In today’s world, the emphasis is on highly qualified individuals and dynamic teams that get things done. This has changed the way that companies and enterprises recruit and maintain their staff.
In the past, a worker could be replaced quickly by another with the prerequisite qualifications. This is no longer the case. The loss of a qualified, highly trained employee who was aligned with the company culture has greater consequences for the health of a company than ever before.
Management must strive to keep its valuable employees. At the same time, businesses must lure talent. Focusing on what employees value most will help in both scenarios.
Here are some strategies used by successful companies to attract and retain talent.
Competitive salary
For any new employee, a primary motivation for seeking employment will typically be the salary. It won’t be the only motivation, but you should be aware of its power. It’s a rare individual that will work at half pay because they believe in the vision of the company. If you find them, keep them!
Be aware of what your competition is offering new hires so that you don’t lose the talent you need to your rivals.
Benefit package
This is a big factor in attracting and keeping talented employees. It can even trump a competitive salary in the list of considerations. Desirable benefit options include health insurance, dental care, tuition, housing allowances, maternity leave, travel compensation, training courses, and industry certifications. These options can tempt talent to your camp.
Recognition
Employees need to feel appreciated. If you have systems that allow employees to know that their hard work is being recognized, they will not only be more likely to stay with you, but they will be motivated to take on more responsibility and move up the career ladder.
Flexible schedule
Dealing with a monolithic 9-to-5 entity is off-putting for many potential employees. Millennials and Centennials, in particular, are attracted to flexible working.
Offering the ability to work remotely also engenders a sense of mutual trust between employees and employers that can be mutually rewarding.
Alignment with company values
Effective management is a big bonus for employees. Visionary companies are magnets for talent who believe in the same values. These employees will work hard for their firms because they believe not only in the company’s future success, but also how it does business on a daily basis.
Being part of a team
Fostering a sense of belonging amongst employees, makes them more productive and dedicated. When a worker knows their contribution, this empowers them to weather adversity.
Neglecting your staff could mean that you lose valuable staff to competitors. A positive work environment and meaningful benefits are essential for attracting and hiring the best talent.