Every business wants to find the top talent available and keep it for the long haul. But, this is far easier said than done.
When it comes to attracting top talent, 76 percent of hiring managers say it’s their No. 1 challenge. However, landing a prize candidate isn’t the end of the story. There’s still work to be done to keep the best employees with 47 percent of HR leaders saying retention and turnover are their greatest challenges.
Part of the reason these challenges rank high with HR leaders is the high cost associated with losing employees. While there is no exact number, estimates vary from 6 to 9 months’ salary to 33 percent of the annual salary.
So, how can you attract and keep your best employees?
Attracting Top Talent
Finding a candidate that fits the job description and the organization is vital to the success of the company and employee longevity. This means that you need to know and offer what employees find attractive in today’s market, and salary simply isn’t enough anymore.
A recent study from Fractl found 88 percent of people want flexible work hours. Benefits such as being able to attend family functions or working from home are becoming more and more important to potential job seekers
Other things top talent employees are searching for in a job include:
- Growth opportunities
- Challenging and engaging work
- Strong communication skills from members of upper management
- Work-life balance
Retaining Top Talent
Based on the numbers, obtaining top talent is key. Finding that perfect fit is essential to ensuring strategic success in the market. But, once you find and hire that person, how does your company retain your best employees? While the answer may not be clear cut, here are five ways that employers can go above and beyond to retain their top talent.
- Create a positive environment from day one. Greet them by their first name and welcome them. Engage with them, start a conversation.
- Communicate what the goals of the company are. Employees want to know what the company is searching for and by communicating that, they will then know how they can help reach those goals.
- Be transparent with them. Don’t hide information, be open. Make them feel as if they are valued.
- Offer learning opportunities. Jobs can become stagnant. People can begin to feel as if they have reached their ceiling of learning. Offer classes that they can attend to learn new aspects of the industry or business. Let them see if they have skill sets they can enhance or expand.
- Motivate them. Empower them. Embrace their thoughts and processes and communicate how your company can implement them moving forward.
Bottom line is obtaining key employees starts with hiring those who are a great fit. Recruiters, HR and management all have to be on the same page on exactly what that candidate looks like. Once hired, retaining employees is critical. In the end, it’s fairly simple – happy employees are productive and loyal.