How to Retain Top Talent

top talent

Coming from working at a tech firm that services HR and staffing agencies, I see firsthand just how hard it is to retain top, young talent. With the average attrition rate in PR at 20.5%, according to AdWeek, retaining talent is key to growing your business. Think about how long it takes for a new hire to get ramped up, and the impact that a staff departure can have on your account teams. Preventing one person from leaving annually can save you thousands of dollars in lost time. Below are the top ways I’ve seen to retain your best talent.

Offer paid internships: Considering that much of your competition offers unpaid internships, this is a great (and cheap) way to foster and build early loyalty from your Millennial workforce. This also has the great side effect of generating a lot of referrals.

It’s not ALL about money: While Millennials are indebted with tons of student loans, the opportunity to learn new skills and experience new things can mean a lot more than money. Offer them projects that push them outside their comfort zones, and give them opportunities to relocate to a different office (if possible).

Stay on the cutting edge: No one wants to work for a firm with old, outdated technology, ESPECIALLY Millennials. If it’s been a while since you’ve evaluated your internal systems and you’re still running your business on Excel, it might be time to take a look at new software.

All in all, the 3 tips I’ve outlined above take time and money. But if you pull them off, you’ll certainly experience a boost in ROI by retaining your young talent and keeping them happy.