It’s no secret that employees prefer companies with good cultures, competitive packages, and generous paychecks. With such things, it can be easy to hire competent and qualified talent, but is it enough to retain them?
The costs of keeping top talent may strain your company’s budget, however, in a competitive job market, losing valuable employees can cost you much more, even twice their salary. Additionally, high employee turnover rates can decrease team morale, productivity, and engagement in your company, prompting employees to look for new job opportunities. This inevitably leads to further difficulties in attracting talent since no one wants to work in a company where employers don’t stay for long.
Becoming known as a company where talented employees want to stay takes time and a smart approach. Read below for seven ways to attract qualified employees and make them stay in your company.
Ready to start? Contact CIBR Warriors for the fastest way to qualified employees!
1. Refine Your Hiring Process
Retention starts from the hiring process to screening candidates to choosing who to interview. Having the best talent in the team doesn’t mean they will get along well with the rest of the team members or your company as a whole.
Start with identifying what aspects of company culture and strategy you want to emphasize, and then look for those in your potential candidates. Their disposition and ability to adapt to the workplace will help you figure out if they will be an asset to your organization in the long run. You can achieve this by identifying the company values you want to prioritize, then including them during the recruitment process.
2. Make Your Job Posting Stand Out
When it comes to attracting top talent, you want your job posting to stand out. Those candidates who are really good at their job will be interviewing you (the company) just as much as they are getting interviewed, so you need to give a hundred percent when it comes to your postings. This means creating a career page on your website or simply posting an ad with an engaging job description that includes graphics, company culture, events, conversational tone, etc. Posting a short and boring ad for an open position might not do the trick anymore, especially when it comes to attracting younger workers.
3. Offer Competitive Salaries and Benefits
Offering competitive pay and great benefits can significantly help in attracting and retaining top talent. Although many studies have shown that high pay isn’t the only factor for job seekers when deciding on a company, it would be a lie to say that money doesn’t influence their choice. After all, employees often leave their jobs for companies that pay more. Make sure to compare how your compensation packages measure up to your competition and prevailing salaries in your region and see if you can make an offer that no one can refuse.
4. Implement Flexibility
Flexible working arrangements have been a growing trend for many years. Still, for the past two years, flexibility has become a new working standard worldwide, especially for creative and high-value jobs. With flexibility, you can promote diversity by allowing employees with different personal situations the same access to work. Flexibility also increases job satisfaction as well as productivity and efficiency that come with happier employees. You can do this by implementing permanent part-time work, remote work, split shifts, flexible start and finish times, compressed hours, and more, depending on what suits your business.
5. Develop Your Employee’s Potential
As mentioned, money isn’t the sole motivator when it comes to job seeking, other considerations, such as career development and learning new skills play a major role too. After all, one of the biggest reasons why employees leave their companies is the lack of career advancement opportunities.
Your company can attract and retain the best talent if you help your employees develop their skills. Therefore, make sure that you provide continuous learning and training programs, such as workshops, online classes, and networking opportunities, as part of your employee perks and benefits.
Moreover, by providing learning opportunities and promoting from within, you are showing your employees that they are valued and a vital part of your company’s success. Not to mention that your business will grow and be more successful as your employees become more knowledgeable.
6. Show Your Employees They’re Appreciated
Beyond wanting better pay and opportunities for growth, the other major reason employees leave their jobs is due to a lack of empathy from their employers, which was highlighted during the pandemic. Consider doing regular surveys to determine how your employees are doing and what is important to them. This can help you create a happier and better work environment.
In general, make sure to listen to your employees’ concerns, acknowledge and celebrate their successes, and reward and thank them for their efforts. A good reward doesn’t have to be monetary. Sometimes just recognizing their good work in front of others is enough to show how much you value them.
7. Make Wellbeing a Priority
Millennials, and especially the Generation Z workforce, puts a great emphasis on mental health and physical well-being and consider them as one of the most important factors in workplace satisfaction. If you don’t have one, start by developing a mental health workplace strategy, speak openly about mental health, and show your employees that you are committed to creating a strong, mentally healthy work environment. This can also include adopting a zero-tolerance policy against harassment, bullying, and discrimination.
Back in the day, job security and good compensation were good enough reasons for people to come into organizations. However, employees of today not only want to feel valued and invested in the work they do, but they also want to see their employers invested in the same things they believe in. Employers who wish to avoid ‘The Great Resignation’ must rethink their hiring strategies and fully deliver on their employee-experience promise. They must create a company culture where every existing employee is valued, supported, and allowed to do their work to the best of their abilities.
Hundreds of new candidates are looking for job openings every day, and CIBR Warriors are there to help you find the right one for you. For more help on advancing your career or finding a perfect candidate in IT and Cybersecurity, contact us. We’d be happy to answer your questions and provide you with the best advice for getting started.