Talent retention is a concept increasingly present in the organizational culture of companies. In some, it has even become a top priority, a consequence of factors such as the recent recovery from the economic recession, demographic and generational changes like the low birth rate and the rising retirement rate of recent years, the evolution of new technologies, and the existence of overqualified professionals, making the job market increasingly competitive.
Conversely, talent management is a relatively new concept, and only 28% of Spanish HR managers say that talent acquisition and retention is their main challenge.
What does talent management mean for companies?
It means adapting internal retention policies to a segmented group of professionals. For example, a mature professional has different needs than those of middle-aged or younger professionals. Therefore, when we talk about talent retention, we should refer not only to retaining the most qualified professionals or offering salaries above the competition, but also to embracing diversity and being able to meet the basic needs of all employees, as well as providing them with additional benefits that compensate them: trust and autonomy, career advancement and performance reviews, training plans, good compensation and benefits policies, remote work, flexible hours, work-life balance, engagement, employer branding, and a values-based culture, among others.
Furthermore, a motivated employee maximizes their potential and is generally more productive; greater productivity leads to greater financial growth. If we add to this the fact that selection processes are sometimes lengthy and very expensive, it becomes clear that human talent management in organizations should not be ignored.
The Key to “Commitment”
The challenges and trends in talent retention begin from the moment we attract talent. When a selection process begins, fluid communication should be established to convey the company's philosophy and culture. Sometimes, companies conduct selection processes that focus solely on choosing the most well-rounded professional or the one with the greatest potential, when in reality it's a two-way relationship; the candidate should feel passionate about the mission, the project, and the company. Aligning both aspects will undoubtedly increase the likelihood of success.
Secondly, when a new employee joins the organization, they should receive effective onboarding to help them settle in and adapt. This aspect is often lacking, which can lead to premature demotivation or temporary employment, representing a considerable investment of time and money for the company. When these two phases are successfully completed, it's important for the organization as a whole, and Human Resources in particular, to establish a commitment and consistency in generating value propositions, sustainability, and responsibility for its employees, thus achieving a positive employee experience.
In conclusion, these talent retention policies should be promoted without any negative connotations. Retention doesn't mean "holding employees by force." It's necessary to find a balance that benefits both parties. On the other hand, talent management is posing a significant innovative and transformative challenge for SMEs and multinationals, which are implementing best business practices to foster a positive workplace.
