How do we Retain Diverse Talent in Today's Environment?

Abstract

The retention of valued talent represents a major challenge for companies across industries and regions. Moreover, having a diverse talent without real inclusion inevitability results in missed opportunities because the talent no longer feels empowered to contribute and lead. Thus, most organizations are looking at ways for employee retention to both attract and retain key diverse talent, as well as to reduce turnover and its related direct costs such as hiring and training and indirect costs such as the loss of specialized skills, organizational knowledge, and employees’ networks with departing employees. The organizations must look at a targeted strategy along with a menu of retention practices to sustain competitive advantage.