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.
What Are Examples of Strategies to Improve Talent Retention?
Common strategies to improve talent retention include:
- Building employee engagement;
- Implementing a recognition program;
- Aligning the recruitment process with the culture of the company;
- Creating an exceptional onboarding experience;
- Providing professional development opportunities;
- Building a strong company culture;
- Improving management processes;
- Focusing on employee wellness
- Offering attractive compensation and benefits;
- Providing more feedback to the employees.
How to Identify Talented Employees?
Talented employees are people who bring high value to a company through useful traits such as innovativity, creativity, and effectiveness, among others. Common characteristics and behaviors sought for in talented employees include:
- Teamwork-oriented mindset;
- Effective communication skills;
- Problem-solving skills;
- Management skills.