Key factors for retention of key talent

Attrition is a part of HR and a part of business. Some attrition is good and to be expected. But there are a number of key talent, or high performers in every organization that the organization cannot afford and doesn't want to loose.

There are dominate factors that affect an organization's ability to retain key talent. 

Those factors are:

Training – high performers need to know that the company is investing in them and concerned with their growth. Training prepared people to reach their full potential.

Feedback –this would include formal feedback such as performance appraisals as well as informal feedback and recognition.

Career planning and development – a known and communicated career path is important.

Engagement – key talent wants to be involved, included, informed and appreciated.

Compensation – Unless key talent is highly compensated --- not comparably or fairly, but highly --- there is an increased chance they will leave.

One strategist explains it this way. With an employee who is compensated below the midpoint of the salary range, there is a greater likelihood that she will be recruited by a different organization offering to pay her significantly more. A person, who is already compensated close to the maximum of the salary range is less attractive to the other organization simply because that organization cannot afford to make them an attractive salary offer.

An HR department has so many responsibilities: recruiting, filling jobs, training employees, managing employees, labor relations, health and safety, policies, diversity, planning, working conditions, analysis, and more. In all of this important work, we must not forget our key talent and what it takes to keep them.