The pull of stronger firms
Talent follows opportunity.
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Leaders work hard to retain their best people. They update compensation, increase flexibility, offer new projects, and create clearer progression plans. Even so, they continue to move on. It often appears to be a problem with culture or engagement, but the real cause usually lies further upstream.
The structural driver is capital concentration:
More value is accumulating in a small group of firms that have clear strategic themes, strong balance sheets, and the capacity to invest in long-term opportunities. These firms pull in revenue and talent at a rate that shapes the broader market. They provide environments that feel more ambitious and stable, an attractive mix for people who want to build something meaningful.
When I look at departures through this lens, the issue becomes clearer. Talented people are not leaving because of a single frustration. They are following the concentration of opportunity. The firms that grow faster, experiment more, and invest strategically create an environment that matches people's ambition. Firms that struggle to articulate their direction find it harder to build that sense of momentum.
The implication for leaders is straightforward. Retention is linked to strategic clarity. People stay when they believe the organisation has a long-term path that aligns with the real forces shaping the market. They want to feel part of something that is moving in the right direction. Improving pay or benefits helps, but alignment with a clear direction keeps the best talent committed.
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