Attracting and retaining talent today is tricky, as there’s high competition in today’s business world, and the threat of poachers is ever-present. Nowadays, it isn’t enough to lure and retain top talent with compensation and benefits, as they crave something more, like better career advancement opportunities, inclusive company culture, and a sense of purpose.
Further, retaining talent in the modern-day is becoming challenging because top talent seeks jobs aligned with their values and goals, and the best don’t think twice before jumping ships if there’s a misalignment of values.
However, attracting and retaining talent in today’s job market is not impossible, and you can still secure top talent by tuning your tactics for the better. Here are seven ways to attract and retain top talent in the highly-competitive markets of today:
Job descriptions matter. You can’t hope to win top talent with anything less than an exceptional job description. However, it doesn’t mean you need to hire Malcolm Gladwell to write one. Just keep it genuine, tone it right, and format it correctly.
A job description must include the roles and responsibilities and reflect your company’s culture. In addition, it is also essential to include details about compensation and benefits. Some think it is best to keep the package secret until they can keep it no more, but the ploy only minimizes your odds of attracting top talent.
Attracting and retaining talent requires being consistent and thorough from day one. Many recruiters think an acceptance email implies victory, but it is just the start, and retaining top talent requires streamlining everything that follows, most importantly, onboarding.
Moreover, it is vital to be consistent and follow a defined recruitment strategy. Sit with the hiring managers and interviewers and get them on the same page, as it is not advisable to have different names from the same company say different things. So, be consistent and thorough and follow a unified strategy.
Never think compensation is enough to attract and retain top talent. The best seeks a complete package. So, offer a package a candidate can’t refuse, and add as many employee benefits as possible, including paid leaves, insurance, workers’ compensation, Medicare, and Social Security.
Further, the list doesn’t end here. If you really want to onboard the best of the best, provide benefits that offer a combination of elements and an ideal work-life balance.
Believe it or not, a fine breed of individuals still exists who can’t be bought with compensation and benefits. Some seek more. Adding growth opportunities to the package dictates whether you win or lose top talent and can help seal the deal.
So, never think increasing monetary benefits is the only way of retaining talent, and give the best what they need, career advancement opportunities. Create a mentorship program, offer training courses, or provide free subscriptions to online courses, do what you must, and let your team grow.
A word of appreciation and recognition work wonders. Often, retaining talent requires nothing more than being human and showing gratitude. People do more and stay loyal when they feel recognized and appreciated, so never shy away from an opportunity to applaud the top performers and share credit when due.
Company culture matters, as culture impact satisfaction, and the latter dictates whether the top talent stays or goes. Retaining talent requires an inclusive culture that celebrates diversity and repels toxicity. Top talent seeks places where they can work freely, so strive to create such a place.
There is no way to overstate the significance of communicating actively with clients to know their concerns and issues. Businesses often struggle in retaining talent because they don’t address their concerns promptly. Many wait for the tipping point, a practice which makes the talent leave faster light.
So, be proactive and communicate actively to retain top talent, as the lesser the communication, the more the divide.
Retaining talent in today’s highly-competitive job market is tough, but not impossible. All you need to do is follow best practices and be proactive. Give top talent what they are worth and communicate actively to address their concerns before they force them to mail you a resignation.
Read more: Overcoming Resistance to Change within Your Organization
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