Strategies for Effective Talent Retention

April 4, 2024

Retaining top talent is important for any business that wants to stay ahead. Often the cost of a new hire is underestimated and if you don't get it right the HR budget ('what's that?' I often hear) will blow out causing heads to be scratched as owners and senior managers look at cashflows and question 'why are our marketing and sales not achieving the expected results?'. Answer: that's a different issue, one that requires attention, but in this instance your attention is going to the wrong place.

If your systems are not created to attract and assess people whose values are aligned with the business, who have the skills you need or are open to rapidly training up to acquire the skills and whose personal passions or interests are not aligned to a sufficient degree with the role you need them to do, you are destined to be a what we call in Total QX a seasonal employer. (for context read the poem by  Brian A. “Drew” Chalker).

Candidates who have just one of these will be a struggle, two ... well Meat Loaf was right ( ... and three ... possible PowerBall Jackpot! Whether you get the PowerBall or not will show over time.

Staff retention is not just about keeping staff; it's about fostering an environment where they can thrive and contribute to the company's success. Whether it's through competitive pay, career development, creating a positive work culture, feeling valued or something else, the right approach will make all the difference.

What's your strategy for keeping your team engaged and motivated? What do you think is the key to developing more durable, adaptable teams?

In the poll below I've chosen the three top responses (presented below in no particular order) from a workplace survey I conducted several years ago for clients in the hospitality, tech and financial services industries. Of the three, which of these do you think is the best strategy for retaining top talent? If you think that these are no longer relevant and/or there is something else more on point, please use the "Other" option and enter your thoughts for better strategies in 2024 and moving forward.

Staff Retention Strategy Poll

What's your top strategy for retaining talent?


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This article is also on the newsletter ready for you to explore the important challenge of ingredient cost management. Essential for every hospitality business, mastering this skill can be the difference between red or black on the operations P&L in a competitive market. The subject interconnects with so many areas of operations and profitability, both directly and indirectly; too many to cover in this article. In this article we’ll look at strategies and insights that will empower you to optimise costs without compromising on the quality your customers expect. Dive in for a straightforward guide to turning this aspect of your operations into a strategic advantage.
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Strategies for Effective Talent Retention

Staff retention is not just about keeping staff; it's about fostering an environment where they can thrive and contribute to the company's success. Whether it's through competitive pay, career development, creating a positive work culture, feeling valued or something else, the right approach will make all the difference.

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Paul J Lange

Paul J. Lange

Executive & Business Coach | Food & Hospitality Industry | Entrepreneur & Investor | Unreasonable Unorthodox | Helping business to grow & scale for 35+ years. Creator of the Total QX Framework for Business Optimisation

Paul Lange is an internationally experienced management consultant, business trainer, and exceptional business coach, with over 35 years in the Private Equity/Venture Capital Industry. Known for his unorthodox yet highly effective methods, Paul stands out in a field where innovation and results are paramount.

Paul’s journey in the world of business is deeply rooted in the hospitality sector, where his career began. From his first two jobs in the industry to establishing his inaugural business venture, Paul’s foundational experiences in hospitality have profoundly shaped his understanding of service excellence and workforce dynamics. His continuous connection to the food/hospitality and other industries, through investments, coaching, and international consulting, coupled with his role in developing innovative staff training programs, underscores his comprehensive expertise in this vibrant field.

Paul has a passion for business optimisation and has developed the Total QX (Total Quality Experience) framework, which emphasises the human aspect in business excellence. His approach blends the pursuit of pleasure, passion, and purpose with profit generation, a philosophy he embodies as the Hedonist Entrepreneur.

Paul’s professional journey is marked by his deep commitment to creating transformative business strategies. His Total QX framework, emphasising quality and experience, is at the forefront of his consulting approach. This framework is more than a business model; it’s a reflection of Paul’s belief in integrating pleasure and passion into the fabric of business, thereby enhancing both personal fulfilment and corporate success. If you’re seeking to elevate your business with innovative strategies and a human-centric approach, Paul’s expertise offers an unparalleled opportunity. He welcomes conversations with like-minded professionals and businesses aspiring to blend profitability with purpose and passion.
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