If only it was as simple as recognising this fact. The 'job for life' attitude is long gone, so a lot of energy and money can be spent retaining talent only to lose them anyway. Do what you can to retain your top talent, but prepare well to pipeline external talent and you'll offset the risk.
Most savvy businesses owners know that it’s much more cost-effective to hold onto a current customer than it is to go out and get a new customer. The same idea holds true for employees, too. It’s not enough to just recruit the top talent – the real ROI in recruitment comes in retaining those top performers for years to come.