In 2021 the ‘lack of quality talent’ was named as the largest internal obstacle, second only to pandemic related disruption.
People are the heart, head and muscle within every high-performing organisation with empirical evidence directly linking HR practices and ‘superior firm performance’ (Boselie & Paauwe, 2009, p.424). Talent retention is evidently a widespread issue with consequences detrimental to the success of an organisation.
We interviewed senior management leaders from a multitude of industries to understand their perspectives on this problem. Within the retail industry, one leader commented the ‘key focus (is) on retaining top talent. Help(ing) managers and leaders have better conversations. We’re not good at sharing the tricky stuff.’
Fortunately for you, Masters in Minds are good at the tricky stuff.
We have proven time and time again the effectiveness of both our team and methodology. We have increased productivity within our clients’ organizations by 118%, increased business retention by 200% and reduced staff turnover by 6%.
A key way to address the ongoing talent retention problem is through learning and development. This engages, motivates, and increases the productivity of staff meaning employees feel valued and content with their career progression within the organisation. Tech companies in the US have embodied this tactic by funding their young people through university. However, this training and development can be effective with any employee at any age, out-with academic education.
Here a few questions to ask yourself.
- Are you feeding your colleagues intellectually?
- Are you caring for their well-being?
- Are you supporting your colleagues emotionally?
- Do they have a detailed glidepath? (personal and career)
- Or are you just supplying some fruit and have the customary ping-pong table?
So what are your organisation’s talent retention strategies?
If none spring to mind, you’re probably not doing enough and this may be why you are losing your best people to others who will.
To retain superior talent, choose superior consultants.
Get in touch today and let’s explore the opportunities together.