Which key initiative is included in HR's strategy for attracting and retaining talent?

Developing required capabilities in current talent is a crucial initiative in HR's strategy for attracting and retaining talent because it focuses on enhancing the skills and competencies of existing employees. This initiative recognizes that investing in current talent not only improves their performance and job satisfaction but also fosters loyalty and reduces turnover. When organizations provide opportunities for growth, learning, and career advancement, employees are more likely to feel valued and engaged.

This approach contrasts with merely outsourcing roles, which may not contribute to building a strong internal talent pool. While lowering compensation costs may improve short-term financial performance, it can lead to dissatisfaction and hinder talent retention. Implementing strict performance evaluations without supporting employee development may create a punitive environment, further affecting retention and morale. Hence, nurturing the existing workforce's potential is fundamental to creating a sustainable competitive advantage through talent retention.