Retention Of Talent

by Oliver Duke

I know a piece about talent retention isn’t what you were expecting to see from a headhunting business. However, if you think for a moment, you will realise that a headhunter is well qualified to discuss the rationale for why talented employees leave an employer and give insight into the best retention strategies.

Why talent leaves?

While there is a multitude of reasons, some of which can be deeply personal, the three most common reasons we encounter on a daily basis when proactively approaching individuals are:

  1. A lack of development opportunity – not just promotion, also around investment in training and CPD
  2. A lack of recognition
  3. Feeling financially undervalued

Best Retention Strategy

Even in a flat corporate structure you can fund external courses and allow time off for CPD. It may be worth including a payback clause whereby if the employee leaves within a 6 or 12-month timeframe they have to repay the amount you, as an employer, have invested. Consider secondments, again, whilst not a formal progression of the individual, this keeps a focus on learning and transfer of knowledge and skills around the organisation.

Clear recognition and reward – depending on the role of an individual, this could be around achieving KPIs operating beyond their job description when added on or perhaps living and breathing the company values. Award and reward – feature in your company newsletter, an extra day’s leave.

Paying an employee what they feel they are worth isn’t always feasible, but by regularly reviewing salary / benefits and discussing during PDPs you can at least identify individuals who feel undervalued and may be open to moving for financial gain. One of the biggest causes of frustration is where employees performing the same role have differing remuneration – for the person being paid less, this is demotivating and could be deemed discriminatory. I often find that the salary required to recruit the replacement is higher, which begs the question….if the company had paid the previous incumbent that salary, would they have left in the first place?

If you are reading this article and are in the position of needing to recruit a replacement for an individual leaving the organisation – contact RMG. We can help you factor in why the previous job holder left, and dig into the reasons why prospective candidates are interested to consider the role to ensure the best possible fit and avoid a repeat situation.

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