Tips for Attracting and Retaining Great Talent
As a business owner, you want to hire the best people. Point blank.
Good thing there are a variety of steps your business can take to attract employees. Fancy offices, standup company culture, and vacation time are all great tools to initially attract employees…
We’ve learned, however, that attracting employees doesn’t matter if you can’t retain these employees.
So, how can you implement the right strategies to not only attract great talent but also to retain great talent? Here’s a list of strategies to implement that will help you attract and retain the employees that are right for your company.
Know the Role You’re Hiring For
So, you’ve got an open position that needs filling. The hiring process should be more than just slapping together a job description and throwing it on LinkedIn. It’s time to get crystal clear about who you are looking for.
According to Entrepreneur, hiring the right people matters more than the many other decisions your team might make. If you can’t hire the correct people, the job, regardless of what it is, cannot be completed.
So, before you post your job for people to apply to, you must first know—in detail—the role you’re hiring for.
Have you established the essential duties and capabilities of the employee you’re hiring? It’s crucial to know exactly what your company is looking for, including:
- Qualifications
- Experience
- Personality
- Location
- Even connections
It is better to be specific than too broad, as it will help weed out the less strong applicants.
Additionally, in your job descriptions, it’s crucial to paint a true picture of your business—the entity that the employee will be working for. Establish yourself as someone that is great to work for! But don’t just wear the badge, you have to walk the walk if you talk the talk.
Make Sure Your Employees Are Role and Value-Aligned
Argubly, the most important part of the hiring process is role alignment.
What is role alignment? We love this concept at Culture Works. Simply put, role alignment ensures you find the right fit for the position at hand. Did you know that the wrong hire can cost a business up to $50,000?
So, what’s the best way to ensure a prospect is value and role-aligned? Branch out of the traditional interview format. If all you see is a polished resume and a prospect who’s perfectly prepped for ‘traditional’ interview questions, you won’t find out that they’re not role-aligned until much later.
Job fit needs to be identified during the hiring process.
The best way to evaluate candidates for job fit, according to an article from Entrepreneur Magazine, “is to test their skills beforehand. Whether it’s through an assessment test, mock assignment or trial employment, give job candidates some way to show off the skills listed on their resumes. Most important, regularly train and coach current staff to ensure that they stay aligned with their roles.” But more on that next.
When people are aligned with the roles they take on:
- They stay
- They invest in the business
- They’re accountable
- And they work hard—because they know what they do makes a difference
Employee retention is the result of role and value-aligned employees.
Invest in Learning and Development
At Culture Works, we are HUGE advocates of implementing Learning and Development (L&D) opportunities on the daily.
No, this doesn’t mean you have to buy everyone lunch every day or treat your team to happy hour (although that would be nice…) It does, however, mean that continued education and growth opportunities should be a priority in your business strategy.
If a company is truly invested in its employees and their futures, their actions should demonstrate that they’re committed to both their personal and professional growth and development.
L&D in the workplace might look like:
- Your business offering to pay for classes or courses that will improve the employee’s skill set or understanding of the industry
- Ongoing training
- Access to workshops and/or seminars
Celebrate Wins
Employees want to feel valued and respected in their jobs beyond their pay. Take a moment to recognize when they have done a good job and remind them that their contribution is important! Celebrate the wins: big and small. You can celebrate wins by expressing gratitude, praising small accomplishments, or gifting movie tickets or coffee giftcards.
Compensate Accordingly
Competitive compensation packages set a company apart in the hiring and retention game, especially considering the high level of turnover we’re seeing today along with the flourishing job market due to the Great Resignation.
It seems everywhere an employee looks, there’s a better company to work for. So, powerful compensation is key to retaining your employees.
Compensation comes in a variety of shapes and sizes, and might include:
- Salaried or hourly wages
- Benefits (i.e. insurance)
- Bonuses
- Stock options
- Non-monetary compensation
- The list goes on
A Final Word
The benefits of knowing how to attract and retain great talent are immeasurable. In fact, knowing how to hire, attract, and retain your key employees can lead to:
- Increased productivity
- An improved reputation and client base
- Higher profitability for your business
Surely, however, the tips listed above are not all you can do. Read on to learn more about how your company can attract the right talent and proactive recruitment. And, happy hiring!
