Objectives and scope: After Ireland became the mecca of worldwide companies; the US Multinationals came in in force and based the majority of the EU headquarters all over the country. Creating with this a huge amount of job opportunities that attracted talented employees from all over the world, but found themselves faced to a ferocious competition with other companies from the same type of business. In order to maintain the competitive advantage, companies started adopting the talent management model, and focusing on talent retention and talent development, to keep their employees from moving to competitors with all the knowledge they carry with them, and offering them as well chances to grow within the company and having more responsibilities. Furthermore, this study aims to discover the importance of talent retention and development and its design. The incentives used, the most and less effective, and what development technics and trends companies are following. If it matches the literature, their efficiency, and the impact of these on the employees’ performance as well.
This research aims to add more and fresher knowledge to the already existing literature available, with a focus on the US Multinationals based in Ireland, due to the lack of articles about this exact topic, which is the main limitation of the study.
Methodology: the author used qualitative study with semi-constructed interviews within different US Multinationals based in Ireland. The interviews were conducted with HR managers and other senior executives, to discover what are their methods for the talent retention and development.
Results: Talent retention and talent development influence directly the companies’ competitive advantage, as well as employees’ performance. The outcome of these on talents is the feeling of belongingness and recognition from their superiors, also if there are chances to grow in the company, and occupy senior level positions.