10 Best Strategies to Attract and Retain Skilled Employees
Every company wants to attract the best employees. However, this can be difficult. A 90% retention rate or 10% turnover rate is considered good, but a 2021 Bureau of Labor Statistics report showed that the average annual turnover rate was closer to 57%. This means that talent is more scarce than ever.
Offering a high salary is not enough. People are looking for inclusive companies that offer high salaries, great benefits, inclusive cultures, and plenty of career opportunities. They will also choose companies that are aligned with their values and goals. Employers need to keep this in mind when deciding on the strategies that they can use not only to attract but also to keep top workers.
Your business will have a unique recruitment and retention strategy. Here are 10 ways to attract and keep skilled workers.
1. Write good job descriptions
Writing a job description is the first step in attracting skilled workers that match your needs. It can make all the difference in attracting qualified candidates if your job description is well-written.
- Content: A job description is more than just a list of employee responsibilities. It is often the first impression a job seeker gets about your company. A job description should include skills, expectations, and requirements. It should also reflect your company’s culture. Skynova recently found that 7 out 10 job seekers consider salary the most important part of a job listing. Next was the benefits package. This information can be helpful.
- Tone: Your company’s tone should be reflected in the way you write job descriptions. If you have a fun, lighthearted company culture, it is a good idea to use words that reflect the absurdity of your workplace. Avoid words like “guru”, “ninja”, and “wizard.” Skynova found that job seekers react negatively to these terms.
- Format: Make your job descriptions easy to read. Headers and bullet points are better for describing details such as responsibilities and requirements. This will make it easier to read the job description. A clear call to action is also important to help applicants understand how to apply.
Also read: Top 10 Hiring Platforms for Your Business
2. You must be intentional in your hiring process
A survey conducted by BambooHR found that 31% of workers quit within six months and 68% within three months. This high turnover rate can be reduced by ensuring that new employees feel connected to their jobs through strategic recruitment and onboarding.
Recruitment of employees
You can find out which job boards and websites are most compatible with your company and the employees that you are searching for. Referring employees is a great way to find reliable talent. To manage your talent pool, you can use applicant tracking systems or recruitment software. Additionally, if none of these work, you could use EOR or PEO for your company needs.
Interviews with employees
It is important to have a uniform and consistent recruitment process when hiring new employees. Your HR staff and hiring managers should be trained on how to conduct employee interviews. This includes what questions they are allowed and cannot ask. This will increase the efficiency and equity of your hiring process.
You are responsible for hiring even after you offer the job to an applicant. A comprehensive onboarding process is essential. It must review all paperwork, welcome and train the new employee, and then integrate them quickly into your organization.
3. Competitive compensation
While it is not the only thing that employees care about, a competitive salary should still be top of mind for job seekers when searching for new jobs. You must pay skilled workers what you think they deserve if you want to hire them. You can start by looking at the industry average for employee wages. Also, you can use salary benchmarks that are based on experience, location, and role.
Employees can be compensated for their hard work with other forms of compensation. Other forms of compensation include employee retirement programs, stock options, time off, and bonuses. A variety of compensation can make a job more appealing.
Also read: What Is a Bonus? Definition and Types
4. Create a comprehensive package of employee benefits
While you may only be legally required to offer a handful of benefits to employees (e.g., family, medical, health insurance, unemployment coverage, and workers’ comp), it is important to provide a comprehensive benefits package to attract the best employees. Employee benefits can be a great way for your employees to increase their health, well-being, and job satisfaction.
Five categories are the most popular: financial well-being and health, as well as professional development and diversity, equity, and inclusion. Make a benefits package with a combination of these elements.
5. Offer employee development opportunities
According to a Work Institute survey, employees are most likely to leave their job due to a lack of career opportunities. You must give your employees a clear path to their future development if you want to retain them. Every employee should have a career development plan that is specific to their interests and strengths.
These are just a few of the many ways that you can encourage career development.
- Set clear goals for your employees. Create a plan to help them achieve their career goals. To determine if employees are making progress toward their goals, measure it periodically.
Provide training courses. Offer online and in-person training opportunities to employees to help them learn and grow their careers.
- Create a mentorship program. You can identify less experienced employees with potential and pair them up with mentors to help them in their careers.
- Give stretch assignments. Challenge internal staff to complete challenging projects that are out of their comfort zones. This will increase their skills and confidence.
- Promote from within. While you may not always be able to find the perfect candidate from your current workforce, it is worth looking into hiring from within if a job becomes available. Cross-training programs can be created if you are certain you will need to fill the position in the future.
6. Recognize your employees
Let your employees know that you value them. This can be done by creating an employee appreciation program. While your recognition program should be fair for all employees, it is important to remember that not all employees are interested in being recognized the same. You should therefore be strategic in how you design your recognition program.
A points system is a way to create a unique employee recognition program that is meaningful and meaningful for each employee. Employees can earn points for achievements, and then use them to purchase the rewards that they most value (e.g. gift cards, company swag, or experiences). To find out what incentives motivate your employees, you can survey them.
7. Prioritize company culture
Employee satisfaction can be greatly affected by company culture. Many people desire to work in an inclusive workplace that values and celebrates diversity. All of this starts with the hiring process. Pay attention to who you hire. The company culture flows from the top and is influenced by the company leadership. If your team leaders are always late for meetings and speak negatively about staff members, then other employees will think it’s okay to do the same thing in the workplace.
8. Monitoring employee engagement and burnout
Employee engagement is key to employee retention. Employee engagement can help reduce turnover and absenteeism as well as improve productivity and morale. There are many ways to increase employee engagement, including encouraging open communication and feedback.
You want employees to be engaged and not experience workplace burnout. Sometimes, the most important employees are often those who have to do the most work. This can lead to fatigue, negativity, and lower productivity. Hire skilled temporary workers to help relieve stressed staff and support resource-intensive tasks.
Also read: 10 Effective Ways to Improve Employee Engagement
9. Communicate the mission and vision of your company
You can also attract and retain employees by clearly communicating your mission and vision statement. These are your company’s goals and values. People want to work in an organization they can identify with. They want to feel that they can trust the organization and that they are supported. It’s OK if not everyone agrees with your values and mission. This is why it’s important to communicate clearly your values and mission from the beginning so that you can create an environment where people truly support you.
10. Training your management team
Your company’s leaders must be trained in how to manage their teams effectively. This will make a significant impact on employee retention. Gallup actually found that 52% left employees claimed their manager or company could have prevented them from resigning.
These managers may have been thrown in the fire without the right tools. A Udemy survey found that 60% of respondents believe that managers need to be trained more and that 56% think that people are promoted too fast. Leadership training programs that are effective can help your employees develop their leadership skills and manage employees better, which will result in higher employee retention rates.