Quick Actions
Facebook
Twitter Twitter
LinkedIn
Click here for audio content

Talent Retention Strategies for Business Leaders in 2021

February 23, 2021

    AUTHOR

  • EDITORIAL TEAM Talent Management Institute
talent retention

In the field of human resources, turnover refers to replacing an existing employee with a new employee. It is a big loss, as a position falls vacant for some time, the new hire may require additional training or other support, and there could be a loss of productivity in the interim.

Talent turnover is serious.

Concern among business leaders over talent turnover is skyrocketing! Of the employers with multi-billion revenues, 61 percent expect a rise in voluntary employee turnover over the next 12 months. In this scenario, their top concerns are the following:

  • 64 percent are worried about retaining high-potential talent and leadership
  • 60 percent are troubled by how to retain employees at all levels

Different generations of employees are likely to exhibit different turnover levels.

Gen Y is most likely to exhibit the highest turnover, with 72 percent of organizations expecting this. On the other hand, Veterans (older than 65 years) are least likely to leave, with just 42 percent of organizations expecting turnover in this group.

Talent retention strategies need change!

Organizations must step up their talent retention strategies, modifying their approach for different generations of employees. Top focus areas will be:

  • Higher financial and non-financial incentives
  • Greater focus on leadership
  • Addressing generational and gender issues
  • Focus on employer branding

The last word…

Globalization and aging workforces exert great influence on the world economy, becoming stronger during recessions. Businesses must strengthen their talent acquisition and retention plans to compete successfully in the next decade!

talent retention infographic

Follow Us!

X
TALENT MANAGEMENT INSTITUTE

CredBadge™ is a proprietary, secure, digital badging platform that provides for seamless authentication and verification of credentials across digital media worldwide.

CredBadge™ powered credentials ensure that professionals can showcase and verify their qualifications and credentials across all digital platforms, and at any time, across the planet.

Credbadge

Verify A Credential

Please enter the License Number/Unique Credential Code of the certificant. Results will be displayed if the person holds an active credential from TMI.