5 Tips to Attract and Retain Talented Employees
With unemployment hitting record low numbers, today’s economy is said to favor workers. Yet, many employers continue to operate behind the times. Potential job candidates face unnecessary delays in the hiring process, are required to complete lengthy applications and frequently don’t hear back. It’s discouraging, but the revving economy works in your favor. Even if one company drags its heels, another may not be too far behind with an offer.
As an employer, how do you attract the top candidates in your field? Although a less-qualified individual might fit the base-level requirements, think about the long-term ramifications. How will that person’s lack of experience impact productivity, morale and your bottom line?
As a first step, address common complaints within the workforce. Today, individuals may jump ship because:
- There is little or no emphasis on the employee’s growth
- Staff turnover is high
- Management is unsupportive
- Employees don’t have the proper resources or training is inadequate
- The work environment makes it difficult to get things done
What can your company do to find more desirable employees? Consider the following steps.
1. Develop a Clear Job Description
Once hired, a worker should never discover that his or her role doesn’t match the job description. From the get-go, craft a job description that reflects both the current role and how your new hire can expect to grow in the future. Also flesh out where that role fits within the company’s mission statement and direction for the future. At this stage, the employee should be shown where their work will have an effect on the company, so he or she feels the role matters. Continue to revise job descriptions as new hire roles and responsibilities evolve. Inform them of new responsibilities, any additional training needed and how their performance will be evaluated. Employees should never be left in the dark about changes, then surprised with a poor performance evaluation a few months down the road.
2. Offer Perks and Benefits
Today’s workers seek a company culture that offers a clear work-life balance. Beyond health insurance and retirement plans, a potential worker may be interested in:
- Discounted gym memberships
- Wellness Programs
- Dry cleaning services
- Catered or high-quality food on the premises
- Group activities outside the office
- Rewards-based incentives for a job well done
- An open door policy and access to senior leaders
Under the leadership of Marissa Mayer, Yahoo received much flack for this statement: Workers don’t have to be in the office, at their desks, to be effective. Yet, studies have shown that mundane factors like the long commute to work and water cooler gossip can cost companies $1.8 trillion per year in lost productivity. Also, when it comes to physical attendance, it may be assumed that younger workers without kids have no other obligations and can stay at the office later. For these reasons, flexible hours with the option to telecommute is more than a perk. Businesses looking to attract a top-notch workforce have shifted away from strict 9-to-5 hours, choosing to prioritize employee productivity and Key Performance Indicators (KPIs).
4. Look at Leadership
Do your company leaders keep employees in the loop and provide clear expectations? It’s said that management transparency improves employee engagement and retention. After all, no one wants to do a job with no purpose, no guidelines and arbitrary standards. During annual reviews, the management team should listen to employee concerns and address any serious allegations. Today’s workers are looking for support from their company leaders and, in some case, a form of mentorship.
5. Opportunities for Growth
Hardworking employees have a desire to keep moving forward. If workers are looking for more opportunities to grow, offer training and chances to prove leadership ability. A company interested in retaining its staff should assist in the following areas:
- Educational opportunities for employees to improve skills, at no or reduced cost.
- On-site training for industry-specific certifications.
- Acknowledgement of an employee’s potential and providing chances for them to realize it. For instance, allowing that worker to take on a project management role.
A poor hire can negatively impact your business financially and reputationally. Make sure you can recover with a comprehensive business insurance policy in place. To review yours, give us a call at 800.801.8013.