INFLUENCE OF THE MILLENNIAL TALENT MANAGEMENT STRATEGIES ON THE PERFORMANCE OF COMMERCIAL BANKS IN KENYA

Abstract

The purpose of this research was to establish the influence of millennial talent management strategies on the performance of the commercial banks in Kenya. Millennial employees are targeted to comprise 75% of the global workforce hence they are a critical component of strategic decision making in the modern organizations. The exit of longest serving generation X and baby boomer is exposing organizations to skill deficit especially in leadership and specialized skills. Modern organization therefore needs to identify values and workplace preferences for the millennial employees in order to recruit, develop, train, and prepare them for future leadership roles. The objectives of this study focused on establishing the influence of corporate branding and remuneration on the performance of commercial bank in Kenya. To achieve these objectives, the study employed descriptive study design to gain evidence in regard to the current status of the phenomenon. The target population was 42 commercial banks in Kenya and the unit of observation was human resource department from which 42 respondents were identified. The primary data was collected using structured questionnaire and the mode of administration was drop and pick and the secondary data was collected from the banks’ annual reports and publications. Descriptive statistics was applied to establish the influence of millennial talent management strategies on the performance of commercial banks in Kenya. The study found that career progression from lower cadre to management level is well defined. Rewards and incentives are based on agreed performance criteria. Commercial banks had corporate branding strategies. The banks’ CSR programs were linked to business strategy and their employees bonded strongly with their customers. Commercial banks offer company branded items to their employees. However the banks fail to rate internal branding experience. The study further revealed that corporate branding allowed marketing efforts to easily target the most appropriate segments for product offers. The study recommended that the banks should ensure that employee remuneration contribute to staff mobility in the organization. Organizations should rate their internal branding experience so as to establish a strong brand image coupled with a desired, quality product to increase the company’s profits.

Key Words: remuneration strategy, corporate branding and performance of commercial banks