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Importance of Retaining Talent in Your Organization

1. The impact of staff turnover

In any organization, some staff turnover is natural. For example, people may retire, decide to change careers, or go back to college. But when top performers or critical employees depart their jobs — especially if this is happening often — you need to start worrying.

Like other employees, talented employees may occasionally leave your organization for personal reasons — over which you have little control.

Alternatively, they may leave due to dissatisfaction with factors specific to your organization — ranging from conflicts with managers to lack of recognition or too few opportunities for career development. In these cases, you risk losing more talented employees in the future.

And losing talented employees always has a negative impact.

For an organization, the negative impacts of losing talent include loss of expertise, loss of business, reduced productivity, and the direct monetary costs associated with replacing that talent.

Loss of expertise

When a talented individual leaves, your organization loses that person’s expertise. This expertise may be difficult to replace — for example, if the departing employee was particularly accomplished in a particular task, process, or system. If no suitably qualified replacement is found, the loss can harm the organization’s product or service.

Loss of business

Sometimes customers may follow a departing employee, taking their business to the employee’s new company. The loss of a talented employee could also leave a team short- staffed — preventing your organization from being able to accept specific business opportunities.

Read more on Medium.com

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