Attracting and Retaining Employees
The costs of hiring and retaining employees can be some of the largest and most challenging a business or organization can have. Competing for talent in a tight economy can cost a company as much as 2.5 times an employee’s salary, and that is not including other soft costs; training expenses, decreased productivity, lower engagement, and company cultural impacts.
The benefits of strong recruiting and employee retention programs are extremely valuable. Not only can a company save costs on lower turnover, but the increased employee production will be a welcome profit increase. In addition, the positive brand recognition a company can advertise will improve the flow of highly skilled and motivated job seekers, not to mention bolster customer attraction to the company.
A study by McKinsey & Company of businesses revealed that top talent in organizations can be 400% to 600% more productive than the average employee. Providing employees the opportunity to accelerate in their career, and control over their career paths, will be a big payoff for your company.
Employees are looking for a lot more than just a good salary; they are looking for many intangible benefits that will improve their quality of life. They are looking for positive and inclusive work environments that provide career growth and support a healthy work-life balance.
The workforce dynamic is rapidly changing, with Millennials becoming the majority of the workforce demographic. Millennials want purpose and meaning in their roles, the ability to rapidly accelerate their careers, and a focus on community and social change. The Gen X workforce wants more flexibility and autonomy to balance raising a family and taking care of aging parents. Baby Boomers are motivated by flexible retirement planning, recognition from their peers and internal promotions.
This diversity in the workforce requires companies to offer a wide array of benefits and programs that reflect individual needs and align with organizational objectives.
Here are some of the ways HOMEBANK has found success in recruiting and retaining its talented team members.
Begin by evaluating and defining the company culture. Ensure that it clearly articulates the value employees (the people) have to the company. Look for opportunities to promote a positive workplace culture and define how you do that so a potential candidate can see that easily before applying.
Clearly defined medical coverage and family benefits is essential and one of the first things any candidate will look for in a company. Be as transparent as possible when listing your company benefits and support programs.
Establish flexible working schedules and remote work options (if applicable) that allow more choices for employees to balance work-life obligations.
Providing further incentives, such as paid schooling and career management programs, will enhance employee motivation and increase retention as employees will have a sense of obligation to stay longer and build their careers when they have a defined plan documented and supported by management.
Incorporate your employee benefits and workplace culture into your branding strategy, which includes the company website, marketing efforts (print and online), as well as social media. Promoting a healthy and supporting company culture will attract more talent and bolster consumer buying confidence.
Before going external for applications, offer incentives to current employees for referrals of qualified candidates. Happy employees will refer others to the company, so start from inside the organization.
The channels to attract job applicants have grown exponentially over the past few decades, especially with social media. The best place to lead your recruiting efforts is with your company’s social media channels.
Both job seekers and customers follow company social media channels to see what a company is doing and how they are engaging with the community. Focus your attention on promoting company benefits and opportunities, and leverage engagement opportunities (i.e. LinkedIn and job posting sites) to seek out qualified candidates.
Building an engaged online presence can lead to a lot of great candidates, but diversifying your online efforts with in-person recruiting programs will have many of the same benefits as a company open-house provides.
Attend community and industry job fairs where you can highlight the best your company has to offer while interacting personally with job seekers. As you identify qualified candidates, you can immediately schedule the next step with them and build your pipeline of candidates.
With more and more people going back to school later in their careers, don’t assume that only young, inexperienced candidates are available on campus. Get involved with colleges and universities that offer job placements programs and job fairs. Sponsor or conduct career workshops, invite students for tours, offer internships, and get in the campus newspaper. These activities can lead to recruiting talent for all levels of the organization.
Even if your organization is not in or near a large urban area, you can still attract great talent. Many people become tired of working for large companies or living in big urban areas, so highlighting location perks of your company, such as lower cost of living, a smaller community, and proximity to outdoor activities are just some strategies to consider.
First, validate that your job postings are clear and concise. Candidates are looking for clarity, and detailed information will help weed out unqualified applicants. Include details such as company history and culture, pay scale, job requirements and experience, career advancement opportunities and benefits.
Much talent is lost before you even get to the first interview due to recruitment processes taking too long. Establish efficient communication timelines that keep the applicant informed. Highly skilled talent can be snatched up by the competition so keep them updated frequently and personalize the contact when possible, even if you decide to not move forward with their application. You don’t want to leave a bad impression with someone that could refer other candidates or become a viable candidate in the future.
Retention programs are essential for maintaining high motivation and productivity, while keeping recruitment costs low. There are many strategies and programs available to ensure employees stay engaged while contributing to the company’s performance.
Start with mentoring and learning development programs. All employees need some sort of job training so establish programs that can be managed efficiently and effectively measured.
Mentorships offer an excellent forum for exchange of ideas and experience. Teams build professional relationships and respect for each other when they are provided the opportunity to share their knowledge and ability to ask questions in a supportive environment.
Blended learning models (in-person classes, self-study courses, online training, on-the-job training) can provide cost-efficient ways to build and maintain job skills and knowledge across the organization. Meeting the needs of various learning styles is critical to an inclusive learning environment and increasing the success rate of learning acquisition.
Get involved with the community through volunteer programs that employees can participate in. Offer time-off (paid or unpaid) that encourages their personal interests in community issues and support programs. This is great for employee well-being and excellent for company branding by showing how your organization supports the community and is great content for your social media channels.
It is clear that attracting and retaining talented employees requires a smart recruiting and development strategy centered on individual needs, not just the job function. When evaluating your recruitment efforts, consider what your employees want in their daily lives and aspirations they have for the future, then develop programs and resources that help meet those needs. Continually evaluate and survey employees to see how you are well you are meeting these needs and where you could improve on them.
HOMEBANK continually looks for talented team members. Visit our www.myhomebank.bank/careers to see openings.