Turnover can be costly for employers, so mastering the art of retaining top talent is crucial for a company's overall well-being. Not only is it beneficial for the company to retain strong candidates for leadership, but it is also rewarding for employees and boosts morale.
With more than 200 permanent staff, 3M's 45 years of business success in Hong Kong shows that it is doing something right. Management prides itself on the fact that the company puts great emphasis on keeping strong communication lines.
Thomas Chow Chor-yiu, senior manager of human resources and office administration, said: 'Good communication is important. Our business status and challenges we face must be well communicated to our colleagues.'
Succession planning is a hot topic in the modern business world and, while it is important that the most suitable candidates take on leadership roles, much of what 3M does in this area contributes to, but is not limited to, succession planning.
Mr Chow said he saw succession planning as an effective way to retain top talent.
'More than 95 per cent of our leadership roles are from within. Our company concept of 'promotion from within' is great because it [shows] colleagues that if they perform well, they will have opportunities to grow and be promoted,' said Mr Chow.