# Talent Retention

**Published by:** [Andreas Mahringer](https://paragraph.com/@andreas-mahringer/)
**Published on:** 2022-11-08
**URL:** https://paragraph.com/@andreas-mahringer/talent-retention

## Content

What are the primary drivers for retaining talent / losing talent?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.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: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.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.ExternalitiesThe health of the job market, economic growth/recession, related industry events (i.e. mass-lay offs in an industry) all influence perceived opportunity costs.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 310-299-9295-9295 or click here. -a

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