Key Tips on How to Attract and Retain Top Talent

A number of successful organizations seem to decipher the hiring code. It may be a hiring method like Topgrading to make sure that they bring in only the best talent – the ones who are star achievers and a good fit for the organization’s culture and its core values. But then, there comes the biggest challenge – How would they win the ongoing war for the top talent and retain them?

Every single organization is competing to recruit the best candidates in its particular industry. In the current scenario of war for talent, attracting and hiring the right candidate is just the first of many challenges, followed by the greatest challenge of retaining them and keeping them content with their decision to join your organization.

Despite offering attractive salary packages and generous incentives, you cannot be sure that top talent will not leave your organization at the end of the day.

The reason? They are looking beyond what an organization can pay them in non-monetary terms.

As per statistics on employee turnover rate,

• 75% of the millennial job hop to push on their careers.
• 51% of employees are taking a new job into consideration.
• Organizations lose 25% of their employees during their first year of employment.

The above-mentioned statistics show that the employee’s loyalty isn’t sealed forever, even if they acknowledge your job offer.

This is why it’s so important for an organization to comprehend the fundamental components of maintaining and attracting top talent.

This blog explores useful tips that you can follow to attract and retain the top talent in your organization.

1. Build a Strong Recruitment Strategy

Recruitment provides potential hires a brief look into your organization which is the reason it’s crucial to do it right from the beginning. The initial step is to lay out a strong recruitment strategy to ensure that candidates have a smooth experience. If they are well taken care of from the beginning, it says a lot about how they will be dealt with if they get hired.

For any assistance, take help from an expert recruitment consulting partner who offers support throughout the entire recruitment lifecycle. From initial sourcing and screening to the selected candidate’s onboarding, a recruitment consulting partner offers extensive support to make sure the transition is smooth.

2. Provide an Engaging and Positive Onboarding Experience

A smooth and proficient onboarding process tells a lot about an organization. When your top talent acknowledges the job offer, it doesn’t mean your work is done, but it leads to a next challenge that begins during the candidate’s first day at work. You simply cannot toss the candidate into work immediately yet need to provide an engaging, positive, and pleasant onboarding experience.

3. Build a Good Company Culture

A toxic working environment can cost your organization a fortune. It isn’t good for your employee’s mental health and well-being. An HR professional should keep an eye out for common signs of a toxic work environment, which are –

• Are your employees persistently feeling the pressure?
• Are they overworked?
• Is catcalling and speaking vulgarity a norm?
• Are they being harassed by other colleagues?

Once you identify the red flags of a toxic work environment, collect proof, defy the perpetrators, and make the right move to take care of the issue.

4. Promote Work-life Balance

Keeping a sound work-life balance is critical to maintaining employee happiness, job satisfaction, and retaining them in your organization.

Notice what message is your time management sending to your employees? Encourage your employees to take a personal day to de-stress or the time to reset and focus on what they need to work on themselves.

The seemingly insignificant details your organization does to take care of employees go a long way to retaining talent.

5. Invest in the Employee Career Growth

87% of millennials reported growth opportunities were a top priority in their career.

Learning is a life-long journey. It’s essential that your employees contribute, learn, and evolve with the organization. Give them consistent feedback on performance, assist them to identify areas for professional growth, and provide upskilling opportunities to acquire new abilities and competencies as the organizational requirements advance.

6. Provide Work Challenges

Many employees look for varied and challenging work that can keep them engaged and make them master new skills. Design jobs with a scope of varied assignments and allow your top talent to work on new or high-profile projects.

7. Offer Good Perks

According to a study, around 60% of people reported that perks and benefits are essential when deciding whether to accept a job offer or not. 80% of employees would pick additional benefits over a pay hike.

This data is an obvious sign that salary and compensation alone are insufficient to retain top talent in your organization. Good perks not only make the organization stand out to potential new hires yet, in addition, reconnect current staff while boosting employee confidence levels.

8. A Strong and Positive Leadership

Poor working relationships with the managers or team leads are one of the top reasons for top talents leaving the workplace. For an effective and positive relationship with the team, managers need proper training and guidance on performance management, communication, working environment policies, employee growth, etc.

9. Work on a Top Talent Retention Strategy

A retention strategy is important to save your organization from losing the top talent to your competitors. Allow your employees for open communication, make a schedule to converse with your employees individually; come up with strategies to make sure they are satisfied with the job, and not looking to jump ship. Don’t wait until they have another offer to ask them how you could attract them to stay.

Final Words

Top talent is hard to attract and, surprisingly, harder to keep. Each of these above-mentioned points plays a significant role in attracting and retaining the top talent in any organization. Take little steps from the beginning which could have the biggest impact on the retention of your employees in the long run.

If you would like assistance in instituting any of these tips or might want to perceive how SilverPeople, Asia’s leading people resource company could help your company organization draw in and retain top talent, kindly reach us today.