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If you want to succeed as an entrepreneur or even as an HR leader, the best possible way is to get the best talents to work for you and keep them happy so they stay loyal to your company. Result? When employees are happy and content, they love their job, they go that extra mile to keep the customers happy. And delighted customers mean more revenue and more growth for your business. However, Recruitment and Employee Retention may not be as easy as it sounds.
When the market competition is tough, when everyone is looking for the top talents to work for them, how do you attract the best talents to work for you?
Tip to attract Top Talents
Getting an edge over your competitors is the best practical way that can help you attract the best talents in town. You can do so by incorporating the tips given below:
1. Build a Strong Employee-Friendly Culture
Competition for attracting top talent can get fierce. However, having an organizational culture that deeply values its employees and offers opportunities to accelerate the career growth of the employees can work as a big differentiator for you. A study conducted by LinkedIn shows that employees are 12 times more likely to leave their current organization if they don’t believe they can achieve their career goals with their employer. The number can skyrocket to 30x more for new employees. Hence, building and portraying a strong employee-friendly culture is going to give you an added advantage when it comes to attracting top talents.
2. Make your Offer ‘MAGNETIC’
Employees look for what they ‘get’ for what they ‘give’. McKinsey points out the following as key components that candidates are interested in when considering a job role:
- Inspirational and Supportive Leaders
- A company with a great reputation, values, and culture
- Job Roles that are interesting and offer a scope of Career Growth
- Lucrative Rewards and Incentives
Focus on these four aspects and make your offer ‘MAGNETIC’ to add an element of distinctiveness to your Employee Value Proposition.
Attracting the best talent won’t help much if you don’t have a structured employee retention plan in place and realise why keeping these talents will be beneficial to you in the long run.
Why is Employee Retention important?
The cost of employee turnover is high – as much as 2.5 times the employee’s salary based on the role. In addition to that, it has a direct impact on the company culture, lowering productivity and decreasing engagement. Loyal employees serve as assets to companies. When an employee is associated with an organisation for a longer time, they would be easily harnessing a greater deal of knowledge and expertise in their respective field. Such employees serve as an example and inspiration to the new ones and help build a more Collaborative and Empowering Company Culture. Now that you know how to attract the top talents and why it is important to retain them, here are some strategies that you might find beneficial.
Employee Retention Strategies
1. Leadership Communication
When employees get to hear their leadership about the plans of the organization and the overall organizational goals, they feel motivated about their work. Leaders who aspire to their employees through effective and prompt communication go far in retaining their best talent. So, get your leadership talking as much as you can to keep your employees motivated.
2. Appreciate and Acknowledge
A little bit of appreciation and acknowledgement at work can go a long way. Employees who are appreciated for their work from time to time feel a lot more motivated and valued at work. Employees who know how their contributions make a difference to the organization and its customers feel engaged and stick around for a longer duration at work.
3. Retention Starts with Recruiting the Right Candidate
HR leaders should focus on designing a recruitment strategy with an elaborate interview process so that you can pick up the right talent who will stick around with you for a longer duration. That’s because the longer an employee sticks with you, the more productive they become with time. So, devise strategies and train your recruiters to identify the right talents and seek the values in them that will ensure that they are aligned with the cultural goals of the organization.
4. Devise Continuous Learning
Every employee should have a definite career path while working in your organization. Along with upskilling your employees regularly, ensure the deserving candidates get promoted from time to time with greater compensation and responsibility. This will ensure that they take ownership of their role. Regular job rotation also ensures that employees can break the monotony at work while they get a chance to work in other functions or job roles.
5. Leverage Data
Organizations have tons of employee data, especially those from the exit interviews. Leverage this data through analytics and artificial intelligence to gauge who the most probable candidates are to leave the organization and what the reasons behind them are, and work proactively to close those gaps and reduce attrition. When you look closely at those data, you will be in a better position to uncover any pattern. For example, if most employees have mentioned commute time as one of the reasons to leave, work on it and see if flexible timing or remote working can be offered.
An effective Feedback Mechanism can be highly beneficial to you when devising an Employee Retention Policy. Measuring the Employee Retention Rate can throw light on aspects such as turnover rates, the reason behind those turnovers and most importantly, the methods currently in use to manage employees. This exercise can increase your chances of decreasing the turnover rate, saving a huge deal of your time, money and effort. However, no singular Employee Retention strategy is full proof.
Employee turnover is inevitable when the factors influencing it are not under your control. Thus, it’s important always to be prepared and have a concrete plan in place for times when you lose your star performers.