How Companies Can Attract and Retain Top Talent
We’re looking at a very different kind of job market today—the one in which jobseekers have far more options and opportunities than they did ever before. With that in mind, it becomes increasingly important for employers to attend to what they need. It is a fairly straightforward assessment that the success of a company depends on its people. Essentially, that boils down to attracting and retaining top talent.
To attract and retain top talent, it becomes crucial for employers to understand their employees. What are the things that motivate these employees—and what are the things that clearly don’t?
Countless surveys seem to indicate that employees rank the opportunity for career growth significantly higher than salary and employment benefits. Unfortunately, employers still seem to believe that the latter is more enticing.
At the second HR Round Table on ‘Attracting and Retaining Best Top Talent” organised by People and Management in New Delhi, Pallav Sinha, Founder & CEO of MeraJob.in said, “Today, data is very easily available. The National Career Service has 36 million registered jobseekers, clearly signifying numbers who have intent to work better. Success is a unique combination of skill, experience, science and art; it’s people who really drive success.”
It’s about time that companies shift the focus to their employees’ goals in order to help their own businesses. There is nothing quite as damaging for a company as a high turnover rate, and nothing quite as beneficial as retaining talent. Here are some things that can help attract and retain top talent.
1. Focus on quality. Hire the right person for the job
It’s important to focus on the candidate’s potential rather than on his/her past. Assessing the candidate’s soft skills such as ability to work in a team, flexibility, lateral thinking, is more important than looking at the qualifications and experiences (and even technical skills). An efficient pre-screening mechanism is non-negotiable.
2. Reduce the hiring time
More often than not, the process to hire a new employee is far too tedious and long. The pitfall is that you will inevitably lose out on worthy employees who have little reason to wait. Streamline the hiring process, cut down on the rounds of interviews and bring your employees on board faster.
3. Focus on retention by identifying what the employee needs
- Employees like to be kept in the loop. Company news, plans, goals—employees want to be in the know of what’s happening in the company. Keep them clued in.
- They want to know how they fit into the larger picture. Define the employees’ roles clearly so that they know exactly how they’re contributing.
- They want opportunities to grow. Career growth is typically ranked higher than salary on employees’ list of reasons for taking up a job offer. Are you giving your employees the chance to grow?
- Salary growth is important, too. There has to be sufficient scope for that.
- Rewards and recognition play an important role in retaining employees.
- They want their views and inputs to be taken seriously. Being dismissive of employees’ suggestions and opinions can prove to be detrimental.
- Work culture and relationships with co-workers matter more than you think.
- A healthy work-life balance.
4. Employee engagement is necessary
More than just keeping your employees motivated at work, it is important to keep them engaged and committed towards the vision and goals of the company.
You may be hiring the best talent out there, but it doesn’t add up to much if you’re not doing everything you can to retain it. Employers must urgently shift their focus onto factors that can control the attrition rate.
To hire pre-screened candidates at ½ the cost and in ½ the time, register with MeraJob.in.
You may like to read this
MeraJob October 15, 2014
3 Reasons Your Recruitment Process is Failing
You have tried everything in the book, and still it seems as though your recruitment system isn’t working anymore. It turns into a never-ending cycle of too much to process and not enough resources to do so. Well unfortunately, without an Applicant Tracking System, it is easy to let unqualified ca...
MeraJob September 16, 2016
How Job Portals Can Make the Work of HR Easier
Sourcing candidates who will be the best match for the openings in the company is more complex than it seems. Hiring and retaining the top talent in the organisation to keep the turnover rate to a minimum is a multi-faceted challenge that must largely be addressed by the HR of the company. When look...