The importance of retaining top organisational talent cannot be understated. It’s easier than ever to leave one’s current position to find greener pastures elsewhere. The switching costs of seeking new employment are no longer as significant a factor in deciding whether or not to leave an organisation.
Organisations spend thousands of dollars hiring the very best talent, and more dollars to train them, only to see them leave. The most likely cause was either a “wrong fit” or a voluntary departure for a “better opportunity”.
The implications for employers should be clear: It is more important than ever to retain talented team members and to choose the right team members when hiring decisions are made.
Employee retention has become a major concern for organisations in the current employment market. Individuals, once trained, have a tendency to move to other organisations for better prospects. Lucrative salaries, easier commutes, a nicer working environment, more stable working hours, and more favourable advancement opportunities are just some of the factors which prompt an employee to look for a change.
Every organisation needs hardworking and talented employees who can contribute something creative and substantial. No organisation can survive if all the top performers quit. It is essential for the organisation to retain those employees who really work hard and are indispensable for the system. These are the employees who do not speak poorly of their organisation, and who always think in favour of management.
We believe people want to contribute and want to feel good about their work. We know that organisations are aware that they have the responsibility to develop
the “human talent” and create a harmonious organisational culture. The key is an inclusive human resource management system, a recognition system, and a talent development process that promotes this concept.
Employee retention strategies go a long way in motivating employees so that they stick to the organisation for the maximum time and contribute effectively. Sincere efforts must be taken to ensure growth and learning for the employees, and to ensure that they enjoy their work.