The labor market remains highly competitive and is also evolving faster; under these conditions, the role of leaders and managers in retaining talent is more critical than ever. Effective leadership is about supportive behaviors where employees can grow personally and professionally. Leaders should also ensure that retention strategies align with the organization’s goals and foster a culture of commitment and loyalty. They must advocate for retention and actively participate in creating and sustaining retention initiatives and practices. Strengthening the employer’s brand and reputation and emphasizing recognition and career development are essential leadership tasks.

Retaining talent requires a deep understanding of individual and organizational needs and ensuring these interests align with evolving business goals. Leaders must recognize potential, provide constructive feedback, and create experiences that enable employees to grow and stretch out of their comfort zones. Promoting a diverse and inclusive workplace where everyone can contribute their value and ideas to support organizational goals and each other is also fundamental.

Perspectives from Thought Leaders on How to Retain Talent

To provide actionable insights on this crucial topic, we have gathered perspectives from thought leaders who have successfully led their organizations through retaining talent. Their advice highlights the essential strategies and approaches leaders and managers can employ to ensure their teams are highly engaged and committed.

Lotus Buckner
Founder & CEO at TalentRemix

In an environment where layoffs and abrupt changes have been normalized, employees are fighting back...as they should. Rightfully so, work is no longer a one-way street. Companies that have treated it as such have experienced the challenges that come with a candidate’s market – when the demand for candidates is higher than the supply. This environment also comes with a higher employee turnover – thus, the higher demand for candidates. 

To successfully retain (and attract) talent, we must understand the root cause of issues and the elements that motivate our specific population of employees. A great place to start is data collection and analysis. Why are people leaving (e.g., exit interview data), what would make them stay (e.g., stay interview data), is turnover higher in certain areas or with particular groups (e.g., turnover/retention data), is employee experience lower in some functions or teams (e.g., employee experience survey data), do we have equitable policies and practices (e.g., pay equity data), and are we creating an environment where all people thrive (e.g., diversity data layered with the rest – see if specific demographics have higher turnover and lower experience scores).

Then, we must act as quickly and thoughtfully as possible. Prioritize systemic solutions that will make the biggest impacts. Perhaps that is correcting pay inequities or developing more equitable policies. It may be revamping performance management and accountability practices, particularly for leadership. That could be implementing a more flexible work environment that minimizes burnout and supports well-being. There is no one-size-fits-all, so the root-cause deep-dive exercise is incredibly important to do right. 

We need to channel our inner child and keep asking “why” until we understand the true source of the problem. Also of note is that we must ensure we are keeping up with all these beneficial practices even when times are tough. For example, we often see diversity, equity, and inclusion (DEI) efforts and teams ramp up when times are good but negatively impacted when there is an economic downturn. This is unacceptable. It proves that the strategies were performative, at best, and not sustainable whatsoever. Real impact stands the test of time. 

David Rodriguez
Senior Manager of Compensation at The Walt Disney Company

When a leader is conferred responsibility for a new department and its corresponding team, they are expected to dedicate time to understanding the latest processes, policies, available resources, applicable controls, and expected short- and long-term results. Equally, or perhaps more importantly, leaders must show commitment and empathy by genuinely getting to know their personnel. An excellent place to start is by holding a series of 1:1s or offsite team meetings throughout the fiscal year. These become great opportunities for the leader to gain valuable talent management insights and understand each team member's aspirations, dreams, and challenges. Understanding what drives each individual gives the leader the opportunity to tailor their approach and better support their team's unique needs and strengths. Additionally, this allows the leader to assess and prioritize their work plan and to build trust and credibility within the new team.

Leading a team is a great responsibility. Leaders should be proactive in retaining and developing talent rather than merely reacting when issues arise and they are faced with people leaving the team. To do this effectively, leaders can focus on: 

1. Ensuring their team members are paid fairly and equitably.
   
   
2. Sharing a clear vision for the future and demonstrating how each team member plays an important role in making it happen.
   
   
3. Listening to and taking proper action regarding team members’ thoughts, feedback, and suggestions on how to do things better.
   
   
4. Celebrating wins and ensuring team members feel valued and appreciated with rewards and recognition that go beyond just a paycheck.
   
   
5. Promoting continuous opportunities for upskilling to support professional growth and development.
   
   

If managed appropriately and adapted to the team’s needs, this honest leader approach can significantly boost team members’ engagement, focus, and overall performance. In the end, a leader's ability to connect with their team on a personal level is what turns a good team into a great one, leading to the type of employee experience and sustained success that makes everyone more likely to stay for the long run.

Other Articles in the Series on How to Retain Talent

Gaining impactful advice from leaders and managers is crucial, but it is also essential to consider other aspects of retention. This includes understanding the lessons learned in retaining talent and recognizing the critical cultural elements needed to support this process. These perspectives offer a comprehensive framework for organizations aiming to retain their talent successfully.

Enabling Practices and Resources

Emerging Career Development Practices that are Business Driven, Intelligent, and Offer Elite-level Development.

Emerging career development is a business strategy-driven function that creates linkages between a company's strategic staffing needs and individuals' career aspirations.

Aligning Career Development Strategies to Support Key Business Objectives.

Evolving a career development program requires a direct linkage or flow-down from corporate strategic plans to the development program and processes.

Identifying and Calibrating Successors and HIPOs for Each Role Through Structured and Standardized Assessment Sessions.

Naming potential successors for executive and critical roles is a collaboration between leaders that requires thought, preparation, and discussions.