People are the most relevant asset within an organization, so it is necessary to address issues such as retention and attraction of candidates for business growth and development. In addition, its importance brings with it a series of benefits such as:
Not only is it spoken at financial levels, since the turnover level is lowered considerably and with it, less operational costs for replacements.
One of the main business objectives is work performance. Retaining key personnel is how any investment to achieve a successful business is sustainable and profitable.
Be more competitive
When a company has the best entrepreneurial talent, it will be more difficult for its competitors to surpass that organization.
The face before the customers is the employees and having collaborative work teams reflects outward commitment, security and trust between the clients. Also, if the staff has direct contact with the customer, it permeates in their purchase decision.
Be an Employer Branding
It consists of the reinforcement of the business brand inside with the purpose of attracting more people and achieving a cohesive teamwork.
7 strategies to attract and retain the best talent
To achieve this, some key strategies as per great researcher at Law Assignment Writing Service UK will be given to find and maintain the best business talent.
1. Take care of key collaborators
The first movement has to do with looking at the flight of talent for the business, as a good employee who quits generates something called “Snowball”, where a key piece goes and begins to have a significant amount of rotation.
Although the rotation seems like the natural cycle of a company, it is not when the staff’s commitment decreases and productivity falls. Therefore, it is important to calculate the quarterly retention rate and compare it with the established business objectives.
According to the LinkedIn company, one way to do it is with the following formula:
Retention rate (%) = Number of employees who remained in the company / number of workers at the beginning of the time period x 100.
2. The new labor stability model
One concept that will dominate the labor market is the issue of mobility as a fundamental part for the new generations of collaborators.
Today, one out of every four employees is under the FreeLancer scheme, which implies for business to change the ways of working. It does not mean that everyone should work from home, but to look for spaces better adapted for their development.
Technology is one of the elements to establish a talent management strategy through the use of applications, remote conferences or other flexible formats that help better mobility and retention.
3. Structured orientation
Nothing better than a well-taken guide from day zero, because according to the LinkedIn company the first 45 days are essential to give an orientation to the new talent. These are the key concepts for a structure focused on retention:
Day 0. Prepare the workspace, communicate with the team and the new member, to schedule the first week.
Day 1. The official presentation of the collaborator with the team is made.
Day 2. Create a trustworthy environment and show the new employee how the day-to-day business is carried out.
Day 7. Assign tasks and define expectations for the coming weeks.
Day 45. Motivate staff and encourage their development with specific observations on their performance, expectations and keep business objectives clear.
4. Use of artificial intelligence
Some companies already use Artificial Intelligence (AI) as part of their selection processes through chatbots enabled to create matches between candidates and job offers.
It will also be used to automate internal processes such as the archiving of candidates, the reduction of tasks of little value and the measurement of indicators on productivity.
5. Create development opportunities
Investing in the professionalization of employees in a milestone for organizations because it not only works to improve productivity and find new business opportunities, because creating an environment based on continuous learning serves as a cover letter for the attraction of personnel.
Companies like Cheap Assignment Writing Service UK that have professional development have a better reputation in the market, and thus make it easier to find highly qualified and committed talent.
6. Plans for a better emotional salary
More than a simple salary increase, employees seek non-monetary spaces and benefits to improve their quality of life. Companies that wish to generate an emotional incentive plan will have a clear advantage in increasing retention and attraction.
Here are some examples of benefits of an emotional salary plan:
|Time flexibility||Workplace |
Balance Personal life / employment
|Professional development||Other ideas |
|Remote work||Better adapted spaces ||Free day for birthdays||Recognition programs||Gym|
|Leave early one day||Refreshments ||Spaces to relax||Career plan||Company credits|
|Flexible schedules||Rest rooms||Extra vacation days||Pantry vouchers|
7. Develop collaborative teams
Teamwork boosts productivity and favors decision making. Nowadays, organizations are inclined towards collaborative models where ideas and knowledge are contributed to contrast the different points of view for each of the members. In addition, it brings benefits such as:
- Open communication with the team.
- Greater confidence
- Achieve a sense of belonging with the company.
- Increase in productivity.
- Shared responsibility and less staff turnover.
- Branding employer.
Successful attraction and retention seems like a simple task to do, but it is not. Businesses must be resilient and patient to achieve that business development and improve the quality of life of all members of the organization.