Why Talent Retention Is The New Recruitment

  • Ezra
  • October 19th, 2021

If you have ever had a top performer resign completely out of the blue, then you will know how much of a loss this can put you at. You may also wonder about the rest of your team. What if you lost your best salesperson? What if one of your finest customer service team members chose to find another job? How would this impact you? Most likely, it would affect you negatively. If you want to stop this then you may want to try and adopt a talent retention strategy.

Talent Retention vs Recruitment

Why do employees leave?

More often than not, employees leave because their salary isn’t good enough, or because they feel somewhat overwhelmed and unsupported.Tools like exit interviews can often give you very valuable insight when it comes to the perspective of your team, and they can also help you to find out if your current  strategy needs any improvement. They may also leave as they have limited options when it comes to career advancement. Other factors, such as the ones listed below, can also play a huge part:

  •       Lack of recognition
  •       Boredom
  •       Unhappiness
  •       Concerns about the future of the company
  •       Dissatisfaction with the company culture
  •       Feeling stuck
  •       The desire to make a change

Employees are Feeling More Stuck than Ever

The pandemic has caused increasingly more employees re-think their work situation. Robert Half has found that 38% of professionals feel as though their career has stalled since the pandemic. For workers aged 18-24, this rockets to 66%. Half of employees feel as though they have experienced stagnation in growth, skills development and career advancement.

Why Retention Is Now The Top Talent Priority.

The main reason why retention is outpacing recruitment is largely because it costs a huge amount of money for an employee to hire someone new for the team. If that money was spent instead on retention, then team members would not leave in the first place and recruitment would not be necessary. Retention also helps you to keep your team morale high. If someone is continually having to replace members of their team then this will impact the core of the team and how well each member works together. 

Over time, employees become able to recognise one another’s strengths and abilities. If members are leaving left, right and centre, then the learning and bonding process resets. In other words, if you hire someone who looks great on paper, this doesn’t guarantee team synergy, this will happen with time, and it’s something that you can’t put a price on. This is just one of the many reasons why employers are now focusing on retention, over recruitment.

How is the Great Resignation Impacting Talent?

The Great Resignation is putting a huge amount of pressure on the working industry. People are finding that even if they focus on recruitment, that they can’t find employees fast enough to plug the gaps. This is a major concern and it just goes to show that talent retention is again, the future when it comes to company success.

Retention Strategies To Help Keep Your Top Teams

Employee retention strategies, such as onboarding and orientation can really help you to retain your team from the get-go. Every new hire should be set up for success from the moment they sign the contract to join your team. If you can give them training and support from day one, this will set the tone for their perception of your company. Mentorship programs for existing staff can also improve your retention rate. If you have an external coaching program that operates alongside your mentoring program then you will soon find that you can get an outside perspective on your team, without them feeling trapped within the organisation.  

Studies have found that 60% of workers have embarked on their own form of training, which shows that employees are hungry for knowledge, you just need to provide it. With external coaching, your team will feel as though they can progress their career naturally and that they can do so based on their own drive and merit, as opposed to being told by high-level operatives “what to do”. Empowering your team is one of the best ways for you to ensure that they are developing their skills naturally and it also helps them to see more value in working for you. After all, if you can give a solid amount of employee support then you can really encourage employee development and this is invaluable for your organization. Talent retention is the goal, and external coaching paves the way.

Get your retention strategy moving now with with Ezra’s world-class employee coaching, built to fit into today’s working life. We’ve redesigned leadership coaching for the modern age to help transform people through affordable, scalable and high-impact solutions, with equitable access through our world-class coaching app. Find out today how digital coaching could make a big difference to your organization.

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