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Importance of talent retention in companies

Thanks to globalization, companies can now sell their products and offer their services anywhere in the world if they wish. On the other hand, teleworking allows talented professionals to be incorporated into the workforce no matter where they are. Although it seems that with technology everything is a little easier, the Talent retention becomes more complicated.

because the workers have access to much more information. They can seek employment within and across national borders. In addition, they know that companies are having trouble filling many vacancies, and that gives them a little more power when it comes to negotiating the working conditions of a new contract. Consequently, if they do not feel comfortable in their current job, or if they do not like your company, They won't hesitate to leave.

The brain drain It is a reality for companies. So much so, that a recent survey reveals that 45% of the companies believe that the Voluntary march of employees will be greater this year than the one that occurred in 2022. But why is this issue so worrying? Let's see what are the reasons why companies want to keep their voluntary turnover rate as low as possible.

Table of Contents

What is talent retention?

We often allude to this concept, but to fully understand what we are talking about, it is convenient to make an in-depth approach to it.

Talent retention is the ability of an organization to maintain its staff in the long term. To do this, it is necessary to have an environment and working conditions that make employees comfortable and feel that they are in the best possible place to work.

The loss of talent implies a great loss of money, because it will be necessary to invest in new selection and training processes for new employees. In addition, the departure of a talented employee may imply a loss of competitive advantage if he decides to go to work for the competition.

How does the loss of talented human capital affect a company?

It tarnishes the image that the company transmits

If many employees leave their post voluntarily, the image that is transmitted to the outside is that that company does not treat its staff well. This will affect the ability to attract candidates to selection processes, but may also cause negative effects on sales, because the company reputation at all levels it is something that consumers increasingly take into account before making their purchase decision.

Decreases productivity

An ever-changing roster has it harder to stay focused on projects that are underway. It's not just that talent has been lost, it's that employees who remain with the company can feel unmotivated and perform less.

Selection processes occur more frequently and last longer

The more employees leave the company, the more recruitment processes will have to be put in place. If, in addition, the idea spreads that the company is not a good place to work, the number of candidates willing to fill vacancies will be less, and this will make the selection process last longer and have a higher cost for the company.

Increase spending on training

No matter how skilled a person is, when they start a new job, they require training. Therefore, the higher the turnover rate in the company, the more it will end up spending on train new employees so that they can assume their tasks.

Decreased ability to achieve business goals

If the company has to focus more than it should on finding new employees, training them, and integrating them into the workforce, it will have less time and resources you can devote to achieving your goals. This will hinder their growth and can cause serious problems at an economic level.

6 reasons to retain talent in your company

Reduce costs

Obtaining benefits is the main goal of any company, no matter in which sector it operates. There are many ways to gain profitability, and one of them is to reduce costs. With less expenses, even if the income does not rise too much, the company will be making more money.

Hence, one of the main reasons for trying to retain talent in the company is to reduce costs. Because every time an employee leaves, a series of expenses are produced that were not foreseen:

  • The payment of the settlement to those who leave their job.
  • Overtime to the workers who assume the tasks of that position that is vacant, until it is filled.
  • Selection process.
  • Training for the new employee.

All these costs would not exist (or would be significantly lower) if the workforce remained more or less stable and, therefore, companies are taking measures to prevent their talented employees from deciding to go to work elsewhere.

Increases organizational stability

The multidisciplinary teams They have proven to be much more efficient when it comes to tackling projects and solving problems that may arise during the execution of the tasks entrusted to them, than teams made up of more homogeneous profiles.

When a team member leaves, there is always an imbalance. It's not just that there is one less person working, it's that those skills and abilities that he contributed are no longer present. 

In addition, if the connection with the rest of the companions was good, it is possible that they remain emotionally affected for his departure.

All this causes a certain stoppage in carrying out tasks, and these delays can mean a loss of productivity that, again, translates into a loss of money for the company.

Increase productivity and performance

The employees you want to keep on your staff are the most talented, those who are truly valuable to the company. 

If it is possible for the work teams to remain more or less stable, the continuity in the execution of projects is guaranteed. Employees will be focused on their work, and this will make them much more effective.

When a company does not have brain drain problems, it is because it is doing well when it comes to valuing its workers. Consequently, they will be much more motivated and perform better.

Contributes to building the employer brand

The employer brand is the image that a company conveys as a place to work. If a company does not have a high rate of voluntary employee turnover, this means that it is a good place to work.

Applicants will perceive it that way and, therefore, they will be more willing to participate in the selection processes. Thus, the company will have an easier time finding new talented employees when needed, making selection processes shorter and more efficient. Speaking in economic terms, this saves money in the recruitment phase, which is something that all companies welcome.

Talent brings competitiveness

A staff made up of talented employees, capable of combining their skills and abilities and facing all kinds of adversities and changes that occur in the market, constitutes a great source of competitive advantage for a company.

Your competitors may try to imitate your production processes, your way of marketing, etc., but which they will never be able to copy their employees. These are an exclusive asset of the company.

Promotes the development of a professional career

If talented employees stay with the company on a long-term basis, they will have the opportunity to grow within the company, and even reach leadership positions.

This is good for the workers and gives them even more incentive not to leave their job, but it is also very beneficial for the company. because a process of Internal promotion It is often faster and cheaper than looking for candidates to fill strategic positions through external recruitment.

Human capital is the best investment for a company

From everything we have seen so far, it can be deduced that investing in human capital, in taking care of the talent that is already part of the organization, is never a waste of time or resources. Because a stable workforce offers numerous advantages to companies. 

Precisely for this reason, the talent retention has become a strategic objective for those companies that want to prosper in an environment that is highly competitive. To achieve this, it is necessary to implement effective practices that help retention. For example, promoting continuous training for employees, offering the development of a professional career, having a good communication system at a vertical and horizontal level, promoting a good work environment, fostering work-life balance, etc.

Keeping employees happy and not wanting to leave will always cost less money and effort than having an unstable workforce that demands continuous attention because there is always an absence to cover. There is no doubt that retaining talent is now more important than ever for companies.

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