A company will have competitive advantage over their competitors if there’s a large number of talent working for them. So attracting the talents is always one of the primary goals of all companies. However, in current competitive market, it is hard to consistently attract the talents to your organization and retain them.
The talents always want to work for companies where they can see opportunities to grow and promote; where staff are encouraged to be innovative and forward thinking; and where the employer brand is considered as the best in the industry. It is not just as simple as paying more than average.
Recruiting and retaining the best talents requires synergy between corporate objectives and personal objectives.
1. How can you attract the talents?
- Understand who the best employees are... for you - Successful recruitment is about attracting the right people to your organization, this not only includes skills and experience, this includes personalities. There is no universal standard for a perfect employee.
- Look beyond your existing network – Select people with the best skills, experience, and strategic insight to help your organization move forward.
- Get consulting from Recruitment Agency – Yes, they charge fees but the cost of not using them can be much higher. Hiring managers need to invest time with recruiters to ensure the recruiters have understanding that goes far beyond a job specification. They need understand your business in detail to attract the talents.
- Ensure new hires are fit with the company's culture – It is no accident that the top staff consistently show better performance than their colleagues; they are usually very determined to succeed and will want to be part of an organization that shares this passion. It is vital company culture reflects the culture of its staff on an individual level; otherwise employee will quickly find alternative employment.
- Understand your company value proposition – What separates your organization from your competitors? Why would a talent leave a competitor to join your business? The talents often receive multiple job offers... why would they choose your business?
- Be sincerely interested in candidates - When interview, do not just refer to your company's achievement or financial problems, you should take more time to learn about the needs, goals and aspirations of the candidate. Then, listen to their answers, sometimes repeat their ideas expressed in your own words to show them that you really understand what they say, or ask them a few questions to make clear any issue. It seems simple, but not all employers pay attention to this. The sincere interest will not only help you recruit talent, but also retain them later.
2. How to retain talents?
- Maximize your best employees - Researches say that the best way to maximize your best employees is to place them in positions of top influence.
- Be careful who you promote - It is widely known that employees often leave managers not organizations; having inept and/or unlikable managers can negatively impact to your business. It is vital to your long term success that you have a very strong layer of management.
- Use performance based incentives – As the economy recovers, organizations will be appointing search firms more frequently to help attract and retain key talent. Consistently and properly rewarding the top talent will help build a positive reputation throughout the market.
- Good boss – The most effective "weapons" to retain talents – All business need talents. So, the most concern of the talents is not finding a job, but finding a boss who good enough to help them develop personal competence and push them to the top of career. In other words, talents are always keen to good boss, who make them feel respected and trusted. If you want to retain good employees, you first have to retain talented managers. The best way to do this is to build a really friendly working environment not only with fair and reasonable salary, bonus, benefits but sincerely attention from employers to employees.