Why Is Talent Retention Important?
Effective talent retention is important because experienced and skilled employees are essential to the success of an organization. Such employees typically have extensive knowledge of the organization and often hold a strategic role within their team.
Furthermore, any turnover in a highly qualified workforce results in significant expenses for any organization. It is estimated that replacing an experienced employee costs between three to five times the yearly salary of that employee .
Proper talent retention has several benefits, such as:
- Increasing productivity;
- Facilitating decision-making;
- Preserving intelligence capital;
- Limiting turnover within the team.