Talent Tsunami: How Retention, Not Just Attraction, Can Save Service Businesses

Retail, dining, and service businesses struggling to attract and retain staff can unlock a powerful solution: a multigenerational talent strategy. This approach goes beyond just attracting new hires, focusing on keeping existing employees happy and engaged. Human Capital expert, Michael D. Brown reveals how retention is the key to boosting profitability and outlines a three-pronged approach to building a thriving workforce.

ATLANTA, March 21, 2024 /PRNewswire-PRWeb/ -- Retail, dining, and service sectors are struggling to regain their footing in the post-pandemic landscape. The pandemic exposed major cracks in frontline talent strategies across retail, dining, and other service sectors. Many businesses are still struggling to attract, retain, and develop a strong workforce, leading to a negative impact on customer service, profitability, and brand reputation.

According to a new Forbes Magazine article, Michael D. Brown, Senior Managing Partner at Global Recruiters of Buckhead, a leading executive search, recruiting, and leadership consulting firm, proposes a powerful solution: a multigenerational talent strategy that prioritizes retention alongside attraction.

The High Cost of Turnover

"High turnover is a drain on businesses," says Brown. "According to CareerBuilder, 75% of employers have hired the wrong person, costing them nearly $17,000 on average. The company-wide impact can be even worse, leading to poor morale, lost productivity, and a damaged reputation."

Building a Strong Foundation: Attract and Retain Talent

Brown emphasizes the importance of a holistic approach. "Traditional recruitment strategies treat attraction and retention as separate entities. This is a recipe for disaster. Retention strategy needs to be seamlessly woven into your attraction and recruitment efforts."

Why Retention Matters More Than Ever

"Recent data shows that proper support from leadership can significantly reduce employee pessimism," says Brown. "Investing in existing talent is far more cost-effective than managing high turnover. But this requires a shift from 'the way we've always done it' to a strategy focused on empathy, care, and development."

The Power of a Multigenerational Workforce

"Broadening the talent pool to include multiple generations is not just about diversity," says Brown. "It increases organizational resilience and productivity. By understanding the concerns of each generation ? from Gen-Z's focus on purpose and mental health to Baby Boomers' desire for mentorship opportunities ? businesses can create a more attractive and engaging work environment for all."

How to Fix the Frontline Talent Problem

Brown outlines a three-pronged approach to building a strong frontline workforce:

• Attract: Identify your ideal talent and tailor your employer brand and value proposition to resonate with their needs and aspirations.
• Retain: Foster a positive work environment with a strong onboarding experience, ongoing development opportunities, and genuine care for employee well-being.
• Develop: Invest in training and mentorship programs to equip employees with the skills they need to excel and advance in their careers.

Winning the Talent War: A Holistic Approach

"The talent shortage is a global challenge, but there's a way forward," concludes Brown. "By developing a holistic attract/retain/develop program that focuses on diverse, cross-generational talent, businesses can build a loyal, engaged workforce ready to thrive. This is how you win the talent war and secure long-term success."

About Michael D. Brown

Michael D. Brown is Senior Managing Partner and Head of Global Recruiters of Buckhead Executive Search, Leadership Search, Sales and Marketing Search, and Human Capital Coaching and Consulting Practice.

He's an accomplished Senior Leadership Executive and award-winning author with 20+ years of experience across diverse sectors: Oil & Gas, Food & Beverage, Retail, Leadership Consulting, Talent Development, and Change Management.

About Global Recruiters of Buckhead

Global Recruiters of Buckhead, a Forbes Top 25 Professional Search and Top 20 Executive Search firm. Offering comprehensive solutions and services, including executive search, leadership consulting and coaching, talent attraction and retention strategies, and DEI consulting.

Beyond the limitations of transactional recruiting and headhunting, our proprietary Unlocking & Unleashing Talent Methodology fosters transformative, trusted partnerships with both clients and candidates. World-class talent who seamlessly fuels your organization's ultimate potential and drives competitive results.

Media Contact

Steven Jackson, Global Recruiters of Buckhead, 1 770-756-6779, [email protected], www.GRNBuckhead.com 

SOURCE Global Recruiters of Buckhead