Most employees can be replaced without too much harm being done to the business. There will normally be a cost involved, a certain amount of disruption but the damage will be minimal. And then there are those key individuals whose departure will really hurt.
In the private sector the main aim is profitability; increasing revenues, keeping costs down so that you maximise profits. When you think about the link between retention and profitability, it is easy to see that retaining certain individuals is of paramount importance; for they really do impact on the bottom line, they hold together relationships with key clients, they generate revenue over and above the level that any replacement could reasonably achieve, they possess skills and knowledge that can't be replaced.
So for some companies talent retention requires serious thought. They can't afford unnecessary departures. It makes financial sense to be flexible, to be creative, to negotiate so that these key individuals stay as long as possible.
If talent retention is a priority for your organization, then take advantage of a short e-course I've created on the subject. Just click on the link below, sign up, confirm your opt-in and it should arrive in your in-box as if by magic.
Talent Retention E-Course Created By Retention Expert Colin Brown
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