If you spend your days wondering how to attract top talent to your team, you've probably done everything you can to get them in the door. You're ready to offer the best candidates a competitive salary, impressive benefits, and much, much more if they'll just agree to work for your company.
But what if the key to finding the best people out there isn't just wooing them? What if the secret was also being willing to let them go?
It sounds counterintuitive - why wouldn't you want to retain these amazing people? - but it might be the best move you can make.
Here are a few reasons why this is something you should consider when attracting the best people to your team.
1. Millennial employees are already leaving jobs at a higher rate than employees from earlier generations.
As I've written about before, a recent Gallup poll found that 60% of millennials are open to a new job opportunity. Focus on how you can make their experience at work better. In turn, they'll be more productive, engaged and less likely to jump.
2. You'll benefit from the continuous wave of fresh ideas.
High retention rates come with a significant downside: a dearth of fresh ideas and new perspectives. If you're constantly recruiting new talent to fill vacating roles, you're not going to be wanting for those two things. In fact, your company might be more innovative because of it.
3. Your organization can become known as a stepping stone to better opportunities.
A new collaborative study between Georgetown University's McDonough School of Business and the University of Washington's Foster School of Business makes the case for focusing less on retention. Although the study, recently published in the Strategic Management Journal, specifically examined law firms, the researchers behind it suggest it can be applied to corporate America as well.
The study finds that you might actually recruit better people if they view your organization as a necessary stop on their career path. The silver lining to a low retention rate might be, in some cases, that it's actually an advantage you can use to recruit more talent.
Attrition is inevitable. It may be time to re-think the old adage that keeping people for life is the goal. There may be more opportunity in beefing up your recruiting efforts so that you aren't scared to lose your talent; you may even see it as an opportunity.