The true monetary costs of talent flight will always vary by organization. Yet one element of talent flight is constant wherever it occurs: talent flight robs organizations of the employees they need to meet their goals. Forced to expend money, time and resources recruiting, hiring and training new employees—a study by the Center for American Progress shows the cost to hire a new employee could be as high as 20 percent of the annual salary for an employee earning from $30,000 to $50,000—organizations lose out in many ways when employees leave.
Employee retention is essential not only for the purposes of limiting expenses, but also for ensuring organizations have a deep pool of talent from which to choose for filling future roles. Remember, today’s high-potential talent will be tomorrow’s leaders.
The good news for organizations is that there are a number of retention strategies managers and HR can employ to mitigate talent flight. Chief among these strategies is taking advantage of career pathing software, which provides employees with insight into internal roles and a path to reach them. This can go a long way toward increasing employee engagement and subsequent retention.
CAEL’s free new e-book, “Next-Generation Career Exploration to Combat Talent Flight,” provides insight on these strategies and how organizations of any size and in any industry can implement them to stem the tide of talent flight.
To download CAEL’s free new e-book, click here. To review additional CAEL publications, which includes research on talent management, workforce and economic development, employee career development and more, click here.