Tired of losing your best employees to another company? You’re not alone.
Many businesses struggle with how to keep their stars from leaving for a new job, and they don’t have the strategies and tools they need to solve this problem. But this doesn’t have to be you.
Recruiting top talent can be a much simpler feat when you have a straightforward hiring process, are able to understand their values, and use that information to attract their interest.
Retaining top talent, however, can be more challenging. In many skilled trade occupations, the supply isn’t meeting the demand, which results in your competitors seeking experienced talent from, you guessed it, companies like yours.
But don’t fret, as long as your employees are satisfied in all aspects of their workplace, you have little to worry about.
We can learn how to retain top talent when we become more in-tune with our employee’s needs. Ready to keep your top talent around for the long haul? Keep reading this article and you’ll never have to worry about losing that next big hire or star performer again.
Why is Recruiting and Retaining Top Talent So Important?
Recruitment and retention are always going to be of great benefit to your business.
Having a strong, reputable team will increase the value and credibility of your company. It opens up the door for more leadership opportunities for employees down the road and the longer they are with you, the more they will be able to bring to the table because they have the first-hand experience to back it up.
On the contrary, if you have a high turnover rate, it comes at a great cost– literally and figuratively.
The last thing you want is to hire top talent, invest your time and money in onboarding and training them just so see them leave after 90 days.
Here are some interesting statistics to provide you some shock value:
- One-third of new hires quit after about six months.
- It costs 33 percent of a worker’s salary to replace an employee due to turnover and 150 percent of a manager’s salary (according to Employee Benefit News).
So, not only will you be feeling the pressure, but so will your existing employees.
A company that is short-staffed will most likely have stressed and overworked employees. It’ll also be a nuisance for staff members responsible for onboarding to constantly have to train high turnover employees. This will put you at risk of losing your existing employees as well as your new ones.
These are significant costs that no employer should ignore, and they further validate the importance of learning how to effectively recruit and retain top talent.
Effective Steps in Recruiting a Top Talent
So, how do we go about attracting top talent?
Recruiting talent requires more than just selecting the best candidate. Companies need to be proactive to attract experienced professionals that not only align with their brand and workplace values but also stay around long-term.
The key to accomplishing this is in talent recruiting, acquisition, and development.
Let’s look into some ways we can utilize these elements in our recruitment process.
1. Maintain a Positive Workplace Environment
1. Maintain a Positive Workplace EnvironmentIt’s no secret that a company’s culture plays an integral part in recruiting and retaining top talent.
A positive work environment where your employees feel valued will make them more motivated to perform skillfully at work as well as more likely to refer their friends for positions at your business. This will only help grow the number of people you have available internally.
Whether you’re hiring new candidates or developing current ones who already excel at what they do best, showing them that they are in an environment where they are valued and respected will only strengthen your team and your business.
2. Create Comprehensive Job Descriptions
If you’re looking for a new hire, the job descriptions must be as effective and engaging as possible.
While including lists of responsibilities is useful (and necessary!), so too should be information on what working at your company will feel like or what candidates can expect from their experience there– especially if they haven’t yet heard about you before!
Job descriptions with the right bait can attract more top talent. For instance, a software developer wants to know what kind of training they need and which programming languages you use for your company’s projects. This is important information in deciding if working with you will be worth their time.
Including snippets about how individuals could thrive at your company by improving certain aspects can also make the positions you’re hiring for seem more alluring instead of boring or uninteresting.
At Selling Revolution, we can help you create captivating job descriptions that will reel in the trained talent you’ve been looking for. Book a call with us today to learn more!
3. Post Job Openings Online
As our world online expands, businesses are finding it more and more necessary to recruit top talent employees through online platforms.
Convenience plays a big part in why it has become the most popular recruitment method to date. For instance, hiring candidates online allows recruiters to be able to attract a larger audience and receive a higher amount of applications.
Online hiring also means you can utilize emailing candidates or conducting interviews via video call which can greatly increase the speed and efficiency of the hiring process.
Although the online approach provides excellent outreach, it might make it more difficult to sift through all the applicants and find your best candidates. To attract the top talent you are looking for, make sure you choose specific, relevant platforms to post your job openings.
4. Screen Candidates with Multiple Team Members
When considering a pool of candidates, it doesn’t always have to be left for the recruiters and managers to decide.
Collaborative Hiring is a great way to make sure you find the best possible candidate for your company. This process utilizes several colleagues from HR to even your existing employees.
Not only does it help develop quicker and better processes but research shows that if done right, collaborative hiring can also lead directly towards higher engagement levels as well lower turnover rates which means positive impacts on both bottom lines– what’s not to like?
5. Utilize Professional Recruitment Software
If you want to make a good first impression on top talent candidates, it’s smart to have professional recruitment software to make their hiring process simple, fast, and efficient.
Professional recruitment software can track all of the candidates you interview and provide feedback from each one.
So overall, this software is not only a better experience for the applicant but also a better experience for you as it makes it quicker and easier to make an informed decision.
The most commonly used software tools to recruit top talent are ATSs, CRMs, and interviewing software.
6. Verify Every Candidates’ Credentials
When you’re ready to make an offer on a candidate, make sure you always verify their credentials.
Some candidates may seem like a dream come true, having all of your qualifications and more; however, others might not be as honest with what they’ve done in past jobs or how well-qualified they are for this position.
Make certain that anyone who works at your company will be adequate in delivering the expected results. Being able to distinguish between those who are authentic and those who are not will make or break lowering your turnover rates.
7. Keep in Touch with High-quality Candidates
Staying in touch with high-quality candidates is important no matter what.
If they declined your job offer or you went with a slightly more suitable candidate, it’s still helpful to stay professional and keep their confidence—you may find the perfect position for them later on!
They might also realize that the company they chose over yours wasn’t necessarily their dream job after all; if someone believes they have talent within an industry, then staying patient can pay off because you are giving them opportunities that would otherwise go unnoticed amongst your competitors.
Proven Ways to Retain Top Talent
Organizations compete to recruit the best talent. Why? Because talented employees make an impact on business outcomes.
But, what if despite offering big salary payouts, attractive compensation packages, and generous incentives your top talents still leave at day’s end?
Top talent employees want meaningful careers with opportunities where their passion can blossom. That is why it is crucial to ensure your employees are happy and engaged in their work. If they’re feeling undervalued or unchallenged, it may be tempting for them to look elsewhere.
Here’s how to retain top talent for your company so you can lower that turnover rate and watch your business grow like never before.
1. Create Recognition and Reward Scheme
If you want to retain top talent and keep your people motivated, there’s no time like the present.
If they’re doing a great job and putting in the effort every day, then you must make sure they are recognized for their contributions.
Whether this means thanking them with an announcement at work or giving someone one more of those awesome raises than usual, it goes a long way. Just a simple thank you can do so much. It keeps morale high and provides lasting rewards for both parties involved.
2. Provide Your Team the Equipment to Succeed
The top reason skilled tradesmen, specifically, want to leave their current employer is due to insufficient equipment.
BizPAL surveyed nearly 100,000 skilled trade professionals, and their most common complaint was related to not having enough supplies or tools for work. It makes sense, because if you can’t do your job well then there isn’t any point in staying there.
This is a common issue with skilled trade occupations. Do you think your company is providing its employees with proper equipment?
If you’re unsure, here’s what they are looking for specifically:
- Equipment that is safe to use.
- Equipment they can count on to work properly.
- Equipment that is industry-leading, more efficient, and proficient.
If you don’t think your equipment holds these standards, you should make it a top priority to change that if you want to retain top talent in your business.
3. Remove Their Blockers and Barriers
It’s never a great feeling to be stuck on a project or task and feel like you don’t have the proper tools or support to ask for help when you need it.
If your top talent doesn’t feel comfortable asking you for help, they won’t be able to succeed in your company.
To establish a level of comfortability and support with your team, simply take the time to reassure them that they confide in you with any blockers and barriers they may have.
Assuring them that there aren’t any bad questions and providing them with the tools they need to complete their tasks are other to ask will also be very helpful.
This will open the door for better communication and efficiency down the road and is one of the great ways how you can retain top talent.
4. Let them Know You Discourage Micromanaging
One of the most frustrating aspects of being an employee is when you feel like your superiors are breathing down your neck. As a business leader, that is definitely something you want to avoid.
Micromanagement is known to breed resentment and disloyalty. Not only that, it puts undue stress on employees because it makes them wonder if they’re capable enough or worthier than others in the eyes of their managers.
Now, this doesn’t mean you should be completely hands-off. Instead, try focusing more time training or coaching along with ensuring your staff feels heard and appreciated– this way, everyone will know what you are expecting of them.
5. Train Your Coaches and Mentors
5. Train Your Coaches and MentorsTo properly retain top talent, you will need to have leaders with exceptional coaching and mentoring skills.
A strong training or coaching program builds a strong team that generates strong results. In order to make that happen for your business, you’ll first need to start investing in leadership training as well as stop using the outdated and monotonous training program you already have.
There are a variety of great training programs out there, you just need to find the one that will work best for your team. Keep an eye out for companies that provide customized training, this will ensure that they build a training program that aligns with your unique business model.
With great training comes endless opportunities, so take advantage. It’ll be worth the investment in the long run.
Recruiting and Retention Rates That Rock
It’s no secret that attracting and retaining top talent is hard work, but that hard work pays off when you’ve got a team of talented people that’ll flourish your business into its most true and finest form.
Want to make sure your business reaches its complete fruition?
At Selling Revolution, we build recruitment and retention strategies that help companies from various industries evolve to their fullest potential.
Book a call to start your business revolution today!