# Talent Retention

By [Andreas Mahringer](https://paragraph.com/@andreas-mahringer) · 2022-11-08

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What are the primary drivers for retaining talent / losing talent?

1.  **A Strong Career Path** Providing team members with a clear, actionable and attractive plan for personal, professional growth is the foundation for talent retention.
    
    Without a strong career past, talent retention will be infinitely harder and always reactive. On the flip side, if a strong career path is provided, other factors (see below) become less decisive.
    
2.  **High Opportunity Costs** In short, high opportunity costs make other options less attractive. Low opportunity costs, make ‘shopping around / looking for alternative offers’ a low risk/more compelling path. There are a few factors that influence these:
    
    1.  **A Strong Upside** Being vested in an outcome increases opportunity costs. Confidence that this outcome is actually going to occur, is positively correlated with opportunity costs. This means, that having faith/confidence in leadership, product, market dynamics and other factors all influences risking/falling (perceived) opportunity costs.
        
    2.  **The Team / Culture** Working with a team that one values, and appreciates has a positive effect on opportunity costs, given we all know this is not a given. Everyone dreads working w/ rude people. Building a team based on Ideal Team Player virtues, will be critical in retaining talent.
        
    3.  **Externalities**The health of the job market, economic growth/recession, related industry events (i.e. mass-lay offs in an industry) all influence perceived opportunity costs.
        
3.  **A Compelling Mission / Vision**
    
    Everyone has a desire to do ‘meaningful work’, to spend their time on things that matter (to them).
    
    A compelling mission/vision is critical factor `i)` in acquiring A-talent, `ii)` ensure A-talent can be retained beyond the typical 2-3 year mark at a company.
    
    A strong mission further buy a company or team additional time, if 1) and/or 2) are not where they should be.
    

Thoughts or feedback? Text [310-299-9295-](https://my.community.com/andreasmahringer)9295 or click [here](https://my.community.com/andreasmahringer).

\-a

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*Originally published on [Andreas Mahringer](https://paragraph.com/@andreas-mahringer/talent-retention)*