Candidate-Driven Market Series: Strategies to Attract & Retain Top Talent
In this article we continue our series on the “candidate-driven market.” In the strong economy, companies are hiring for more positions, and thus candidates are in higher demand to fill them. Companies now have to work harder to attract strong talent, and even harder to retain them once they come on board.
Our last article by President Ben Farber was about how to recruit passive candidates in the current job market. However, there are also policies your organization can implement internally to have access to the best talent in your field. Below are six tactics we recommend to engage both current and future employees.
- Provide professional development opportunities
According to Deloitte’s Global Human Capital Trends 2016, “learning opportunities are among the largest drivers of employee engagement and strong workplace culture—they are part of the entire employee value proposition, not merely a way to build skills.” Offering opportunities for employees to attend conferences and courses is a great way to increase employee engagement. Other ways to create new learning opportunities for employees include creating a mentorship program or providing cross-training opportunities.
- Promote from within
If your company adequately trains and develops staff, you should be able to promote from within for many of your open positions. One of the most frequent reasons employees leave their current job is because they do not see a clear path for advancement within the company. I recommend sitting down with your employees at least a few times a year to discuss next steps for them.
- Reward and recognize
Saying thank you is a powerful and simple tool to increase employee engagement. Rewards can be monetary, like bonuses, and non-monetary, such as awards and peer-to-peer recognition. Linking an employee’s successes to the company’s goals and values will also make them feel both important and appreciated.
- Provide flexibility
More and more companies are offering their employees telecommuting options as well as flexible work hours. A flexible schedule offers employees autonomy and can increase job satisfaction. I have seen from experience that a flexible schedule is one workplace perk that can go a long way in recruiting new talent, especially if a candidate’s current company does not allow it.
Another reason for employers to offer telecommuting options is that doing so can expand the organization’s talent pool to non-local candidates.
- Offer great compensation packages
While compensation is not always the most important factor in employee satisfaction, it’s an essential part of a strategy to attract and retain talent. Check frequently to make sure that your company’s salaries are similar to, if not better than, those of your competitors.
- Conduct exit interviews
Exit interviews are a wonderful resource to discover why employees are leaving your company. These opportunities can help you to identify and correct weaknesses within your company. Since employees may be hesitant to identify the real reason they are leaving, I recommend reading this article in Harvard Business Review on how to make exit interviews count.
Bristol Associates, Inc. is an executive search firm with over 50 years of excellence in recruiting nationwide. Bristol specializes in recruiting for the Casino Gaming; Hotels and Resorts; Travel, Tourism, and Attractions; Facilities and Concessions; Food and Beverage Manufacturing; Restaurant; Hospital and Healthcare; and Nonprofit industries.
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