Today’s businesses are more dependent than ever before on their top performers to innovate and provide services that differentiate a company from its fierce competitors. In other words, corporations are reliant upon their human assets to survive and thrive.

One of the projects that my husband worked on; “To reduce the attrition rate in his companies top performing team”, gave me a deep insight on “Why Top talent leaves?” I was shocked to see the staggering cost to the company and it’s strategic market position due to high attrition rate. The average costs of replacing today’s defecting work force are eating away at the profitability of even the healthiest organizations.

There are multiple dimension that must be infused in place and aligned for an organization to achieve world class retention. Some of the key elements to Retain Top Talent are:

* Have an effective management team- There are number of management/leadership representatives and systems that influence high retention rate. However managers are the backbone to retain top talent. Most of the people including me work for their manager and not for their companies most of the time. The commitment and dedication in employee’s career from the manager represents the company’s commitment. Manager’s behavior and his/her focus on employee productivity can increase the probability that an employee will remain committed to an organization over time.

* Provide Opportunity to grow and learn – Top talent feel a void and feel stagnant if they don’t have an opportunity to be challenged on a regular basis, to try new opportunities or to learn new knowledge or skill. One way to retain this talent is to promote external learning such as certifications, attending seminars. Also the management should involve top talent in decision making process and strategic projects. Top talent have ‘Accountability’ as a very important skill on their list and they use it to excel in their assignments.

* Reward them- Reward and recognition is key. Top talent is not always motivated or productive when they are rewarded money. Money is important, in addition to money, most top talented employees love receiving large amounts of praise and recognition for their accomplishments. Simple “Thank-You” card from senior leadership or the manager is a “Feel-Good factor” for Top talent and goes a long to motivate and to retain them. They feel that they are important, they are cared by management and their is a purpose for them to be part of the organization.

More Talent we retain, more talent we attract!!