Attracting and retaining the best talent can be challenging, however, it is crucial for the success of an organisation. The many business benefits that employee retention can offer, such as improved employee morale, better company reputation, and increased productivity, make it worthwhile for an organisation to focus its efforts on developing an effective employee retention strategy.

In today’s candidate-driven market there are several hiring, onboarding, and career expectations that hiring managers are required to meet in order to appeal to the best talent and make them want to stay working for the organisation in the long term. This is the first blog of a two-part series that will explore some of the expectations that candidates have and provide some techniques that employers can implement into their retention strategy to help them to attract and retain the best talent.

 

Opportunities for growth and advancement:

The importance of providing employees with opportunities for growth and advancement was highlighted by a LinkedIn workplace survey, which found that 93% of respondents agreed that they would be more likely to remain with their current employers if they offered development opportunities. There are many ways that organisations can support employee growth and help them to upskill, for example, by providing online training sessions and webinars as well as manager coaching and mentorship.

 

Culture:

The culture of a company can be defined as a set of shared values, attitudes, goals, and practices that characterise an organisation. A Glassdoor survey highlighted the importance of a company’s mission and culture in attracting top talent in a competitive job market. The survey found that 77% of respondents said they would consider a company’s culture before applying and 73% of respondents would not apply to a company unless its values aligned with their own personal values. Additionally, an organisation that offers employees a strong culture that aligns with their own attitudes and beliefs, is likely to create a sense of belonging and loyalty for them, consequently increasing retention.

There are many ways that an employer can improve its company culture, for example, sharing the organisation’s mission and values will highlight what it is trying to accomplish, which will give employees a sense of purpose and direction. Additionally, it is important for psychological safety to be established in the workplace to ensure that all workers feel recognised and included.

 

Employee Benefits:

Although a competitive salary is an important factor in recognising employees’ contributions to the business, it is no longer enough to secure loyalty. Offering employee benefits to demonstrate employee appreciation is key for employee retention.

  • Wellbeing benefits: mental health support, physical health support (gym membership discounts, cycle to work schemes to encourage them to get active).
  • Education funding
  • Generous holiday allowance
  • Pension plans
  • Flexible work schedules

 

We have discussed just some of the ways that organisations can tackle the challenge of attracting and retaining the best talent. It is important for employers to stay up to date with candidates’ ever-changing expectations and continue to enhance their workplace culture, whilst finding ways to reinforce the message that they appreciate and care about their employees. The second blog of this two-part series will be published shortly and will explore 3 more ways that employers can work towards attracting and retaining the best talent.