Every organization aims to attract top talent and retain it. But, as per the 2021 Bureau of Labor Statistics Report, the average annual turnover rate is around 57%. This means that attracting the right talent and retaining it is easier said than done.
In today’s dynamic work environment, offering a greater and larger salary compensation is not cutting it anymore. Candidates look for inclusive organizations that offer competitive remuneration, and benefits, have a diverse work culture they can align with, and have career advancement opportunities. Job seekers stay longer with companies whose values and goals are in sync with them.
As trends, priorities and paradigms of the hiring landscape keep evolving, employers need to strategize how they can attract the best talent and also retain them. In this blog, we will explore the top 10 tips to attract top talent and retain them.
The first action that you can take to attract talent to your company is writing comprehensive and attractive job descriptions. An effective job description can do wonders in terms of finding the most qualified candidates.
A job description is the first impression of your company for the job seeker. A well-written job description not only includes skills, tasks, expectations, and role requirements but also goes one step further and shares a glimpse of the company’s culture and values so that the candidate can resonate with it.
Consider including points like remuneration and other benefits in the job description that a candidate would be getting in this job role as this is one of the most important parts of a job posting for 7 out of 10 job seekers, as per a study by Skynova. It is always important to maintain a professional tone in your resume and avoid words such as “guru”, “ninja” and “wizard” as job seekers tend to steer away from such terms.
Job descriptions should be easy to read; clear, concise headers followed by bullet points will help candidates read them properly and enable you to list the requisite skills and responsibilities. Skilled and passionate employees will be attracted to the clean job descriptions that call for them. This also works for attracting tech talent, as it would need job descriptions to clearly highlight specific skill requirements.
Pro Tip: The majority of job descriptions are written in the third person, in order to engage with the potential candidate use the second person such as ‘you will be doing..’, in this way you can speak directly to the reader and build a relationship with them. Don’t forget to add an appropriate call to action on what the applicant should do next to apply for the position.
Did you know that 31% of new hires leave a job within the first 6 months? A BambooHR survey has shared these insights. This proves the significance of an efficient hiring process. Employee onboarding and recruitment processes should be well thought out and strategic, this will reduce high turnover rates as streamlined employee recruitment and onboarding will help employees get their expectations right and feel more connected to their roles from their initial days.
Effective employee interviews and keeping the hiring process consistent across the board make the hiring swift, a seamless experience for the employees, and a strong impression of the company. Hiring managers’ responsibility needs to go beyond getting the new employee interviewed and finalized, they also need to ensure a comprehensive and smooth onboarding process for requisite paperwork, effective training, and team integration.
Competitive compensation is the foremost element that makes an employee move to a new company, someone having exceptional talent also expects to receive a competitive salary when they look out for a new job. The best way to address this challenge is to understand the industry average of employee salaries for the particular skill that you are looking to hire for.
Competitive compensation is not the only thing, employees do look for additional benefits such as employee retirement plans, bonuses, leave policies, and even stock options. A combination of various benefits and compensation offers makes a job position can help attract the best talent.
Though there are certain employee benefits that companies are legally obliged to offer like paid leaves, health insurance, etc. however, offering a comprehensive employee benefits package over and above them is what attracts the best talent to your company. Sharing and apprising the workers about the employee benefits are a great way to keep them motivated, and productive, improve their well-being, and be satisfied with the job.
According to a Work Institute Survey, feeling stagnation and lack of career development opportunities are some of the prominent reasons why people quit their jobs. To attract top talent to your company, organizations need to chalk out a roadmap for the future development of employees. Every employee must have their own career growth plan suiting their strengths and interests. For example, while offering a position to the candidate you can also mention that your company offers aid in pursuing professional courses or has tie-up with renowned universities to offer executive-level programs after a tenure of two years.
Many organizations provide training opportunities to their employees to upskill and update them with industry trends. Also, many organizations are embracing mentorship programs where less experienced employees get paired with mentors who can guide them in their career development journey. Adopting these strategies can help you attract top employees and retain talent.
Employees feel valued the most in organizations that recognize your employees’ efforts and appreciate them. Having a culture of recognition and showcasing it on the company’s social media and the career page can be a winning strategy for attracting top talent as most of the candidates explore the company’s website, careers page, and social media before joining any company. A fair recognition program that judges all employees equally and wins the trust of employees.
It is also important to understand that not all employees wish to be recognized in the same way, some might prefer incentives over recognition. It is always strategic to know what the employees want and then tailor the program to their liking. Giving coupons, gift cards, and goodies are some examples that will keep the employees motivated.
Company culture plays a crucial role in employee motivation and satisfaction. Employees love to work in organizations that promote inclusive work culture and promote diversity. This also impacts your online presence and reputation, for any employee, working in an organization having a positive company culture can be a brilliant start. No one would like to join a company that has a bad or negative online reputation, it is always a good idea to foster a positive culture so that employees do not leave bad reviews on online portals such as Glassdoor, Google, Ambition Box, etc.
This also begins right from hiring a candidate, a newcomer will always look for a culture of inclusion and HR must reflect that in their intentions. Another crucial role is played by the leadership as the culture flows from top to bottom. So if the leaders are fostering a culture of diversity and inclusion, this will also carry forward to the mid-level and bottom-level management and workforce as well.
An innovative way to attract top talent is to have a good employee referral program. Employee referrals are a powerful tool for recruiting because they come from a reliable source. Employee referral programs are tried and tested ways of attracting top talent, but executing them correctly and consistently is tough. Asking employees to refer great people from their network is an effective way to connect with outstanding talent. When someone is referred by an employee or colleague, they can be a good fit for the company and the position.
Why an effective employee referral program is good for attracting top talent:
Clearly conveying the company mission and vision statement as soon as someone joins also helps retain top talent. Employees should know what their organization stands for and what its values and goals are. Top talented employees work for the organization’s goals that they align and identify with. Note that not everyone will sync with your mission and vision statement, but staying transparent and clearly communicating your vision and mission statement will help you have people who trust, support, and stand with your purpose while fulfilling their own goals in the long run.
On-the-job training, or OJT, is a cost-saving and time-effective approach for training and developing employees by utilizing the company’s internal resources. Top talent prioritizes employers who are committed to their growth and skill development. Training new hires extensively on existing technical tools, products and services builds confidence and makes them feel supported. A strong on-the-job training program showcases commitment to employee learning, indicating that the company cares about their success and career progression, knowledge, and talent. A strong on-the-job training program can significantly enhance the organization’s brand value. When potential candidates hear about a company’s commitment to employee development, it creates a positive image and perception of a supportive and growth-oriented work environment.
Fostering a positive company culture is essential for attracting and retaining top talent. By following the 10 tips shared in this blog, such as writing good job descriptions, offering competitive compensation, and providing development opportunities, having a robust referral policy, businesses can create a work environment that employees value and want to be a part of. Employees who feel valued, appreciated, and offered a clear career roadmap are more likely to be engaged and productive and stay for long with the organization.