After engagement, retention is the top talent management concern in today's global economy. The true ROI of top talent isn't realized if that talent leaves. Add the significant cost of replacing talent to the loss of skills and institutional knowledge when top performers leave, and the importance of retention becomes even more manifest. These factors, coupled with the rapidly changing demographics of today's workforce as the Baby Boomer generation begins to leave in significant numbers and the Millenial generation makes its presence increasingly felt, demands that savvy leaders understand the dynamics of retaining talent and know how to manage talent with retention as a goal.
In recent discussions with classes of undergrad business school students, I posed the question, “How many of you aspire to a professional leadership role in business, government, or other organization?” In each case, 100% of the students answered in the affirmative. I didn’t say so at the time, but two divergent thoughts were crossing my mind, pretty much simultaneously:Read more