Talent Retention – the ability of a business to retain their employees in the long term by:
- offering an attractive and welcoming culture
- offering good benefits such as private healthcare, an extra day off on an employee’s birthday, gym memberships, etc.
- the best salary possible
- opportunity for professional growth
- investing in high performing workplace technology
Businesses need to retain their best employees in order to thrive. Individuals leave their jobs for many different reasons. Some are voluntary, such as taking another job, while others are involuntary, such as getting laid off.
Talent retention strategies informed and backed up by data primarily focus on voluntary turnover that is detrimental to the organisation, as opposed to the loss of a poorly performing employee. It also focuses on turnover that is avoidable, such as an employee leaving their job because they dislike their current company’s culture or benefits.
Businesses will invest in creating a welcoming, fun, respectful culture and offering the best benefits they possibly can, such as a good pension or private healthcare, to retain their talent. Talent retention is a leading challenge for organisations and HR teams today, as employees are considered to be the most valuable asset for a company.