If your business is like most, you’ve experienced an enormous amount of change over the past few years. And the workplace continues to evolve rapidly as companies confront talent shortages and new employee expectations. In the face of all of these changes, how can your business outpace the competition and attract and retain the talent you need? The secret is in your talent management process.
Don’t miss these tips businesses of all sizes need to know if they want to stay ahead.
Keep the Employees You Have
Offer as much flexibility as possible
Is it absolutely essential that your employees be in office from 9 to 5 every day? Studies, such as this one by Owl Labs, have shown that remote and hybrid work models help create productive, high-performing employees.
In addition to offering a work from home option, consider giving employees more control over their scheduling and letting them set their own goals. This modern approach to talent management, which embraces a more flexible attitude and prioritizes employee performance over attendance, has become a standard within many different industries and can help you stand out as an employer.
Provide growth opportunities
With younger generations entering the workforce, average employee tenures are less than five years long, meaning it’s more important than ever to invest in your employees’ careers if you want them to stick around long term. In addition to providing development opportunities, recognize good behavior, and, when possible, give employees chances to move up to a new position.
Develop effective managers
The phrase “people leave managers, not companies” is critical to your employee retention. In fact, 50% of 7,000 participants in a Gallup study said they’ve left a job to escape a bad manager. The question is, what can you do about it? Just as you should create development opportunities for all employees, you should be offering chances for current and potential future managers to hone their leadership skills.
Bring in the Talent You Want
Create your Employer Value Proposition (EVP)
You carefully craft messaging that demonstrates the value you offer customers, and you should be doing the same for potential employees. A well-kept employer value proposition is an essential component of your employer brand that sets yourself apart from the competition and helps attract the qualified talent you’re looking for.
In your EVP, be sure to answer key questions like: Why should candidates choose you over your competition? What do you employees gain from working with you?
Work on your website
There’s a good chance your competitor’s employees have visited (or will visit) your organization’s website, and if your site is exciting enough, they may have even stuck around to browse through your careers page. Unfortunately, however, career sites tend to be pretty boring and do little to show off what makes the organization great.
When revamping your career site, your employer brand should be clear, and key bits of information should be easy to find, including compensation, company values, and growth opportunities. In addition, your site’s design should be modern and clean and feature engaging visuals that will catch your ideal candidate’s eye.
Offer competitive compensation
Employees want to be paid what they’re worth, making compensation one of the biggest reasons employees choose to work at one organization over another. To ensure you’re offering competitive salaries, review the industry averages and other salary benchmarks. Note: If you want to stay competitive, your compensation plan should be an ongoing process that includes annual reviews and, ideally, inflation- or performance-based raises.
Ready to Attract and Retain Top Talent?
In today’s job market, you need an airtight talent strategy that reflects evolving workplace expectations while remaining aligned with your goals. And Empower Partnerships is here to help with talent acquisition and management services that meet any of your human capital needs. Connect with us today to learn more.