As competition for top talent becomes more fierce across all industries, a good salary alone won’t retain your employees. Here’s what else you need to do.
Attracting and retaining top talent is fast becoming a key competitive indicator. The ability of a company to hold to its talent (especially in tight hiring markets) has significant impacts on how it can operate on a high level.
With a limited talent pool in high demand, organizations have to pull up their socks in various avenues throughout employee engagement. This includes everything from the prospecting, recruitment process, and what to do to retain top talent.
Besides offering a good salary, competitive, and exciting benefits, there is still much to do to retain a good employee. Here’s what you should know regarding attracting and retaining top talent.
1. Recognize retention starts with recruiting
To attract top talent, the image that you portray out there determines the type of people that will apply for the job to attract top talent. If you publish sub-par job descriptions, you’re most likely to scare off experienced personnel.
Once you receive a pool of applicants, you also ought to be quite proactive to not miss out on top talent.
Although some people recommend that you take your time to interview the candidates or give them your feedback, doing so might have certain negative impacts.
For instance, if a suitable candidate applies for your vacancy, and you take your sweet time through board meetings (or for whatever other reason), they will most likely get an offer elsewhere, which they will take. This means that when the time comes for you to make them an offer, they will no longer be available.
Moreover, most top candidates consider a timely response from you as a sign of a good working environment. If you respond to them promptly, they will most likely have more respect for your company.
The entire recruitment process is quite time-consuming and requires expertise to pull it off successfully. Instead of going through all the hassle and perhaps even recruiting the wrong candidates, you can get professional assistance from some leading HR providers like MindsoftIndia.
2. Offer a competitive salary and unique benefits.
“You spend money to get more money” is a common phrase used in the business. You will have to offer a competitive salary to attract top talent. Conduct market research and determine what top professionals in that field earn and try to match it or get something closer to that.
Besides that, offering better incentives is also one of the best ways to attract top talent.
Depending on your field of work, you can include certain benefits as part of your compensation package. Some of the most popular benefits include health coverage, more paid time off, gym membership, entertainment allowance, etc.
To avoid making costly employee benefits mistakes, you ought to consult with a professional HR consultant to help you come up with the right benefits to include in your package.
3. Career advancement programs
Learning should not stop after the onboarding process. Employees need to continually develop and hone their skills and knowledge to future-proof their jobs. By doing so, they can also quickly adapt to the changing landscape of the field.
Investing in your employees is an excellent way to make them feel more confident about their jobs and future at the company. Employees that see their employers investing in their personal career development are less stressed about job security; hence, they are more productive.
4. Create and nourish a culture of recognition
Your top employees are always working to ensure that they attain and exceed their targets.
If you do not have a culture of rewarding achievements and recognition in your company, these employees are most likely to leave. According to a Workhuman research, there’s a 2x lower turnover for employees that received recognition 7-10 times a year. In the first year, recognized employees are 3x less likely to leave.
Once you foster a culture of recognition, your employees feel like they belong and know that their hard work didn’t go unrecognized.
Moreover, recognizing top achievers also motivates the other employees to work harder as they know they’ll get recognized for extra effort.
5. Engage your workers
Organizations that embrace a culture of employee engagement and feedback realize a significant improvement in their retention rates. Studies reveal that companies where managers discuss growth opportunities with their employees have a better retention rate than companies that don’t.
Furthermore, you should also cultivate a two-way open and honest feedback culture. This helps create an environment where the top talent is compelled to stay.
Attracting and retaining top talent is not an easy task, nor is it difficult. You only have to get the right strategies in place, and you’ll be geared up for success. Nevertheless, having a reliable HR consultant like Mindsoft by your side will take away all your worries throughout the entire recruitment and retention process.