Some organisations believe that TALENT RETENTION is a natural by-product of being a good company. Wrong. Talent Retention is a complex issue and contrary to popular belief, there is no simple formula for retention but a multitude of factors that combine to either strengthen or weaken retention in your organisation.
Always check your assumptions as you may think you are working in a great company, but others may not share your view. Your experience is unique to you and does not necessarily transfer to others.
The average employee exit can cost circa 35% of their annual salary and this does not include the original costs of hiring and continuous development/training incurred during their tenure.
In terms of culture transformation, talent retention needs to be:
· Visible (Obvious to all)
· Planned (Formal and part of career trajectories)
· Actioned (Purposeful and individual specific)
· Measured (Trends and success factors inducing KPI’s within the organisation)
· Knowledge transferred (Transfer learning from regular employee feedback)
· Celebrated (Honour longevity – yes, bucking today’s disposable employee culture. For example, 2 years, 5 years, 10 years etc. of service celebrations)
Talent Retention should be a badge of honour in your organisation and something to be proud about. Don’t take it for granted.