What is Talent Retention?

What does Talent Retention mean?

Talent Retention means keeping the talent you already have in your company and ensuring they stay with you as long as possible.

Why is Talent Retention important?

It’s important to note that the biggest cost of a departing employee isn’t the salary increase or annual bonus, but the cost of replacing them with another person.

Hiring, recruitment, and training are extremely expensive, so if you can avoid it, it’s better.

“Yeah, but talents can’t just do whatever they want!”

Well, today they can. There are many fields facing a shortage of skilled workers. Fields like tech and retail are particularly impacted.

There are already more job openings than unemployed people. By 2027, Italy will face 4 million vacant roles across all sectors.

Talented professionals are scarce, so as mentioned earlier, you need to keep them close. 🫂

How to do Talent Retention?

To retain your best talents, you need to meet their needs. People are generally not inclined to leave their jobs if they feel understood and satisfied.

So the real question is: what do employees need in 2024? 🤔

10 Things to Do to Promote Talent Retention:

1) Offer flexible hours: People no longer readily accept the traditional 9-to-5 schedule, unless absolutely necessary. Giving some flexibility doesn’t mean everyone does whatever they want; it means there are times when it’s important to be connected, and other moments when the talent can manage their time independently.

2) Allow remote work. Again, when possible, allow remote work. What’s the point of having everyone come to the office just to join Zoom calls?

3) Non-hierarchical decision-making approaches. As Steve Jobs said: “We don’t pay people to tell them what to do, we pay them to tell us what to do.” Treat your professionals as such and, when possible, involve them in decision-making processes.

4) Continuous learning and training. 85% of talents believe company training is essential and are willing to leave a company that doesn’t provide it. This is why companies that have implemented Leadership Academies have seen an increase in Talent Retention.

5) Respect work hours and paid overtime. This one speaks for itself.

6) A serene work environment. No one wants to go home stressed because their boss had a fight the day before and is taking it out on everyone.

7) Career opportunities. Clearly communicate your vision for your employees’ future. Don’t let this aspect seem neglected.

8) Sense of corporate responsibility. Especially Generation Z, who will soon make up 50% of the workforce, wants to know that the company they work for is not only profit-driven but also has a sense of responsibility for what it does.

Conclusion.

Talent Retention means keeping the best talents in your company. There are many ways to achieve it (👆), and it’s important not to forget that it’s a critical action, as failing to do so will cost the company a lot of time and money.