Talent Retention
On any given day, 76% of the workforce is seeking other employment opportunities...
- Do you know what percentage of your talented employees are looking for new opportunities?
- If they leave how will it impact your competitive advantage and bottom-line?*
Why is retention important in today's economy?
Every time you cut or lose senior employees or high performers in jobs that are critical to the success of the company, you are turning over your customers to more junior associates. This is not a formula for customer service or revenue growth.
Retaining top talent is essential to an organization’s success as individuals in these roles can make a significant difference in organizational performance.
As companies struggle to maintain their levels of performance this is especially important. Remember these four rules:
- Avoid the lay-off of top talent at all costs
- Keep recruiting, ensuring talent channels are open
- Preserve your employer ‘brand’
- Maintain talent development programs, which include career and succession planning
One way to get ahead of turnover is to measure employee engagement. Understanding employee engagement can contribute to gains in talent retention as well as:
- Inspire top performance in employees
- Generate enthusiasm
- Unite your workforce to focus on a common mission
- Drive teams to achieve ever-higher goals
- Realize improvements in productivity, profitability, safety incidents and absenteeism
The good news is that a solid, integrated talent management strategy – Selection, Alignment, Development
and Retention – can overcome the causes of turnover and result in important payoffs for organizations.
What’s the payoff?
Some studies have shown that the payoff for reducing turnover by 10 percent is greater than that of increasing productivity by 10 percent or reducing actual inventories by 10 percent. Other studies have indicated that just reducing turnover from industry average to the top 10 percent can increase profits by as much as 50 percent!*
*Managing Talent Retention: An ROI Approach, Jack J. Phillips and Lisa Edwards