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26 days ago by Next Generation

The Complex Landscape of Talent Attraction and Retention

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Attracting and retaining the right talent will play a critical role for your business in ensuring a strong post-pandemic recovery. Employers are facing many challenges due to the increased demand in talent, along with the new flexible working policies that have increased the geographic areas of recruitment.

Compared to last year, almost 3 times as many organisations are having difficulty attracting employees and 4 times as many organisations are having difficulty retaining them. Moving forwards into 2022, it is expected that 70% of employers will still face challenges with attraction and 61% with retention. This is a concern for any business that relies on the talent pool.

With employer’s ability to attract and retain workers being tested in the current landscape, we have some pointers that can point you in the right direction to find out how you can attract top talent and retain employees.

How to Attract and Retain Talent

Offer flexible working

Flexible working has become a normal part of working-life after the pandemic and with many still being affected, offering the option to work remotely is very attractive to a lot of potential high-calibre candidates available for hire.

The emergence of remote working has also greatly widened the scope of talent pools for organisations. With roles becoming less intrinsically linked to an office location, why restrict your talent search to a narrow geographic location?

Invest in your people

One of the smartest business decisions you can make is to invest in the personal and professional development of your employees. The true cost of replacing employees can be twice their base salaries so it’s important to make sure you’re giving them the resources they need to develop within their roles.

Employee training should leave both, new and current employees feeling like they understand the nuances of the job. An IBM study revealed that employees who do not feel they are developing in a company are 12 times more likely to leave it. Do not make the mistake of looking at employee training like an expense rather than an investment!

Remember that happy employees that have a high degree of job satisfaction and motivation will always produce a higher output, enhancing retainment rates and reducing staff turnover.

Provide thorough job descriptions

Attracting the best talent in times like these means you will need a job description that lists key competencies and qualifications for each role. If you only list the job responsibilities, then you risk losing well-qualified applicants because they might be concerned. Therefore, by going into more detail with the key competencies, you guide potential applications to focus on their experience to perform tasks related to the role.

It’s also important to be transparent about the salary and clearly state how much a candidate will earn. Even stating a salary range is better than writing a “competitive salary” on the job description. This will make the hiring managers job much easier as the process is simpler when you are dealing with potential candidates who are aware of a more accurate salary.

Review your employee perks

Employee benefits are a great way to attract new talent and retain your employees. By providing these incentives, you can communicate your culture and ethos. These perks can range from flexible working, healthcare, gym memberships, to employee discounts.

However, if you are not sure on what incentives your employees want, you can generate and distribute a pulse survey asking your current employees which perks they would prefer. Research by Towers Watson found that 75% of employees are more likely to stay with their employer due to the benefits package.

A recent Glassdoor survey also found that 80% of employees would choose additional benefits and perks over a pay rise. By communicating the perks and benefits that you provide to employees, you can offer prospective new hires an insight into how you run a company that has a people-focused work culture which is highly attractive to any candidate applying for a job.

Have a look here at how major companies motivate their employees by having attractive benefits. Because, ultimately, to attract and retain the top talent in the industry, you will want to show that you are an organisation that values and appreciates their employees.

Looking to attract new talent?

At Next Generation, we offer bespoke solutions to deliver the right people to fill your workforce openings. So, get in touch with us today by emailing [email protected].