing, the exclusive approach is the most common in human resource practise and is commonly supported in the literature. In this article, talent management is defined exclusively by Blass (2007), who describes it as the additional management mechanisms and resources made available to individuals in an organisation who are deemed to be 'talented.'

Employee retention
Employee retention has been a primary concern for many businesses in the modern era. Although recruiting capable individuals will still be critical, employee engagement is the most critical characteristic of a good human resources professional. (Steil et al., 2020) classified job productivity benefits as intrinsic and extrinsic. They note that intrinsic incentives are nonmaterial in nature, such as career advancement for employees, while extrinsic rewards are material in nature, such as bonuses or other cash compensation. Extrinsic rewards, the researcher observed, are critical for retaining talent in a winning environment. However, (Chaudhuri et al., 2020) suggest that extrinsic benefits are more effective at motivating employees because they foster loyalty and reciprocity.

Dimensions of Employee Retention
According to Hadi and Ahmed (2018), their research emphasised the importance of creating a diverse work atmosphere within leading and competing organisations in order to ensure the organization's success and achieve a competitive edge over other organisations. It is critical, thus, to hire and retain the best and most experienced employees whose work is critical (Hadi & Ahmed, 2018). In another report, Das and Baruah (2013) concluded that so many factors impair employee retention and are unaffected by a single cause. Management must consider factors such as salaries and benefits, workplace stability, recruitment and promotion, supervisor support culture, work environment, and organisational justice, among others. Employee happiness and retention are the primary determinants of an organization's success, according to (Chang & Busser, 2020;Marinakou & Giousmpasoglou, 2019;Pandita & Ray, 2018). The retention factor can be classified into three different categories: social, psychological, and physical. Employees also choose versatile job positions that enable them to apply their experience and see the results of their efforts, which aids in the preservation of scarce capital. Job characteristics comprise the behavioural portion of retention. The social factor refers to the relationships that employees have with other people, both internal and external. The physical dimension is comprised of working conditions and compensation. Walker (2001) identified seven factors that contribute to employee satisfaction: I recognise and reward performance by (ii) challenging jobs, (iii) opportunities for advancement and learning, (iv) an inviting organisational culture, (v) supportive interactions

Talent Management on Employee Retention
Attracting and retaining expertise for a sustainable period of time is a significant obstacle facing Iranian public and private corporations in all industries today. Improved workforce recruiting and retention are among the results of a well-executed talent acquisition approach. Retention of knowledge staff may provide an organisation with a strategic edge (Sigler, 1999). One of the most significant advantages of talent acquisition is the impact on recruiting and retaining valuable staff. According to Lalitha (2012), the most significant problem facing human resource professionals in the global economy is employee retention. The author recommended some successful engagement techniques and procedures, including employer branding, modifying recruiting processes, talent acquisition, and termination interviews. et al. et al. (2008) examined the impact of talent management on employee recruiting, retention, and involvement in hospitality organisations in their research "A strategy for optimising employee recruitment, retention, and engagement within hospitality organisations." According to the report, the advantages of a successful talent acquisition approach include increased employee recruiting and retention rates, as well as increased employee participation. These results have been linked to an increase in operating and financial efficiency. et Plansoongnern al. (2011) examined workforce recruitment practises and employee motivation in three of Thailand's largest cement firms. The study discovered that robust talent management planning, management support, organisational unity, work-life balance, and other environmental and organisational factors all play a role in retaining talent staff. Tiwari et al. (2013) examined talent management strategies and practises, as well as their impact on employee retention and the effectiveness of their implementation. The study discovered that while employee age is unrelated to satisfaction, employee experience does have an effect on employee satisfaction with talent management activities. Walsh and Taylor (2007) disclosed in their article "Developing in-house jobs and maintaining management expertise" that while pay and work-life balance are critical, management retention is impacted by the lack of opportunities for technical and organisational growth and development. Ross (2005) demonstrated that the retention battle begins during the selection process, with organisations seeking workers whose skills and desires align with the organization's short-and long-term goals. Altrnaz et al. (2013) examined the influence of talent management on organisational confidence in Ankara hotels and discovered that positively influencing mid-level and senior hotel executives' views of talent management has a positive effect on organisational trust. The study is being conducted to better understand organisations' talent management strategies and their impact on employee retention through the mediating effect of organisational confidence. The aim of this survey is to determine if talent management practises have an impact on employee trust and the organization's labour retention rate.

RESEARCH METHOD
This current thesis summarised prior research on employee performance and retention in order to summarise it and create a distinct phenomenon. This thesis serves as a reference, as looking for and selecting pertinent literature was the initial stage. The foregoing is a summary of the literature collection procedure, including (a) the source of the publications, (b) the time period covered by the research, (c) who conducted the search, (d) how the literature was collected, (e) the final number of articles chosen, and (f) the rationale for the papers selected.
The current thesis gathered evidence for the study by consulting 30 academic papers. The researcher attempted to extract as many papers as possible that were important. The study was performed in December 2016 and included the aforementioned areas. To gain a thorough understanding of the topic, this thesis incorporates peer-reviewed academic papers written in English. The analysis of literature method used in this thesis is an appropriate method for identifying and synthesising the existing body of literature on a particular phenomenon.

RESULTS AND DISCUSSIONS
Thirty research papers were reviewed in total. Table 1 summarises the literature in chronological order. The overview includes the author's name, the article's purpose/objectives, sample data facts, and main findings/conclusions.

Author
Objectives Method Variables Key findings (Yogalakshmi & Supriya, 2020) In the current report, a measure to classify the employee was developed and validated. This is a longstanding void that scholars in this area have established.
Three hundred and two of our staff agreed to take part in the assessment, and completed the 22-item questionnaire.
Calling orientation Critical insight Continuous learning Collaboration Cohesiveness Challenge drive the thesis provided a six-or six-factor, rather than a onedimensional, framework for the concepts 66.8% of observed variation was explained by these variables. the existence of all six dimensions, which are all of importance in creating and maintaining good processes: they are defined as: variety of ideas, logical thinking, teamwork, cohesion, and motivation. (Gupta, 2019) The aim of this study is to decide whether perceptions of organisational support (ORG) are connected to Generation Y employees' intent to leave their employment. remain It follows, because if workers are content, the employees' loyalty will be greater, and their desire to remain in the company will be that much greater. (Tews et al., 2020) The objective of this analysis is to examine the impact of "fun games," "entertainment," and "training" on employee turnover in Europe. motivates others to do the best they can. The independent family-owned company supports workers to do well while offering wellbeing to the family as a whole. A job brings out the best of people, which therefore permits them to do those things that they are passionate about. The results of the study show that an understanding of common values between workers and management results in a more lasting workforce. (Chinyio et al., 2018) The aim of this research is to find out how these four factors of reward and pay contribute to public sector construction sector workers' attraction, job satisfaction, and retention in Jigawa, Nigeria. Knowledge of relationships and networks

Regression
The results indicate that career loss, globalisation, retirement, and layoffs are all independently associated with knowledge lack of knowledge. the critical areas of information loss are the customer and supplier relationships and processes, particularly as well as the technical Because you'll get to use these areas of expertise in future ventures, it's important to ensure that they are relevant and up to date with company strategy. (Alferaih et al., 2018) The primary aim of this paper is to explain the position Employees at a high-level position in 5star hotels

IMPLICATIONS
Theoretically, there is a dearth of evidence demonstrating how talent acquisition techniques aid in attracting high-potential workers. Despite the fact that talent management has a direct effect on attrition intentions, this article addresses the impact of talent management strategies on embedding high potential staff and resulting in lower turnover rates, which can serve as a research agenda for prospective talent management studies. An observational research that considers differences in talent management strategies and work embeddedness, as well as their impact on result variables such as attrition intentions, will provide further insight into the model, indicating the direction and intensity of these partnerships.
On a more specific level, this article urges human resource professionals to consider the importance of career embeddedness in the relationship between talent management and employee engagement, rather than relying only on talent retention activities. Additionally, the numerous propositions equip HR practitioners with insights on how to maximise employee engagement through talent management by focusing on different interventions that improve the connection, match, and sacrifice aspects of embeddedness, thus increasing employee retention rates.
CONCLUSIONS This report outlined the various researchers' creative approaches to retaining employees in organisations. Any organization's primary concern is its ability to recruit, involve, and maintain the best employees. The organisation should implement a variety of techniques to improve workforce satisfaction, including the following: pay policies, job protection, leadership and supervision, career preparation and growth, alternate work schedules, working environments, flexible work hours, cultivating an engaged society, work-life balance, and improving labour welfare. The enterprises concentrated on intrinsic and extrinsic motivating factors that can help companies improve retention and reduce their high workforce vacancy rates. With the increasing need for companies to keep its best workers in the face of competition, the evaluation study's results indicate that such factors play a significant role in shaping employees' decisions to leave or stay with an organisation. Training and development, recognition/reward for superior success, a fair pay plan, and career protection are all examples of those variables. Only a systematic mix of intrinsic and extrinsic motivating factors has the potential to increase productivity and decrease the high rate of workforce attrition in our different organisations.