What is Talent Retention? | Meaning & Definition | Akrivia HCM

What is talent retention?

Talent retention is a comprehensive recruiting and employer branding strategy for your organization’s employees. This methodology includes initiatives that help employers recognize the value of current employees, cultivate a strong employer brand, and incorporate newcomer training into their existing orientation programs. Talent retention is also a way to track current employee engagement.

How do we retain talent?

• Trusting your employees: Employees thrive in environments where they are trusted. Employers can do away with the traditional form of tracking performance by counting the hours worked in a day and instead focus on productivity. When employers trust employees, they are inspired to stay in the workplace.
• Offering flexibility: Flexibility is a crucial aspect of talent retention. Allowing employees to work flexibly, whether at their work location or pitching their ideas, shows that their voice is valued and their needs are respected. This can lead to increased job satisfaction and a higher likelihood of employees staying in the organization.
• Providing feedback: Feedback and encouragement are significant parts of talent retention. Offering consistent feedback to employees helps them learn and work better. Additionally, providing words of encouragement on a job well done boosts employee morale and motivates them to stay in the organization.
• Offering opportunities for professional development: Creating a professional career path for an employee inside the organization helps them visualize their growth. When employees realize they can rise within the company, they are more motivated not to leave.

FAQs

What is retention in HR?

Retention in HR means keeping employees for a longer period of time. When employees tend to stay for a longer period of time, it also proves that a company has a good work culture. A higher employee turnover means employees leave the company faster, which doesn’t bode well for the company’s image.

Why is it important to retain talent?

It is important for companies to retain talent because the hiring process can be expensive. The entire process is not only a loss of resources and time but also a financial burden. As mentioned before, it also damages the company’s image, potentially harming its reputation.