Leadership wants me to focus on recruiting new talent to grow the team, but we aren't retaining well and we've already lost two great people this year. There's no point in bringing in new folks if we're losing our best. What are the best strategies to balance growing the team while keeping the ones you already have around?

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I would like to focus on why those people aren’t staying first. There will always be situations where people come and go, but if it is turning into something constant, there is no growing the team, only scrambling to try and get people in and up to speed.

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I would first find out what’s the underlying root cause of the two employees leaving the company (is it the environment, people, workload etc.) from there you should try to mitigate the risk focusing on what you can control. Given that two employees have already left, this already have an effect on the team’s moral. Perhaps, having a team building event could soften the blow which allows you to get to know your members more in much relax environment.

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Contract work may help with temporary mitigation of a lack of resources, while allowing both parties to try before you buy.

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Definitely figure out what the root causes are. Sounds like it could be related to compensation, management, or culture writ large. If people aren't sticking around, you have to adjust so you're not constantly wasting resources on hiring

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If there is no sight to upward mobility or the next level in a role people will ultimately leave. Same can be said if people aren’t feeling appreciated.

People want clear objectives to aspire to and attain. You have to allow them to meet those goals and then show them what the next “level” looks like.

Never let people become complacent or bored with their work or responsibilities.

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The two are not mutually exclusive -- not an "either...or" situation. Recruit for the vacant positions and for any new ones created due to anticipated growth. Treat the current employees with respect, pay them appropriately, provide a good benefits package. If that is not enough to entice them to stay, then that's on them and not on you. Are there really any "franchise player" employees whose production and contributions to the company fall in the "make or break" category? I doubt it. Reality is that they work for the company; the company does not exist for them. You can either try to hold on to a team of seasoned veterans who will be retiring in the next 20 years or bring in new talent so the whole team doesn't board the nursing home van on the same day in 2045, leaving the company with no experienced employees to train the rookies.

This. If you're not recruiting while losing your best, your next best will leave too because they won't take to the additional workload well, unless you compensate them more.

I was hired to rebuild out 3 gutted departments the previous C suite (that I replaced) lost. Have gotten them fully staffed up multiple times and will always lose people. CEO and COO refuses that they are the reason so the saga continues until I find a new job. Sometimes you have to realize that the corporate culture is the reason. If you can’t change that, then it could be a losing battle.
I hire a lot of consultants to cover the gaps when I’m in between full time people.

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