Finding and developing key talent is one of the toughest business challenges that executives face. The main problem of this study was to identify strategies that could be implemented by the Bank of Zambia (BoZ) in order to retain key talent. To achieve this objective the following procedure was followed: - Talent management strategies that were used at that time to improve retention at the BoZ were presented and discussed. Four main strategies were identified; professional scales, promotions, cash awards and flexible working hours. - Data regarding the turnover of people with key talent at the BoZ was collected and analysed. Key talent was defined and key talent at the BoZ was identified. It emerged that a retention problem was experienced among employees with a first university degree or professional qualifications such as ACCA/CIMA. The employees were mainly employed at the middle management level. - A literature study was conducted to identify talent management strategies that organisations could use to manage key talent. The literature study focused on the talent management process as a whole. Attention was focused on who should take responsibility for talent management, the importance of talent management and talent management strategies related to motivation, leadership and human resource strategies were also highlighted. The three strategies were found to be inter-related. The theoretical study formed the basis for the development of a survey questionnaire to establish the extent to which the strategies revealed in literature were utilised at the bank. The survey was administered to a randomly selected group of middle management employees at BoZ 5 and BoZ 6 levels. iv The empirical results revealed that all the strategies identified were used but that there was room for improvement in some areas. It was evident that many respondents felt that talent management was not a business priority at the bank. Many respondents felt that human resources played an adequate role in talent management but that their direct supervisors and senior management should play a bigger role than was currently the case. It was also evident from the results that most respondents felt that the leadership style of supervisors at the BoZ was effective and supportive. The extent to which some of the human resource strategies were used could lead to low morale and dissatisfaction among people with key talent. Specifically, the results revealed that most respondents felt that performance appraisals were not fairly and consistently applied or linked to incentives. On the basis of the literature study and the results of the empirical study, a talent management model was developed for the effective implementation of retention strategies. However, the effectiveness of these strategies would depend on the support of management. Managers, supervisors and employees themselves have to be involved in talent management.
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