ENHANCING HUMAN RESOURCE PRACTICES AND EMPLOYEE RETENTION CHALLENGES: STRATEGIES FOR SUSTAINING TALENT IN THE COMPETITIVE LANDSCAPE

In the ever-dynamic and emerging economies, organisations face significant challenges in retaining talent due to rapid technological advancements, shifting workforce demographics, and evolving employee expectations. The modern workforce, particularly millennials and Gen Z, increasingly prioritises sustainability and social responsibility. As a result, effective employee retention strategies have become critical for organisational success. In the light of the above, this paper tooka critical look at the present situation and made use ofa comprehensive analysis ofthe instant and existing literature in this aspect oforganisation survival, synthesizing insights from diverse sources to develop an all-inclusive understanding of the subject. The paper examines contemporary strategies for enhancing employee retention, highlighting the importance of aligning human resource (HR) practices with organisational goals. The paper disclosed that the key factors influencing retention include organisational culture, leadership styles, and employee development opportunities. High turnover rates can lead to increased costs and decreased productivity, necessitating strategic retention initiatives that foster employee engagement and satisfaction. The transition from traditional to contemporary HR practices emphasizes the need for a proactive approach that integrates employee feedback, promotes diversity and inclusion, and supports work-life balance. Finally, the paper suggested that organisations must address unique challenges, such as inadequate infrastructure and a lack of skilled HR professionals, particularly in Nigeria. By investing in training, leveraging technology, andfostering open communication, organisations can create a supportive work environment that enhances retention rates. Ultimately, optimizing HR practices is essential for developing a committed workforce capable ofdriving organisational accomplishment.