Employees are the most important component of an organization. Without them, no business can function nor flourish. Employees have a large contribution to the operation of an organization, highly-skilled workers even more.
This is why attracting and keeping top talents are two issues that large companies continue to work on. There are a lot of ways on how different companies make efforts to attract and retain their employees.
For one, some may have effective recruitment secrets making them more appealing to their candidates. Others may have certain types of organizational cultures that a lot of jobseekers are looking for.
The point is, most companies know the value of their workers, let alone their top employees. This is why they have ways to attract the best candidates and to retain their highly-skilled workers.
Here’s what you need to know about attracting and keeping top talents:
Top Talents are Indispensable
When it comes to business, results are everything. Average employees create average results and above-average employees create above-average results. However, there are a lot of factors that come into play that could have a positive or negative effect on an employee’s performance.
Leaders or key employees of your organization matter as they help shape the company culture, affect employee experience, retention and growth of the company. If you have excellent leaders who have been giving gargantuan contributions, you wouldn’t want to lose them.
More than the cost of losing a top employee which could mean failure of a project or the downfall of the organization itself, replacing a top-level employee is also expensive. According to PeopleKeep, the cost of replacing an executive-level worker can be more than double of their annual income.
Moreover, here are more contributions of indispensable employees according to Forbes:
Productivity – they are efficient and effective at their jobs.
Positivity – they are enjoyable to work with and this helps improve the morale of the workforce.
Reliability – top talents have a sense of urgency, can deliver on time and are self-accountable.
Creativity – they can come up with unique ideas.
Even while a lot of companies value their employees, there’s still a lot of workers that have left or are planning to leave their jobs. Here are shocking statistics about employees leaving their jobs:
According to Celayix Software, every month, there are 2.5 million Americans who leave their jobs.
A study by Ajilon showed that 80% of workers are open to having a new job or are actively looking for one.
According to OfficeVibe, 46% of HR leaders mentioned that retention is their biggest concern.
Your goal is to make sure that your employees are happy and satisfied working for you. Otherwise, they could end up working for another company. You wouldn’t want this to happen with your top employees.
Attracting and Keeping Top Talents
There’s a fierce competition in the world of business and this includes the war for people. Companies left and right are trying to outdo each other by offering competitive employee benefits and salary, gorgeous office spaces, free meals, free access to gyms and more.
Because the quality of an organization is the quality of its employees, attracting and keeping top talents is as important as ensuring the growth of your company. Here’s how you can attract and retain your employees:
Offer Competitive Employee Benefits
What recruitment managers need to know is that employee benefits are more important than ever. The work culture now isn’t the same as what it used to be. With modernization and a new generation taking over the global workforce, work-life balance has become a priority for a lot of workers.
According to the MRINetwork, millennials now make up 50% of the entire US workforce. By 2030, the U.S. Bureau of Labor Statistics predict that millenials would then make up 75% of the U.S. workforce.
Millennials value work-life balance and for you to attract the dominating percentage of the workforce population, it’s important that you offer benefits that promote work-life balance.
Such benefits can be:
Having flexible hours
Benefits that promote mental health awareness
Moreover, offering competitive salary and benefits for financial security should also be a staple if possible. A great provider for retirement plans is Empower 401k. It’s the second largest retirement service company in the United States.
Have A Positive Company Culture
Company culture affects all parts of an organization. Company culture affects:
Happiness of employees
And everything there is that an organization has. Most people now don’t just want to work for the money. In fact, studies have shown that most employees value having a positive company culture and benefits more than money.
Here are the statistics:
According to Hays, 47% of people have company culture as the main reason when looking for new jobs.
According to the American Institute of CPA, 80% of employees would rather keep their job with benefits than to leave for a higher paying job but has no benefits.
A study from WTW showed that 78% of workers said they would stay with their employers because of the employee benefits they offered.
According to Zenefits, more than 60% of employees would accept a job with lower pay for better employee benefits.
Having a positive company culture is crucial for attracting and keeping top talents. No one wants to be miserable with their jobs. There are a lot of ways on how you can foster a positive company culture. The key is being employee-oriented.
Don’t lose employees because of focusing on other things. Remember, top companies are where they are because they prioritize the satisfaction, morale, well-being and engagement of their employees. It’s a wise choice to model them.
Here’s a quote from Anne M. Mulcahy, “employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission.”