Revolutionize your talent retention approach

Talent retention is arguably the most critical metric for a successful organization, as it facilitates consistently high productivity and decreases costs associated with hiring. The factors that influence a high performer to stay with an organization can broadly be divided into two categories. The first is internal, meaning it is directly related to the organization and is under the company’s control, such as culture, pay, and development opportunities. The second category is external, or outside of the organization’s control, such as the economy’s current state or the local job competition. Talent retention efforts should be aimed at internal factors, though the best retention strategies are developed with the external factors in mind as a contextual backdrop. For example, using competitive pay as a retention strategy will be more successful if an organization incorporates local market rates rather than just measuring against its own internal pay history.

The most successful talent acquisition and retention strategies are informed by best practices and then highly tailored for each specific organization. Best practices can inform the process and rollout of retention efforts and can serve as a starting point for the most common issues to address in retention and turnover. Organization-specific context should then be collected via surveys, focus groups, or other employee-focused feedback sessions. Your strategy can then pinpoint the most compelling issues that are facing current employees and solve them using the previously identified best practices.