Every company wishes to attract top talent and retain it. However, given how dynamic the job market is and how much effort certain businesses put into poaching the best employees, the frustration of companies that suffer is understandable.
These days, offering a high salary will not cut it. Top talent with multiple employment options will look for companies that provide other benefits and align with the talent's values.
Even though different companies have different approaches to recruitment, certain aspects are universal and should be included in the recruitment and retention strategy as a foundation.
Let's start with employee recognition. Most people should be familiar with the "employee of the month" concept. It is one of the best examples of recognizing your workers.
However, the concept is a bit outdated nowadays, so companies are looking for other ways to show appreciation.
Recognition indicates that the company cares for an employee. Appearing as someone who does a great job in front of peers can also be a source of motivation.
It is also essential to recognize that some people are introverts, and being in the spotlight is the opposite of what they want. Therefore, companies need to be careful about forcing attention on employees who wish to avoid it.
Offer Competitive Compensation and Career Opportunities
A competitive salary is not the be-all and the end-all factor, but it still plays a prominent role. Top talent is unlikely to work for low pay because they know their worth. And if a competitor offers a better salary, the chances of leaving for more money are relatively high.
Besides money, an opportunity to climb up the corporate ladder and advance your career also works as a motivator. Many people are satisfied with their job and would not trade them for anything else, but it is not the case for everyone.
Some top talents aim for the top, and they are likely to lose motivation if the opportunities to climb up the ladder are not there.
A new company employee might have different ideas than the company's vision. Therefore, it is crucial to communicate the company's values and other aspects.
Not everyone will support the company, which is fine. However, the communication part that starts in the recruitment process via interviews will help sort candidates into two groups—those who support the company's vision and those who do not.
Naturally, the communication aspect does not end in the recruitment process. It has to be prominent throughout the whole company in different parts.
For example, a company could start an internal blog and treat it as a means of communication. This blog would be used as a source to get the latest news. In addition, people curating the blog could also turn it into a knowledge base.
With enough resources, such a blog could also become an excellent source of information for onboarding new employees. From the company's culture and policies to employee contact information, new recruits can use the blog as a reference whenever they want to look something up.
It is also worth noting that a company should encourage internal communication. If someone, for instance, wants to provide feedback, they should be able to do that. Upper management ignoring requests and suggestions from employees under them is anything but a good sign of open communication. It does not take long to notice such holes in the company's culture.
Give New Employees Access to Tools They Need
Top talent does not expect to pay for the necessary work tools, such as office computer software or computer accessories. Therefore, it is up to the employer to provide these things.
Of course, a new recruit might come in on their first day and announce unrealistic demands. A clash between two parties can escalate, and finding a compromise might be tricky. That is why it is essential to go back to the communication part during recruitment and discuss things with the top talent.
Generally, providing the necessary work tools should not be an issue if the demands are reasonable. If anything, most employers will be proactive and ask new employees whether they have everything they need.
Create a Competitive Environment Where Appropriate
Competition builds motivation, and working in a competitive environment makes many top-caliber employees thrive.
Things can get out of hand, so it is necessary to instill specific policies and not take the competition too far.
Take companies that specialize in cold sales via phone calls. To boost productivity and motivation, management could organize a friendly competition and award those who sell the most in a week.
Employee development, or rather the lack of it, is one of the most common reasons behind quitting and looking for a job elsewhere.
Companies that wish to retain and attract valuable employees must provide development opportunities.
Such opportunities can range from simple training courses to mentorship programs. The latter is when you pair a less experienced employee with a mentor to create an environment where the less experienced employee can learn from their mentor.
Stretch assignments are another exciting development practice. Some companies provide challenging assignments to employees to get out of their comfort zone and learn new ways to solve problems and expand their knowledge.
A company should ask itself if it is doing everything to attract and retain top talent to secure the future. A shift in policies and internal company culture might be inevitable. Still, diversified and modern recruitment strategies are precisely what businesses need to showcase their attractiveness to top talent.