Talent retention is easy to get right and very costly to get wrong2 min read

The tussle for talent between brands and agencies has been picking up the pace ever since building in-house marketing teams became a thing.

First, it was the competition to attract technical marketers and now the call for creatives is heating up. 

The agencies’ high turnover and employee attrition rates aren’t good for business.

According to a Gallup survey (US) replacing someone can cost between 1.5x to 2x that person’s yearly salary. Ouch.

Is it a big problem? Yes.

In marketing and advertising, the majority of the workforce are millennials.

These are the same millennials who feel disengaged and are eager to move on as soon as a better opportunity is available to them.

I’d even call it a significant problem when anywhere between 40% – 60% of the current talent pool doesn’t feel too excited about sticking around more than 12 months at a time.

Ugh, millennials. What do they want now?

As a millennial, I feel your pain but my generation may not be as fickle as it seems.

It may not surprise you but millennials are more interested in working at places where they feel a strong sense of belonging – somewhere they feel engaged, valued and heard.

What can you do to engage your millennial teammates?

I’m a millennial, leading a team of millennials, and I can stand behind the advice shared in the article from HBR:

  1. Proactively improve the work fit by encouraging and enabling people to do tasks where they can add value and which they feel passionate about.
  2. Use open communication and constant feedback. This will bring people in your team closer together and strengthens communication between them.
  3. Instead of assigning tasks, assign responsibilities. Enable people to see how their contribution matters to the overall success of your organisation.