Strategies for Effective Talent Retention

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?