When running a business, attracting and retaining top talent can be difficult. Top talent often receive multiple job offers, and, not only that, but your current staff may be looking elsewhere. A high employee turnover rate can be costly and unproductive. With a competitive market, your business needs to stand out. You need to provide an attractive remuneration package. Top talent won’t accept a job with an average salary and no progression if another company is offering better. With this in mind, read our 5 tips on what you could offer to remain competitive and attract and retain top talent.
1. Foster a nice company culture
When searching for a job, talent want a nice company culture. They want to feel supported and to be around a positive, motivated and engaged team. They want managers who they can approach when they have a problem. By fostering a nice company culture, you can create an environment where staff enjoy coming to work and are passionate about what you do. As a result, talent are more likely to be attracted to work for you, and to stay.
Your business could also offer staff perks such as 4-day working weeks, dress-down Friday and their birthday off.
2. Offer flexible working
To remain competitive and attract and retain top talent, offer flexible working. Allow staff to work from a location of their choice and to choose their work hours. 57% of British workers stated they wanted to work from home after Covid. Employees have seen how it benefits their work/life balance, and therefore flexible working has become an attractive perk when job hunting. Implementing home or hybrid working will allow you to appeal to those who have other commitments such as children. It will also increase employee satisfaction. This means that talent are more likely to stay with your company longer.
With no geographical limitations, flexible working also allows you to reach a wider number of candidates who may have more relevant skills.
3. Provide career development and progression
A main reason that employees leave a company is the lack of career development opportunities. By making sure you provide career development and progression throughout the individuals career, you are more likely to attract and retain top talent and keep them engaged.
Find out an individual’s career aspirations and support that. Set new challenges and projects within their role. Invest in courses to help with their professional development. They do not have to be expensive and there are plenty of courses available online.
Developing employees skills will increase employee satisfaction but also improve the quality of work for your business. Employees will feel supported and see that you are investing in them, therefore they are more likely to stay with you longer. This will be attractive to top talent
4. Offer a competitive salary and benefits
Top talent are attracted to a good salary in exchange for their skills and knowledge. If you are not competitive, they are likely to go elsewhere. Look at market rates and see how you compare. You can check Glassdoor for salaries. You should also consider a yearly review for a pay raise for your staff.
Do you offer special benefits or perks? By combining these with a good salary, you can help increase employee satisfaction and are more likely to attract new talent. You could offer discounts on gym membership and retailers, a company car and health care insurance for example. If you are unsure of what benefits to provide, talk to your staff to find out what benefits they would like to see.
5. Provide mental health support
Mental health in the workplace is so important. Between 2020 – 2021, HSE reported stress, depression or anxiety were the reason for 50% of all work-related ill health cases.
Offer mental health support through your business and provide an open culture where people can approach you if they are struggling.
By offering an appealing and competitive package encompassing our suggestions such as the above, you are more likely to have a better chance of attracting and retaining top talent. Come back to Bizpedia soon for more leadership, mindset, business and crypto news!