Retention Is Better Than Cure: Why Top Talent Isn’t Where You Think
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By Mike Greene, entrepreneur, growth mentor, consultant, and speaker
As a business mentor, I’ve seen it time and again: CEO’s and business owners scouring job boards, posting ads, and offering what they think are competitive salaries, all in the hopes of attracting top talent. But here’s the truth: the best people are rarely looking for a new gig. They’re already employed, likely by your competitors, and they’re probably being well looked after.
So, the real question isn’t just how to find them, but why they would jump ship from an appreciative employer to join you. What are you offering that’s so compelling, so irresistible, that they’d be willing to leave a good thing behind?
If your potential ‘best’ new candidate or top talent is in a company that are looking after them, investing in them and rewarding them you have to be creative in finding them, ‘poaching/stealing’ them, valuing them and retaining them.
Ask yourself seriously and HONESTLY:
‘Would you work for you?’
‘Is your company an employer of choice or last resort’
‘What do you offer that could/would be different, better or best compared to their existing company/role?’
‘If your existing team were talking about your company with their mates in a pub would they describe working for you in terms that you would be proud of or embarrassed about?’
Too often, especially in SMEs, I see a misguided approach to talent. They want the cream of the crop, but they’re only willing to pay bargain basement salaries. They want fully trained experts, but they balk at investing in ongoing development. Then they’re shocked when they end up with a revolving door of unreliable and incompetent employees. If employers don’t invest in them the cost will be much greater in the long run by constantly having to recruit and re-train, for example.
The cost of this short-sighted approach is staggering. According to a study by the Society for Human Resource Management, the average cost to hire an employee is £3,260, with around 42 days to fill a position. For a small business, that’s a significant investment of time and money. Now multiply that by your annual turnover rate, and it’s not hard to see how quickly the costs add up.
But it’s not just about the money. Every time an employee leaves, you lose institutional knowledge, productivity, and morale. You disrupt team dynamics and client/customer relationships. And you have to start from scratch with training and onboarding. It’s a vicious cycle that can seriously hinder your growth.
So how do you break free? By making retention your top priority. By creating a company culture and compensation package that not only attracts top talent, but also makes them want to stay for the long haul.
It starts with your approach to training and development. When you invest in your people, you’re showing them that you value their growth and potential. You’re helping them expand their skills, take on new challenges, and advance their careers. And as they grow, so does your business.
I remember a conversation I had with one of my mentees, a small business owner who was complaining about the cost of training. “What if I invest thousands in training them and they leave?” he asked. My response? “What if you don’t invest in any training and they stay?”
The point is training isn’t a cost; it’s an investment. And it’s one that pays dividends in the form of increased productivity, innovation, and job satisfaction. When your employees feel like they’re learning and growing, they’re more engaged, more motivated, and less likely to look for opportunities elsewhere.
But training and development are just one piece of the puzzle. To truly retain top talent, you need to create a holistic culture of appreciation, flexibility, and growth. That means offering competitive salaries and benefits, of course. But it also means providing opportunities for advancement, fostering work-life balance, flexibility (hours and the possibility of home working) and recognising and rewarding excellence.
At the end of the day, your people are your greatest asset. When you invest in them – not just in their skills, but in their overall wellbeing and job satisfaction – you’re setting yourself up for long-term success. You’re attracting the best of the best, and you’re giving them every reason to stay.
So don’t fall into the trap of constant turnover and mediocre hires. Don’t settle for average when you could have superstars. Invest in your people, prioritise retention, and watch your business thrive. Because when it comes to top talent, retention is always better than cure.
Mike Greene
Entrepreneur, Leadership Mentor, and Philanthropist
Mike Greene is a dynamic and visionary entrepreneur renowned for his extensive background in executive leadership, strategic business growth, and philanthropic endeavours. With a keen eye for innovation and a knack for fostering strategic partnerships, Mike is committed to cultivating strong corporate cultures while leveraging his business acumen to drive positive social impact and support local communities.
Mike’s commitment to nurturing entrepreneurial talent is evident in his investment portfolio, which includes over 30 start-up and growth businesses such as Shazam and Chargemaster. Currently, he serves as a mentor and strategic advisor to over 40 UK businesses, providing invaluable guidance and support to aspiring entrepreneurs.
Mike’s influence extends into the media realm, where he has been featured on Channel 4’s “Secret Millionaire” and is a regular commentator and pundit on business-related topics.
Following the programme, which had a great impact on him, he sold his main business and took a three-month sabbatical with the personal challenge to raise £100,000 for 100 charities in 100 days. He was successful in this bid and was inspired to go on to commit one-third of his time to help charities and mentoring people to change their lives for the better.
Renowned as a sought-after public speaker, he has delivered keynote addresses on business, investing, property, and education across the UK, Europe, US, Australia, and New Zealand. Additionally, he is the esteemed author of the book “Failure Breeds Success”.
As the Founder and CEO of Global Research Business, Mike successfully led the growth of a multi-million pound global research enterprise, ultimately orchestrating a highly profitable exit and the rebranding of the company as Lumina Intelligence.
Mike’s influence extends beyond his own ventures, as he has served as a main board advisor and speaker at events for numerous global corporations spanning various sectors including energy, retail, consumer goods, food and beverage, tobacco, pharmaceuticals, and finance. Notable engagements include advising industry giants such as BP, Tesco, Coca Cola, and GSK.
Throughout his illustrious career, Mike has held various executive positions across multiple industries, driving strategic change and growth. Notably, he holds the distinction of being the youngest Chairman and longest-serving board member of the Association of Convenience Stores, advocating for over 33,500 small retail establishments in the UK.
Beyond the boardroom, Mike is actively involved in large-scale property development projects in the Peterborough and Cambridgeshire region, contributing to urban revitalisation and community enhancement efforts.
Driven by a passion for giving back, Mike has dedicated his time and resources to various philanthropic causes. From serving as a Trustee of Peterborough Cathedral to advocating for the establishment of Peterborough University, he remains deeply committed to making a meaningful difference in his community. Additionally, his role as an Ambassador for the Cambridgeshire Children’s Hospital underscores his dedication to healthcare advocacy and fundraising.
In addition to his professional pursuits, Mike embraces physical challenges and adventure pursuits. From sailing in the Clipper 2013/14 Round the World Yacht Race to summiting mountains like Kilimanjaro and Annapurna, he continually pushes the boundaries of achievement and inspires others through his endeavours.
Mike’s dedication to excellence has been recognised with an Honorary Doctorate in Education from Anglia Ruskin University. Furthermore, he has been honoured as one of the 100 most influential Leaders, Thinkers, and Agitators shaping the Grocery Industry, solidifying his status as a trailblazer in his field.
