How do companies attract and retain top talent?

Engaged, quality employees are one of the important ingredients for a successful business. A company’s staff is the face that customers associate with the organization and consider as a representation of the rest of the company, which largely affects customer experience and loyalty. Consequently, replacing high-quality, reliable employees can be very challenging.

Furthermore, it is costly to hire and train new employees – statistics show that it costs a company 33% of an employee’s compensation to replace them. It stands to reason why, even among some receding markets, many employers are asking how to invest in attraction and retention of top talent in their business.

Here are 9 aspects that directly influence talent attraction and retention:

1.) Leadership

New employees want to know the leadership of the company. They want to know who they will they be working for? Charismatic leadership that exhibits integrity and company values is inspiring and greatly increases your chances of attracting top talent.

2.) Sell the vision, mission and purpose

It is not surprising that a company’s vision has the ability to attract or repel desired staff. A company’s vision gives employees a sense of direction which they need in whatever job they will be doing. Sell your vision to your employees. Make them understand just how important they are in materializing your company’s vision. Employees want to understand and relate the ‘why’ behind the company. Have a genuine and meaningful purpose and narrative that effectively conveys the source of passion within your company.

3.) Recognition and Reward

Public or private recognition of top talent has a way of motivating your employees to do more in your business. Highlighting behavior and performance that exemplifies the core values of a company is a powerful means of motivating all employees. You can choose to recognize them publicly in your staff meetings to remind them their value in your organization; or even implement a spotlight initiative so that teams and individuals can be nominated for recognition.

4.) Give feedback

Feedback allows employees to know whether they are heading on the in the proper direction or have completely gone off-track. In situations where they have missed the mark, they can adjust accordingly. Feedback helps employees to reach their job goals. Regular and casual feedback boosts employee motivation.

5.) Make work more efficient

Invest in ways that make your employees’ work easier. This could be software that automates tedious work or systems that streamline processes. Where applicable, eliminate simple annoyances and make tasks easier.

6.) Career growth

Employees are interested in a place that offers growth in opportunities and ultimately in their careers. It is important that employers have the right resources for professional development. Be intentional about professional development by setting times and budgets.

7.) Philanthropy

Employees are attracted to companies that give back to the community through social responsibility programs. They view such companies as being more interested in causes bigger than itself rather than only making profit.

8.) Innovation

Innovation hubs are a pivotal selling point for new employees. Given the opportunities to ideate projects that improve the company and community, employees can be drastically motivated. Occasional ideation workshops are becoming more common in the workplace and serve very well to channel the best and brightest ideas to the right stakeholders.

9.) Teamwork and Teambuilding

Every employee wants to be part of a coherent and high performing team. Ingrain teambuilding in your company’s culture not only through offsite activities but also in everything the company does. Create and nurture an open, collaborative culture.

It is difficult to attract top talent and even harder to keep such employees. Bring in individuals who are bought-in to the company’s mission and purpose and you will find that both become much simpler.