How do you Attract and Retain Top Talent?
How do you Attract and Retain Top Talent?
As the War on Talent intensifies and the 'Great Resignation' looms, there remains a shortage of qualified and experienced candidates for many specialist roles, which has been exacerbated in the UK by Brexit. So how can companies attract and reatain top Talent? Here are twelve tips:
1. Protect your Brand
Nowadays the majority of candidates are not only tech-savvy, they are also consumer-savvy; in particular the Millennials are choosy about the brands they work for. At the start of the pandemic and the introduction of the furlough scheme, we saw the reputation of a succession of traditional household names disintegrate within hours. Now more than ever it’s time to really value your talent.
2. Structure Your Approach to Talent Management
In an increasingly complex employment marketplace, for a company to attract top talent they need to be more agile, prepared, authentic and current. They should demonstrate robust IT infrastructures, visible plans to scale, and offer customer excellence, as well as a structured approach to Talent Management in order to provide opportunities for upskilling and promotion.
3. Highlight Your Company Culture
In some surveys almost 90% of office workers want to continue to work from home at least some of the time as organizations introduce Hybrid Working. Not only will candidates, who have the pick of companies, want to be able to work remotely when they choose, but they will also want to work flexible hours and days. Consideration of location may well become less important than salary. If it’s a choice for a highly qualified engineer to work in a company with a more enticing culture, then (s)he may choose that over the highest wage. This makes it important for employers to highlight their USPs, UVPs, and key differentiators, as well as portraying good remote team working to potential employees, not only on their website, but also in their recruitment posts.
4. Use Social Media and Referrals
For recruitment to be successful, organizations should no longer rely on placing recruitment ads and conducting one interview, which is still happening in many sectors. In the UK over 80% of roles are reportedly now filled via social media, whether it be LinkedIn, Twitter or even Facebook. Internal company champions will often highlight friends who they identify as a good fit for a certain role so referrals are also working well.
5. Ensure the Application Process is easy
Many candidates will still self-deselect if the application process is too arduous or clunky, especially as around three out of four applicants will be applying for jobs on their Smartphone or tablet.
Many companies still recruit after one interview because the interviewer ‘liked’ the candidate and felt that they were similar personalities. Even with a plethora of applicants, it is still key to ensure that the right person is selected for a role, in order to avoid wasting time and money on the wrong hires, which can also damage the brand. If a company is serious about their recruitment strategy they should be selecting candidates for interview by conducting at least an initial telephone interview, but preferably via video.
In order to significantly increase retention rates, assess candidates with occupational tests and personality questionnaires, in order to identify preferred working styles.
The most successful interview techniques involve competency/behaviour or values-based questions to understand how the candidate has behaved in certain scenarios in the past and how they are likely to deal with challenging situations in the future. Any candidate can pull off lists of interview questions and answers from the web; many are adept at shining at interviews, especially in Sales roles, so ensure that at least two managers conduct at least two interviews and ask some very specific targeted questions.
9. Assess and review the Recruitment Process
At the conclusion of the recruitment process survey candidates online to learn how to improve the process.
10. Benchmark your Benefits Package
In order to attract the best talent companies should ensure that their benefits package is competitive and aimed at increasing employee satisfaction and engagement. Baskets of free fruit, parking permits and gym memberships became irrelevant and obsolete overnight in March 2020, so organizations are needing to be very creative in providing new incentives, from an allowance for duvet days to PETernaty leave, and the most popular reward now being access to free Counselling sessions.
11. Enlist the Support of HR at all stages
Mistakes will always be made in recruitment and candidates will sometimes withdraw from the process due to another offer or for personal reasons; however, in order to be competitive and successful in the current and future employment market companies should enlist the support of HR to discuss Probation and Performance Management procedures early on.
Emphasise that regular Career Conversations take place at 1:1s with Line Managers, as opposed to an annual appraisal, and emphasise real Succession Planning opportunities.
‘Thank you for assisting us in our Executive Selection process. With such a high number of applicants, it was very valuable to have an objective expert view on the short-listed candidates. The assessments were on point, as was the scoring of the competency interviews. With your help we are confident we have the right person at the helm!' HR Director
Stay safe, stay positive!