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Why a good talent attraction plan is the first step to retaining your best staff
While many businesses focus on sales and marketing strategies that generate immediate revenue, many fail to consider candidate attraction strategies as a key component that undoubtedly impacts the growth and health of the company in the long term.
Now that information is increasingly available online, job seekers are becoming savvier at navigating the complex world of hiring. Their improved access to knowledge of available job openings makes it easier than ever to make the switch to greener pastures when the opportunity arises. As such, companies need to work even harder to attract proven and upcoming high potential talent. After all, you can’t exceed any ambitious business goals without having the right people in place.
What makes a good talent attraction plan?
Offer standout benefits
Besides a values-led working environment and a standout salary, benefits are also a good way to ensure that you can attract the best talent. According to our Talent Trends 2021 report, those working in industries such as Technology, Fast-Moving Consumer Goods, and Banking and Financial Services stated that remuneration and benefits are their top considerations when accepting a job offer.
Start by assessing whether your current benefits package is working by having your employees fill out an anonymous engagement survey, and by doing research on what your competitors are offering. Benefits such as the ability to work remotely and taking birthdays off indicate to candidates that you care just as much about welfare as you do profits. This can be the deciding factor in persuading a potential hire to apply, or in making a current employee stay.
Offer professional development opportunities
Constantly investing in your employees can be a key incentive for highly skilled talent. Offering progression and development opportunities, such as training courses, is the second most important consideration for professionals in many industries when contemplating a job offer, according to our Talent Trends 2021 report. These opportunities will not only be beneficial to your employees’ personal and professional growth, but also to your business when they apply the new skills learnt, which in turn improves their morale and motivation. Allocate budget annually for these courses and be sure to include this perk in your job adverts.
Establish a well-defined company brand
Millennials are set to make up 75% of the global workforce by 2025, so attracting and retaining candidates from this discerning and savvy talent pool will require a very strong company identity. Using employer branding techniques like improving your onboarding process and defining your company culture can make a positive and lasting impact on candidates in the job market today, while ensuring that the talent you hire have values aligned with those of your company.
The correlation between talent attraction and retention
In such a profits-driven world today, it’s easy to get lost in the numbers and forget the people who make a company’s success happen. Leaders play a key role in motivating employees to stay for the long haul, and the same ideals in a good talent attraction plan will positively affect their decision to commit to your company for many years ahead.
Like a stellar talent attraction plan, retaining your top talent requires similar actions that include charting a clear path for career advancement, which can be measured by key behaviours, goals and specific performance indicators. The lack of growth opportunities and certainty can be easily negated by ensuring transparent communication takes place frequently.
Fostering a positive work environment, where regular feedback is given and implemented, is also integral to showing your employees that their opinions matter. Lastly, offer non-monetary benefits that help employees maintain a good work-life balance, such as flexible working hours or childcare.
Why should you care about talent attraction and retention?
Job security — especially during these uncertain times — might be foremost in the mind of most employees, but we have found that as many as 56% of those employed also anticipate looking for new job opportunities in 2021, while another 36% are passively open to new ones.
According to survey respondents in the Talent Trends 2021 report, the most common reasons for leaving a job voluntarily include a lack of growth opportunities in the company, the desire for better benefits and a firm’s poor concern for employee wellbeing.
In addition, companies also often underestimate the cost of turnover. The more information-driven the job is, the greater the threat to productivity when your top performers leave, and more resources will have to be channelled into searching for and onboarding new hires. Competitors who poach your talent will also have inside information on your business and operation strategies, as well as your company culture. For current and potential hires, your talent retention rate is also a factor in determining whether your company is worth working for in the long run.
As the very best performers and high potential talent become scarcer and more discerning, companies that aren’t demonstrating well-rounded talent attraction plans will find their top employees cherry-picked by competitors who are. This rings even more true as millennials — a group who are far less loyal to their employers than their parents were — start taking over the workforce.
Employing the right talent attraction strategies will have a ripple effect on talent retention and your business’s employee productivity, as well as their overall happiness.
Find out how what’s driving your industry and how you can optimise your business goals via our Talent Trends 2021 report.