Best 7 Ways to Attract and Retain Top Talent
Abhishek “Nick” Ganguly
- Published On:
July 10, 2024
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Abhishek “Nick” Ganguly
CEO, PPM & Data Lead
Abhishek (Nick) Ganguly, CEO of Cyboticx, is a digital transformation expert specializing in product management, UX design, AI, and business automation.
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Abhishek “Nick” Ganguly
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As replacing an employee often costs 1-2 times their yearly salary, organizations that have a high rate of staff turnover must focus on employee retention. Furthermore, a high turnover rate may have an impact on performance and productivity as well as employee satisfaction. Therefore, in order to retain employees it is important to develop ways to attract and retain top talent. In this article, we are going to discuss the 7 ways to attract and retain top talent.

Employee Attraction and Retention: What Is It?

The methods and processes used by businesses to bring in and hold on to top talent who can support their continued growth and success are referred to as employee recruitment and retention strategies.

The Importance of Employee Retention

You may be asking yourself why retaining employees on board is so important. The most obvious explanation is that replacing an employee is far more expensive than keeping them on board. This indicates that replacing an employee can cost up to twice their yearly compensation. This covers the price of training, advertising, interviews, and lost productivity. Employees are important to your company. They connect with customers, create new products and services, and add to your company’s culture. When an employee leaves, you lose their valuable knowledge and experience. Studies show that satisfied employees are more likely to stay with their employers and get more done at work.

Why Is It So Important to Attract Talent?

It takes a lot to attract in and keep top talent in the tough corporate world of today. HR professionals need to be skilled in attracting candidates to their company. Even among your current employees, low spirits and low production might result from a failure to attract talent.

However, attracting talent is not sufficient. More serious issues will arise if you are unable to keep excellent talent. High employee turnover directly affects a company's ability to grow.

While an organization's performance, productivity, creativity, competitiveness, and overall success in achieving its goals and objectives may all be improved by attracting and keeping the right kind of people.

7 ways to attract and retain top talent

1. Give culture top priority both during and after hiring

Your organization's culture defines it more than its sector, size, or even mission. It affects every part of your workers' days at work and is the water they swim in. A team member who doesn't fit in with the culture your organization has created is going to find it difficult to give their best work, may even cause conflict within the team, and most likely will leave sooner rather than later.

For this reason, when hiring, it's important to give cultural compatibility the same importance as qualifications or experience. Throughout the whole hiring process, from creating the job description to conducting applicant interviews to onboarding, and beyond, keep culture in mind.  

2. Create an excellent onboarding procedure

An employee's onboarding experience sets an example for their entire employment duration with your business. Are they receiving the instruction, materials, and support they need to succeed while being properly accepted by your company? After a week of introduction meetings, are they given a project without any background information or assistance?

In order to establish your company as an excellent place to work, start by organizing an onboarding procedure that lasts for the full first year of the employee's employment, if not longer. Though there should be parts that last much longer, such as official coaching partnerships and regular training updates, the initial weeks will be the most concentrated. 

Throughout the onboarding process, make sure the employee understands exactly what is expected of them and provide ways for any questions or comments they may have. Regularly review your onboarding procedure and avoid putting off making highly requested changes. If not, your business runs the danger of upsetting a significant number of the talent it has worked so hard to recruit.

3. Give appreciation to staff to help them feel important.

Workers want to be employed by a company where they feel appreciated for the efforts that they make on a daily basis. A high wage alone won't keep an unhappy employee on staff, and an ongoing absence of appreciation can do considerable damage to your company's reputation. Make it very clear, then, through the introduction of an extensive employee appreciation program that both attracts and retains new team members.

4. Set priorities and keep a focus on employee involvement

Staff involvement is a measure of how much a person is motivated and interested in their work. Do they look forward to starting their next project and going to work every day? Or do they have feelings of fear and boredom when thinking about spending another workday in the office? Increasing employee involvement increases the chances that team members will remain on the team and be more productive. When future employees can sense that people they encounter at an organization truly enjoy what they do, it also makes a big difference.

There are lots of excellent methods to keep your staff involved, such as offering them real chances for growth and development in their careers and the resources they require to succeed. However, what motivates one team member might not have much of an effect on another. Use an employee involvement platform that allows the easy collection and analysis of data on the main factors of involvement from throughout your company in order to better understand how to engage your unique workforce. 

5. Provide an amazing, complete rewards package as an incentive.

Great work-life balance, a variety of appealing incentives, and, of course, competitive financial pay are among the factors that attract employees. The whole rewards package offered by your company to employees consists of these and all other benefits. Putting all of your offerings together in one place for potential and current workers to view is made simple by the idea of complete incentives.

Using every dollar spent is crucial because a company can only offer the maximum benefits allowed by its budget. Asking your employees about their preferences for benefits will help you avoid spending money on costly incentives that they don't need or want. This makes it possible for your company to customize its overall rewards program in order to maximize its impact on employee motivation, satisfaction, and retention.

6. Encourage a feeling of belonging and being accepted.

Individuals want a sense of community and acceptance in their place of employment, one where they are valued and accepted for their true selves. From the first meeting to the last, if your organization provides people with a sense of psychological safety, they will be happy to join and extremely unwilling to leave. However, if it appears that they are kept silent and have to hide their own opinions in order to survive, they will quickly search for another organization where they feel included, and they will definitely not get others to join the one they have left.

7. Complete projects by taking important steps

Everybody has experience working for a company that made good statements but not good actions. It's often worse to discuss the value of recognition, culture, and employee feedback but then follow up little or not at all than to ignore these parts of the employee experience in the first place. Nobody enjoys a hypocrite, after all, especially when they are constantly reminded of the gap between their actions and their words.

Make sure your company doesn't make this kind of mistake. HR should arrange training sessions as necessary and inform leaders of the significance of efforts like the ones mentioned above for the success of the company. 

Conclusion

Organizations must provide attractive salaries and perks, together with a positive work environment and opportunity for growth, in order to successfully attract and keep people. These days, employees seek out workplace cultures that match their beliefs and way of life. It also means that companies have to provide benefits for health and well-being, flexible work schedules, and an inclusive work environment.