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.
The first lesson learned by every new leader, one that should be permanently tattooed onto their gray matter, is that by virtue of occupation they have inherited a simple, high school physics problem - There are more of “them” than there are of you. Repeat, there are more of “them” than there are of you. Translation - You are outnumbered, perhaps vastly by the group of people whom you are expected to lead. You shouldn’t let that rattle you, but neither should you forget it.Read more