Attracting and retaining talent is at the top of mind for employers in 2014. While there is not a shortage of people job-seeking, the challenge has become about keeping highly skilled employees. As competition continues to increase, companies should now shine light on what makes them an employer of choice by creating a retention and recruitment strategy.
As shared in the webinar, here are several areas that have proved to work for many successful companies.
Culture Development:
Having a great culture is key to retention and recruitment due to the fact engaged employees are less likely to leave, and qualified job seekers recognize the value of a great culture and want to get in.
Culture is unique to each company and should encompass the values, beliefs and behaviors of everyone within the organization, from the CEO to the receptionist.
To determine exactly what those values are, consider conducting stay interviews, satisfaction surveys or culture assessments to uncover why employees are staying. On the flip side, information from exit interviews may identify important areas for improvement.
Values should then be communicated and integrated throughout the company, such as during the recruiting and onboarding phases as well as performance reviews.
Leadership Excellence & Alignment:
A culture of trust and communication should be embraced and demonstrated by leadership. The long-term success of the company depends on it. This type of culture builds employee loyalty, which may reduce turnover in the long-run.
The relationship between an employee and their supervisor or manager is one of the top five drivers of sustainable engagement. Many companies are finding value in training managers to communicate effectively and encourage employees to reach their full potential.
Targeted Training & Development:
Providing opportunities for training and development that aligns with the employee’s values and delivers on business objectives is mutually beneficial and an important part of retaining talent.
Rather than relying on a one-size-fits-all approach to training, try targeting the unique needs of the individual employee and the company. Internal training opportunities such as mentorship and job rotations benefit everyone involved and propel growth.
Career Opportunities:
Outlining a career path for employees is an effective way to help them reach their full potential while also achieving long term business objectives. Provide them with a path that includes recommendations, tools and resources to be successful in addition to opportunities for them to expand their skills and utilize their talent along the way.
Recognition & Rewards:
Identify how the salary you provide for key positions compares to your competitors and the market overall. Many companies with retention strategies plan to increase rewards in 2014, especially for high performers. Both monetary and non-monetary recognition is necessary for employees to be engaged and motivated.
Monetary rewards might be challenging for some employers, but non-monetary perks and rewards that are unique to the company can be equally as effective. Involving employees in the design of these programs is a great way to identify what is most rewarding for them while also giving them a voice and keeping them engaged.
Flexible Work Environment:
Having a balance between work and life is important to the health and satisfaction of employees which impacts productivity and motivation in the workplace. Providing access to mobile devices for applicable employees to work from home and on the go is an appealing option that can also improve efficiency.
 
In case you missed this webinar, the recording and slides are available below:

PowerPoint Slides

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Recording from Event

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For more on Attracting and Retaining talent, register for our upcoming workshop: Attracting & Retaining Talent – Presentation & HR Leader Panel on April 16, 2014.