Companies in recent years have woken up to the importance of retaining their key employees. As skill changes dominate labor markets, business leaders have over the years realized that retaining employees that meet key talent considerations were as important as hiring new ones. It comes as little surprise that in early 2016, reports from networking platforms like LinkedIn showed that talent retention had become an important consideration for businesses and that for business leaders across the board. It was an important priority for the year.
Fast forward to the turn of the decade and one sees that the importance of talent retention has only grown. The need to attract and retain talent in a competitive labor market will continue to intensify regardless of changes that are being brought in by technological innovations through AI and automation. But such changes to the workplace are further solidifying the need to retain key talent. Developing a distinct employment brand and fostering a strong culture to attract and retain talent aren’t new revelations, but they have never been more critical.
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