How Do You Attract and Retain Top Talent?
Did you know that most industries face uncertainty with hiring and keeping employees? You're not alone! In fact, the entire world is experiencing the highest talent shortage we've seen in 16 years. This isn't a problem that is exclusive to the present. It's a problem experts expect to continue for another decade or more. By 2030, researchers add that as many as 85 million positions could go unfilled due to this hiring shortage.
Learning what it takes to attract and retain employees will make all the difference in ROI, productivity, morale, and more. It shows you care about them as more than just money-earners, benefitting both parties involved equally—you need people, and your employees/potential new hires need to be taken care of by their employers.
Here are some tips for attracting candidates and improving employee retention.
Attracting Top Talent
In the wise words of CEO Steve Ferrante, "If you want to attract and employ top talent, you must first create an organization that top talent wants to be a part of." Here are some great ways to ensure your business is where new hires want to be.
Create an employee value proposition
An employee value proposition is an essential part of your company's branding, representing the balance of what you have to offer that is of value— versus what is expected of employees in return. It's an effective way to structure and organize your vision for who your company is and what it stands for.
There are five components of an EVP that is linked to your greater purpose:
- Compensation (ex: salary, raises, promotions, and fairness)
- Benefits (ex: holidays, insurance, retirement, and time off)
- Career (ex: training, stability, college education, and feedback)
- Work Environment (ex: employee recognition, work-life balance, and personal achievements)
- Company Culture (ex: teamwork/collaboration, social responsibility, trust, support, and leadership)
Ensure your culture is growth-minded
More than 46% of job seekers cite 'company culture' as an essential factor when choosing which employer they would like to work for. This is because growth-minded company culture benefits employees by resolving conflicts, and being more inclusive, while fostering creativity and innovation — along with focusing everyone's roles and responsibilities by having clearly defined goals.
We recommend starting with a decision on what your ideal company culture would look like, evaluating where your current culture stands in contrast (ask your employees for feedback), and hiring based on a talent's compatibility with your culture.
Establish what sets you apart
No company is the same, and that's a good thing! You want to stand out! In the beginning, it can be helpful to detail what these qualities are to you. However, your employees know best. Ask them what stands out about your company, what they like best about working for you, and how these qualities differ from other companies where they've worked.
When you've established what makes your business special, advertise those unique qualities and highlight what that will mean for people coming in to work for you.
Engage candidates in a thoughtful hiring process
What you do and say in the hiring process reflects your perception. In other words, walk the walk as much as you talk the talk. If you're telling candidates how great it is to work for your company, you must also show them how great it can be by representing your company with thoughtfulness and respect. Otherwise, you risk others hearing about the bad experience, even if that candidate is not the right fit.
Retaining Top Talent
J. Willard Marriott once said, "Take care of your employees, and they'll take good care of your customers, and the customers will come back." On top of that, your employees will come back! Here are some ways to ensure your top talent is being taken care of and, therefore, more likely to stay.
Act on employee feedback
Who is more qualified than your employees to give you feedback on your company's strengths and weaknesses? No one! You must listen to what they say, understand, and make the necessary changes. Some excellent ways to collect valuable feedback from staff includes asking them directly, sending out surveys (particularly new employee surveys), conducting exit interviews, and introducing a suggestion box.
Create learning and development opportunities
Did you know that no room for growth is a big reason for quitting? According to Forbes, 41% of team members admit to leaving their jobs due to a lack of development opportunities. In contrast, 94% say they'd stay longer if their company invested more into their careers. These opportunities begin with training and onboarding done right but continue with ongoing training, college education opportunities, and conferences.
Build your culture
Just as company culture attracts top talent, it keeps your talent where they are. It fosters more loyalty because your employees are compatible, passionate about their work, and satisfied with their employer. In turn, when your competition approaches them with new opportunities (which is more likely than ever, given the current talent shortage), they'll be more inclined to say no because they're happy where they are.
As we always tell clients, a healthy team is a happy team. When you prioritize wellness, you energize your team and motivate them to be their best. In turn, they become more focused, healthier, and energized — resulting in fewer sick days and burnout among your staff. Some popular wellness program options employers typically offer staff members include customized goal setting, Healthier Lifestyle Education (knowledge is power!), blood pressure screenings, stress management, and weight loss maintenance.
Despite most companies highlighting how inclusive they are to employees and customers, only 25% of people between 18 and 24 believe that their company prioritizes diversity and inclusion at all levels. Ensure you're not just another statistic by educating managers and leadership on creating a culture that values inclusion, communicating inclusion goals and progress, and celebrating everyone's unique differences.
Recognize employees' accomplishments
Last but certainly not least, it's important to acknowledge employee accomplishments. Not only will 80% of workers work harder when they feel appreciated, but programs specific to employee recognition have been found to reduce turnover by 31% or more. This is because getting recognition for what they bring to the table shows that you value them as a part of your company and appreciate their contribution to its continued success.
Taking steps to improve your strategies for attracting and retaining top talent won't be easy. However, it will be worth it down the road. PRO Resources is a partner that assists with better hiring practices, onboarding, and retention. Contact us to discuss the next steps for your organization.