Talent retention is also known as employee retention. Talent retention a scenario in a workplace where the staff decides to remain with their current employer and not actively seek employment in other places. Employers find more reasons to continue working for a particular company instead of leaving. Retention means strategies and processes implemented by a company to ensure none of its existing staff quit their jobs. These strategies can also be used to attract more competent talent.
Every organization focuses on retaining its best assets for the longest time possible. Prolonged ownership of useful resources encourages more productivity and continuity in business operations. This also reduces the cost of hiring new staff. In a hiring climate, which is competitive, employee retention can prove to be very challenging.
The main goal of any HR department is to have a loyal, engaged, and very productive staff. By implementing the best HR right tactics, the HR department can effectively retain its best performing talent. One important thing to remember is that retention strategies differ from one employee to another. Your high performing talent will require a different strategy compared to your average performing talent.