How to attract and retain talented employees
Trying to attract and retain talented and hardworking employees isn’t easy. With so many opportunities out there, the modern workforce has become less loyal, more exposed to new opportunities and to move on.
So how do you identify the right recruits?
There are a number of industry trends which change the perspectives and motivations of current and future employees. With an increase in Millennials and the advancement of technology, businesses are having to adapt their recruitment processes to attract good candidates and improve staff retention.
We are a society that is ‘always-on and hyper-connected’. We rely on a greater source of information, including the opinions of others, to make decisions. We’re now a more informed society and networked economy where there is a rise of purpose-driven workers and an increase in millennials who want faster job changes, which places greater lures on core talent.
A new survey carried out by Glassdoor showed that 76% of recruiters say that talent attraction and finding quality candidates is their biggest challenge due to limited talent pools. This guide provides the essential information needed for employers gradually overcome these recruitment challenges in the future.
What is an informed candidate?
The majority of hiring decision makers said they believe an informed candidate is a ‘quality’ one, having certain traits including: being prepared for their interview, being knowledgeable about the job role on offer, being familiar with the company’s culture and values and having the right expectations about the compensation and benefits on offer.
The top 3 benefits informed candidates offer…
- From the interviewing stage, right up to hiring an informed candidate, informed candidates bring many learning experiences and benefits to an organisation.
- For the recruiter, interviewing an informed candidate leads to an improved candidate experience, reduced time to hire, improved hiring manager satisfaction and a reduced number of interviews per candidate.
- Hiring an informed candidate also helps to retain staff, makes for a more productive employee, attracts higher levels of engagement and creates better team players.
The challenges when attracting informed candidates
Along with the benefits of attracting informed candidates comes the challenges. It is not always to know how to attract and retain talented employees. Employers face many issues in recruitment, especially when trying to attract informed applicants to an organisation. Some factors include; the length of the interview process, the lack of employer brand awareness, lack of inclusion in diversity and competitors having a stronger brand.
- Budget constraints
- Competing pay
- Where to advertise
What are informed candidates looking for?
In modern day society, reputation and employer brand are now common hurdles for organisations. With candidates becoming more knowledgeable about their own culture, values and principles, it’s crucial for employers to have a conscience and take a stand on social and political issues. 33% of employers intend to increase investment in employer brand in the next 12 months.
Millennials want an employer with a conscience.
It’s important to know how candidates think…
- 71% prepared to quit a job based on principles
- 76% said they need to advocate support for communities
- 73% think it’s important that employers take a stand on social and political issues
What can be done to improve attraction and retention?
As an employer, you need to engage with your target audience and understand their preferences to attract and retain talented employees and improve staff retention.
Family and friends are the most trusted source of information on a company, with online content provided by employees being the second most trusted source, including Glassdoor, review sites, social media, and the press.
You must learn how to embrace transparency within an organisation to build a successful employer brand. 62% of employees feel better and more assured about a company that responds to reviews, and 70% are more likely to apply when the employer brand is managed efficiently.
It’s crucial to recognise that the balance of power has gradually began to shift from employer to employee, resulting in business leaders having to learn how to build an organisation that engages with employees and how to attract and retain talented employees. Remember, keeping up-to-date with technology and the latest trends will also appeal to informed candidates.
Another important factor that an organisation must consider is that engagement also leads to improve staff retention. Informed candidates head for the best employers and leavers gravitate towards better companies, who are always looking for a better deal. When people leave it’s usually for a better culture.
In conclusion, if you want to attract, recruit and retain the better candidates, ensure your organisation has:
- A good, maintained employer brand
- A regular response to reviews and feedback
- Plenty of employee benefits
- A stand on political and social issues
If you would like to discuss your attraction and retention technique and ensure you can identify talented employees for your business, contact the GR team today to arrange a consultation.