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 the summer after my freshman year of high school my father presented me with the opportunity to mow not only our lawn, but several of my neighbors’ lawns as well. The going rate was $15 for each yard. Each time I finished, I would knock on the door and collect my fee.
In many cases, I was handed a $20 bill and my neighbor would let me keep the change. It was a generous tip, and one I started to expect from those repeat customers. Of course, that inevitably led to some disappointment and feeling short-changed on the rare occasion that it didn’t happen.