Retaining & Developing Talent
- Constructing development and career pathways
- Creating communities of like-minded learners
- Developing integrated strategies for talent retention
In addition to the increasing competition for talented people, there are very good reasons for organisations to pay greater attention to retaining talent. For example, the real cost to replace an employee is around one and a half times their average annual salary; newly recruited candidates can take up to a year or more to master their new jobs; and a focus on external recruitment can erode the commitment of internal talent leading to a cycle of employment "churn".
Why do talented people stay with the same employer? Of course the financial package is important but other factors are becoming increasingly significant as competition for talent increases. Employer reputation, values and ethical standards, workplace culture, work-life balance, flexible working and work environment all need to be managed within the talent management process but fundamental for talented people are creative opportunities for growth and development.
This involves developing programmes that provide stretch assignments and challenging roles where learning is generated through work but supported by coaching, mentoring and communities of like-minded learners, and where job opportunity is matched to existing skills, development needs and individual interest and curiosity. Our work is informed by a sophisticated understanding of people and a deep knowledge of organisations. We help clients build strategies of talent development and retention to ensure long-term talent availability.
