Competitors are actively trying to attract the most talented people and will offer powerful incentives to persuade people to join them. The cost of replacing such people is of course known to be high for both recruitment and getting the new joiner up to speed. However other knock on effects such as loss of momentum, the impact to client relationships and the impact to the morale of others can prove even more costly in the long run.
Many companies try to address the problem by quick fixes such as salary increases or giving managers retention targets but failing to understand and address the real root causes of talent loss merely delays the inevitable. Whilst it is of course necessary to address individual’s issues when considering talent loss, an effective and sustainable improvement can only be achieved when an organisation takes a more holistic approach that fits their particular circumstances.
The good news is that, from our experience, it is possible to make a big improvement to your talent loss issue without just throwing money at the problem - expensive change programmes or short-term salary increases don’t usually fix the real problems anyway.
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