One of the greatest challenges most recruiters often face is attracting the best talent. The next immediate quest is how to retain your employees.
According to a recent study, the inability to attract the right people is indeed a challenge faced by more than 85% HR executives.
There is another big reason for you to get your hiring right:
According to a study by the Society for Human Resources Management (SHRM), the cost of a bad hire is almost 5 times the annual salary of that hire.
Thankfully, you can rely on some best practices you can try to attract the best talent and also retain your employees.
Here are a few of them:
- Ensure that you find the right person for the job
Gone are the days when you could afford to hire someone imperfect for the position believing that you could fire them later.
It takes months probably to find the right fit for the role you have in mind, but it is certainly worth investing this time.
The alignment between the recruit’s interest and the job profile will ensure that ultimately your organization benefits the most from it.
- Conduct Assessments before Hiring and also for your employees
Before Hiring, you should ideally conduct a recruitment test to check if the candidates who apply to your organization are the right match with respect to a job and cultural fit.
Online assessments help you conduct a 360 degree analysis of your potential employees by evaluating their behavioral traits, aptitude ability, numerical ability, analytical thinking, verbal proficiency and technical capability.
Along with speeding up selection, also maximizes candidate engagement at highly reduced costs.
Even for existing employees, assessments are a great way to gather deep insights into employee satisfaction and performance. You get to know what motivates them and how you can improve and make their lives better.
- Use Innovative ways to Engage and retain your employees
Your employees may work diligently for you.
However, you need to ask yourself a question here: Are they equally engaged and commited?
If not, you need to work on a process where they can interact, share their ideas and derive a sense of achievement from the work they contribute to.
This can begin with creating an environment that makes employees feel like an asset to your company.
Goal Setting, having a slightly informal setup on selective days and allowing them to feel secure on the job are some ways to get this to work.
- Provide opportunities for your people to grow and learn
It’s not just your organization that grows. Your people grow along the way and you have the opportunity to allow them to do this.
Assign projects that bring the best out of your team members as do more challenging and stimulating work.
They must also know about their career development plans and opportunities available for them to grow with the company.
This will keep them motivated to work for you and stick to your organization.
- Recognize and Reward Good Work
Go in for specific recognition. It should not just be “Great job done” but possibly “Wonderful job done on the XYZ project”.
Monetary bonuses also help though recognition of a job well done goes a long way to creating good will and loyalty.
Recent studies show that when employees feel undervalued and unappreciated, they look for other employment. They need to feel that their contributions to the business are important.
Making your talent feel appreciated, respected and worthwhile goes a long way towards retaining them.
These are some possible ways that you can try and implement in your organization to ensure you attract and retain your top talent.
Is there any method / technique that you have successfully implemented?
Let us know with your comments.