Computer with data sample

FILL OUT OUR CUSTOM ASSESSMENT FORM AND, find out where your organization stands in terms of maturity. OR DOWNLOAD OUR PRICING GUIDE AND LEARN MORE.

✔ MINIMIZE TURNOVER

✔ MAXIMIZE RESULTS

Have You been facing uncomfortably high turn-over rates in the past 12 months?

Do You also find it difficult to attract and retain top talent?

Are You sure You know the key drivers behind people leaving? 

Employee retention is crucial for the success of any organization, as it helps to maintain a stable workforce and reduce recruitment and training costs.  

People analytics can help You not only to understand turnover but also design relevant actions to minimize it.  

WE CAN HELP YOU:

  • Understand the impact of attrition to your business in monetary terms 
  • Track good and bad attrition 
  • Identify those who are at risk of leaving 
  • Understand the key-drivers of people leaving 
  • Take actions to minimze attrition 

If You subscribe to our monthly services, we deliver a comprehensive employee turnover analysis that allows You to monitor key trends and take actions before it’s too late.  

What is Talent Retention?

Talent retention is the strategic process of engaging and retaining skilled employees to minimize turnover and sustain a competitive workforce. It involves creating a supportive work environment that encourages long-term commitment and growth.

Why it is necessary?

Frequent employee turnover can lead to significant recruitment and training expenses, negatively impacting the bottom line.

Keeping experienced staff helps maintain continuity and protects the organization’s accumulated expertise.

A stable workforce enhances team cohesion and individual job satisfaction, leading to higher productivity levels.

A focused retention strategy reinforces a positive company culture that attracts and retains top talent.

Computer with data sample

Common roadblocks

Insufficient Data Analysis: Without proper analysis of employee data, it’s challenging to understand the underlying causes of turnover.

Limited Engagement from Leadership: A lack of commitment from the top can hinder the development and execution of retention strategies.

Overlooking Employee Feedback: Not taking into account the voice of employees may result in ineffective retention measures.

Undefined Retention Goals: Without clear, measurable objectives, it’s difficult to gauge the success of retention initiatives.

Inconsistent Follow-Through: Failing to consistently implement and review retention strategies can lead to their ineffectiveness.

Solution

Unlock the full potential of your workforce with our comprehensive talent retention program; we provide the tools and insights necessary to reduce turnover, enhance employee engagement, and foster a high-retention culture.

Computer with data sample

The result

REDUCED TURNOVER RATES

Lower attrition through targeted retention strategies, significantly cutting hiring and training costs.

BETTER PERFORMANCE METRICS

Align retention efforts with performance indicators for a more effective workforce.

ENHANCED EMPLOYEE ENGAGEMENT

Cultivate a work environment where employees feel valued and motivated, leading to increased productivity.

HIGHER EMPLOYEE SATISFACTION

Implement initiatives that lead to greater job satisfaction, which correlates with long-term employee retention.

IMPROVED COMPANY CULTURE

Foster a positive workplace culture that attracts and retains top talent.

PREDICTIVE ANALYTICS

Use predictive analytics to anticipate and plan for future hiring needs, minimizing disruption from turnover.

What we offer

DATA-DRIVEN INSIGHTS AND REPORTING

Merging comprehensive analysis with tailored reporting for actionable insights into retention rates and turnover patterns.

PROCESS OPTIMIZATION AND PREDICTIVEMODELING

Enhancing HR strategies with targeted process improvements and predictive analytics to preempt turnover risks.

EXPERT GUIDANCE WITH ONGOING SUPPORT

Providing professional recommendations and continuous monitoring to adapt and sustain effective talent retention strategies.

Talent retention

3 526 €

Basic

A comprehensive retention report detailing historical patterns and key insights.

5 218 €

STANDARD

Retention report, exit interview templates, and a summary of findings from focus groups with forward-looking recommendations.

10 718 €

PREMIUM

Enhanced retention report with predictive analytics, a detailed risk assessment model, and strategic action plan.

WHY PEOPLE ANALYTICS

A typical customer journey starts with a consultation to scope the work needed after the project has been completed our clients can continue the partnership with one of the subscriptions.

STARTS FROM 300€ Monthly

Basic

THIS INCLUDES COMPREHENSIVE HR DASHBOARD WITH CORE KPI-S TAILORED FOR YOUR BUSINESS NEEDS.

STARTS FROM 750€ MONTHLY

STANDARD

THIS INCLUDES MORE ADVANCED ANALYTICS SUCH AS PREDICTIVE MODELING AND MULTI-LEVEL DASHBOARDS.

STARTS FROM 1500€ MONTHLY

PREMIUM

THIS INCLUDES THE HIGHEST LEVEL OF ANALYTICS WITH CUSTOMIZABLE REPORTING LAYOUT

DRILL-DOWN OPPORTUNITY AS WELL AS MONTHLY 3 HOURS OF CONSULTING.

ADD-ON SERVICES

ADD-ON SERVICES SUCH AS AD-HOC REPORTING

DATA-VISUALIZATION

DATA CLEANING ARE PRICED BASED ON TIME AND MATERIAL.

DOWNLOAD OUR PRICING GUIDE AND LEARN MORE.

TALENT RETENTION WHAT IS IT EXACTLY?

Talent retention refers to an organization’s ability to retain its employees who are highly skilled, talented, and valuable. Retaining top talent is crucial for any business as it directly affects the overall success and productivity of the organization. When talented employees leave, companies experience significant financial loss, decreased productivity, and a damaged reputation in the job market. Therefore, companies need to focus on talent retention strategies to retain their most valuable employees and avoid such negative consequences. 

One of the most effective strategies for talent retention is to offer competitive compensation packages. Talented employees are highly sought after, and they know their worth in the job market. Therefore, organizations need to offer attractive salary packages, bonuses, and other incentives to retain their top talent. Besides, companies can provide various non-monetary benefits such as flexible work hours, remote work options, and professional development opportunities to retain their employees. 

Another critical aspect of talent retention is providing a positive work environment. Employees spend a significant portion of their lives at work, and their work environment directly affects their job satisfaction and motivation. Companies need to foster a positive workplace culture that values employees’ contributions and provides them with a sense of purpose and meaning. This can be achieved by promoting open communication, offering constructive feedback, recognizing employee achievements, and creating opportunities for career growth and advancement.  

Finally, companies need to focus on providing a work-life balance to their employees. Talented employees often have multiple job offers, and they are likely to choose a company that values their personal life and well-being. Therefore, companies need to offer flexible work hours, vacation time, and other benefits that allow employees to balance their work and personal life. This not only helps in retaining top talent but also boosts employee morale and productivity. 

 In today’s fast-paced and ever-changing world, career development holds immense importance, especially for the Millennial generation. Millennials seek not only a job but a fulfilling and purpose-driven career that aligns with their personal values and aspirations. They value companies that offer robust learning opportunities and foster their professional growth. Organizations that prioritize career development understand that investing in their employees’ growth not only benefits the individual but also contributes to the overall success of the company. 

For Millennials, learning opportunities play a pivotal role in their career journeys. They crave continuous learning experiences that challenge them, help them acquire new skills, and keep them engaged and motivated. Companies that provide access to diverse training programs, mentorship opportunities, and career advancement paths are highly valued by this generation. Millennials are eager to learn from experienced professionals and seek out employers who invest in their development through workshops, conferences, online courses, and internal knowledge-sharing platforms. 

 Moreover, company values hold significant weight when it comes to attracting and retaining Millennial talent. This generation is drawn to organizations that have a clear mission and vision, and whose values align with their own. They want to work for companies that prioritize social responsibility, sustainability, diversity and inclusion, and ethical practices. Millennial employees feel a strong sense of identification and belonging when their personal values align with the values and culture of their workplace. They seek employers who prioritize employee well-being, work-life balance, and offer a supportive and inclusive work environment. 

 Career development, learning opportunities, and company values are crucial factors for Millennials when choosing an employer. Companies that prioritize these aspects not only attract top talent but also foster a motivated and engaged workforce. By investing in the growth and development of their employees and fostering a values-driven culture, organizations can create a dynamic and thriving environment that appeals to the Millennial generation and beyond. 

 In conclusion, talent retention is crucial for any organization that wants to remain competitive in the job market. Companies need to invest in strategies that help retain their top talent, including offering competitive compensation packages, fostering a positive work environment, and providing a work-life balance. By doing so, companies can avoid the negative consequences of losing valuable employees and create a positive reputation in the job market that attracts top talent. 

WHO NEEDS TALENT RETENTION?

Talent retention is essential for any organization that values its human resources and wants to remain competitive in the job market. Regardless of the industry, companies need to focus on retaining their top talent to ensure their continued success and growth. 

Startups, small businesses, and other companies and enterprises often face more significant challenges in retaining their talented employees. These companies may not have the financial resources or brand recognition of larger corporations, making it difficult to compete for top talent. Therefore, startups and SMEs need to focus on creating a positive workplace culture, offering competitive compensation packages, and providing opportunities for career growth to retain their valuable employees. 

 

Large corporations and multinational companies also need to invest in talent retention strategies to maintain their competitive edge. These organizations often have a larger pool of talent to choose from, but they also face the risk of losing their top talent to competitors. Therefore, corporations need to provide their employees with a positive work environment, offer attractive compensation packages and benefits, and provide opportunities for advancement to retain their talented workforce. 

Government organizations and non-profit entities also need to focus on talent retention. While these organizations may not have the financial resources of private companies, they still need to retain their talented employees to achieve their mission and goals. By providing a positive work environment, offering professional development opportunities, and recognizing employee contributions, government organizations and non-profits can retain their valuable employees and ensure their continued success. 

In conclusion, talent retention is critical for any organization that wants to succeed in the job market. Whether it’s a startup, SME, large corporation, government organization, or non-profit entity, companies need to focus on retaining their top talent to achieve their goals and maintain their competitive edge. 

Advantages of well executed talent retention for each level 

COMPANIES: 

  • Increased productivity: Retaining talented employees means companies can avoid the costly process of hiring and training new staff. This, in turn, helps to maintain high levels of productivity and avoid any dips that can occur during a period of transition. 
  • Better customer service: Highly skilled employees who have been with the company for a while can offer a superior level of service to clients and customers, which can help to increase customer satisfaction and loyalty. 
  • Improved team morale: When employees feel valued and appreciated, they are more likely to feel motivated and engaged in their work, which can lead to increased team morale and better collaboration between team members. 

 

LARGE ENTERPRISES: 

  • Cost savings: Retaining top talent means that large enterprises can avoid the high costs associated with hiring and training new staff, which can be especially costly for large companies. 
  • Increased innovation: Highly skilled and experienced employees are more likely to come up with new ideas and strategies that can help drive innovation within the company, leading to increased competitiveness and success. 
  • Enhanced brand reputation: Retaining top talent can help to enhance a company’s brand reputation and make it more attractive to potential employees, customers, and investors.

STARTUPS: 

  • Improved stability: Retaining talented employees can help to provide stability for startups, which are often more susceptible to fluctuations and changes in the market. 
  • Increased credibility: Startups that are able to retain top talent are viewed as more credible and attractive to investors, who are more likely to invest in a company that has a solid team in place. 
  • Increased growth potential: When startups are able to retain their top talent, they are more likely to experience sustained growth, which can help to increase their chances of long-term success.

HOW PEOPLE ANALYTICS CAN HELP WITH TALENT RETENTION?

People analytics, also known as HR analytics, can be a powerful tool to help organizations improve their talent retention efforts. Here are a few ways that people analytics can help with talent retention: 

  1. Identifying flight risks: People analytics can help to identify employees who are at risk of leaving the organization. By analyzing data such as employee engagement scores, turnover rates, and performance metrics, companies can identify employees who may be considering leaving and take proactive steps to retain them.
  2. Measuring employee engagement: People analytics can help to measure employee engagement, which is a key factor in talent retention. By analyzing data such as employee survey results and feedback, companies can gain insights into what motivates and engages their employees, and use this information to improve their retention efforts. 
  3. Understanding employee career paths: People analytics can help companies understand employee career paths and identify opportunities for career growth and development. By analyzing data such as employee performance and training history, companies can identify employees who have the potential to grow within the organization and provide them with the support they need to do so.
  4. Evaluating the effectiveness of retention strategies: People analytics can help companies evaluate the effectiveness of their retention strategies. By tracking data such as turnover rates and retention rates over time, companies can determine whether their efforts are making a positive impact and make adjustments as needed.
  5. Predicting future talent needs: People analytics can help companies predict future talent needs and proactively plan for talent retention. By analyzing data such as workforce demographics and turnover trends, companies can identify areas where they may need to invest in talent retention efforts to ensure they have the skills and expertise they need to succeed. 
  6.  In conclusion, people analytics can be a valuable tool for organizations looking to improve their talent retention efforts. By leveraging data and analytics, companies can identify flight risks, measure employee engagement, understand employee career paths, evaluate the effectiveness of retention strategies, and predict future talent needs, all of which can help to improve talent retention and drive business success. 

BUSINESS RISK IF TALENT RETENTION IS NOT DONE CORRECTLY:

  1. Loss of productivity: When key employees leave, it can be difficult to find suitable replacements quickly. In the meantime, remaining employees may be required to take on additional responsibilities, which can lead to burnout and decreased productivity.
  2. Increased hiring costs: Replacing top talent can be costly, as businesses may need to spend time and money recruiting and training new employees.
  3. Loss of institutional knowledge: Experienced employees who leave the organization take their knowledge and expertise with them, which can be difficult to replace. This loss of institutional knowledge can lead to a decrease in productivity and quality.
  4. Damage to morale: Losing top talent can be demoralizing for remaining employees, who may wonder why their colleagues are leaving and whether they should also consider leaving. This can lead to decreased engagement and productivity.
  5. Decreased customer satisfaction: Highly skilled employees are often key to delivering high-quality products and services. When top talent leaves, the quality of products and services may suffer, leading to decreased customer satisfaction.
  6. Decreased competitiveness: Losing top talent can make it difficult for businesses to compete with other companies in the same industry. When businesses are unable to retain top talent, they may be at a disadvantage when it comes to innovation, customer service, and other factors that contribute to competitiveness.
  7. Damage to brand reputation: Losing top talent can damage a company’s reputation, particularly if the departure is seen as a sign of instability or dissatisfaction within the organization. This can make it more difficult for the company to attract new talent and retain existing employees. 

In summary, failing to retain top talent can have serious negative consequences for businesses, including loss of productivity, increased hiring costs, loss of institutional knowledge, damage to morale, decreased customer satisfaction, decreased competitiveness, and damage to brand reputation. 

TALENT RETENTION OBJECTIVES

The objective of talent retention is to retain top talent within an organization, with the aim of ensuring that the organization has the skills and expertise it needs to succeed in the long term. There are several reasons why talent retention is important: 

  1. Retaining top talent helps to ensure continuity of operations: Highly skilled employees are often key to delivering high-quality products and services. When top talent leaves, the quality of products and services may suffer, leading to decreased customer satisfaction and decreased competitiveness.
  2. Retaining top talent helps to reduce recruitment costs: Replacing top talent can be costly, as businesses may need to spend time and money recruiting and training new employees. By retaining top talent, businesses can reduce these costs and maintain a stable workforce.
  3. Retaining top talent helps to improve morale: When top talent leaves, it can be demoralizing for remaining employees, who may wonder why their colleagues are leaving and whether they should also consider leaving. By retaining top talent, businesses can improve morale and maintain a positive work environment.
  4. Retaining top talent helps to ensure the success of the organization: Highly skilled employees are often key to driving innovation and growth within an organization. By retaining top talent, businesses can ensure that they have the skills and expertise they need to succeed in the long term. 

 In summary, the objective of talent retention is to retain top talent within an organization in order to ensure continuity of operations, reduce recruitment costs, improve morale, and ensure the long-term success of the organization. 

FUN FACTS ABOUT TALENT RETENTION:

  1. According to a study by LinkedIn, the number one reason people leave their jobs is a lack of career advancement opportunities. This highlights the importance of offering opportunities for growth and development in order to retain top talent.
  2. A study by the Society for Human Resource Management found that the cost of replacing an employee can be as much as 50-60% of their annual salary. This includes costs associated with recruitment, training, and lost productivity during the transition period.
  3. The average tenure of an employee in the United States is around 4.2 years, according to the Bureau of Labor Statistics. This means that businesses need to focus on talent retention in order to keep their best employees for the long term.
  4. A study by the Harvard Business Review found that employees who feel valued and engaged are more likely to stay with their current employer. This highlights the importance of creating a positive work environment and fostering a culture of appreciation.
  5. According to a survey by Glassdoor, 76% of employees would consider leaving their current job for a better opportunity. This means that businesses need to be proactive in offering opportunities for growth and development in order to retain top talent. 

  

NETFLIX’S “KEEPER TEST” 

Netflix has an unconventional approach to retaining top talent. The company conducts what is known as the “Keeper Test,” where managers are encouraged to evaluate their employees regularly and ask themselves whether they would fight to keep a particular employee. If the answer is no, the employee is let go, and they receive a generous severance package. This method ensures that only the top-performing talent is retained, contributing to Netflix’s highly skilled workforce and its continued growth in the entertainment industry. 

 

ZAPPOS’ UNIQUE COMPANY CULTURE 

Zappos has garnered attention for its innovative strategies to create a positive workplace culture. One such example is the “Zappos Culture Camp,” a three-day event where participants can learn about the company’s values and core principles. Additionally, Zappos offers new employees a “pay-to-quit” program, where they can receive a payout to leave the company if they feel they aren’t a good fit. This approach ensures that employees who stay are genuinely committed to the company’s vision, which has played a significant role in Zappos’ success as an e-commerce leader. 

GOOGLE’S EXTENSIVE BENEFITS AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES 

Google’s commitment to talent retention is reflected in its wide range of employee benefits and development opportunities. Unique perks include on-site wellness services (such as massages and fitness centers), free gourmet meals, generous parental leave policies, and tuition reimbursement for continued education. Google also offers various professional development programs like the “Stretch” initiative, which allows employees to take on short-term assignments outside their core job responsibilities to gain new skills and experiences. These efforts have enabled Google to maintain a talented workforce and remain an industry leader in the technology sector. 

 

TEACH FOR AMERICA’S SUPPORT NETWORKS AND ALUMNI INVOLVEMENT 

Teach for America has addressed talent retention challenges by developing strong support networks for its teachers. The organization provides corps members with a network of experienced mentors and coaches to guide them through their two-year commitment. Teach for America also encourages alumni to stay involved in the organization through its “Alumni Leadership Accelerator” program. This initiative provides ongoing professional development opportunities and networking events to help alumni continue their work in the education sector. By investing in teacher support and alumni engagement, Teach for America has managed to retain talent and contribute to its mission of addressing educational disparities in the United States. 

 

Story: Prezi, a Hungarian software company specializing in presentation software, has focused on fostering a positive company culture to retain its top talent. By offering flexible working hours, a collaborative environment, and opportunities for personal and professional growth, Prezi has managed to keep its skilled workforce and grow its global presence in the software industry. 

Story: Horizont Brewing, a small Hungarian craft brewery, recognized the importance of retaining its skilled brewers and staff to maintain the quality of its beer and compete in the growing craft beer market. To achieve this, the company invested in team-building events, ongoing professional development, and provided opportunities for employees to contribute their ideas, leading to higher retention rates and a strong position in the local market. 

Story: MOL Group, a Hungarian multinational oil and gas company, has implemented several talent retention strategies to maintain its position in the competitive energy sector. By offering competitive salaries, comprehensive benefits packages, and opportunities for career growth, MOL Group has managed to keep its skilled employees and continue its expansion across Central and Eastern Europe. 

Story: The Hungarian Red Cross, a non-profit organization dedicated to humanitarian aid and disaster relief, has faced challenges in retaining its volunteers and staff members. To address this issue, the organization has focused on creating a supportive work environment, offering training and development opportunities, and recognizing the contributions of its employees and volunteers. This approach has helped the Hungarian Red Cross maintain a dedicated workforce and continue its mission of providing support to those in need.