retention is the new recruitment
You’ve invested significantly in your talent acquisition team, employer branding projects and recruiting technologies, but finding great talent is becoming more and more difficult. With talent scarcity on the rise, you’re seeing roles go unfilled for longer periods of time, resulting in missed business opportunities for your company. But there’s a better way to make sure you have the workers needed to drive growth, and that’s to retain the people you already have.
unemployment declining around the world
In the U.S., EMEA and Asia regions, unemployment is on the decline. That should have you worried. Competitors are on the hunt for skilled workers, including yours. This is why more than ever retaining your employees is both a cost- and time-saver. According to TLNT.com, the real cost of replacing a high-level worker can be 400% of the role’s salary.
engagement is key
The same effort you put into building an engaging employer brand should also apply to retaining your workers. Emphasising the employee value proposition, the enforcement of company culture and recognising the contribution of individuals are all steps you should take to assure engagement. Beyond these considerations, there are other measures you should put in place.
assess the risks
Do you know which great workers are at risk of leaving? Identify the employees most likely to leave, and address their career needs before this happens. Fortunately, you have access to many tools to help with the task. Increasingly sophisticated performance management tools help you easily hone in on top performers. Leverage training and development platforms to support their career progression. Make sure you provide a view of the way forward in your organisation.
know the market
Is your salary planning based on current and relevant market data? Make sure your company remains competitive during these dynamic times by regularly determining competitive pay levels for those critical roles. Don't make it easy for business competitors to poach your employees simply because your data is outdated.
emphasise the intangibles
Sometimes it’s not just about the money. Softer benefits, which seems to be all the rage these days among technology company, can offer a powerful reason for your workers to stay put. Free meals, concierge services, unlimited vacations (within reasons) and on-site childcare are all becoming more common in the workplace. The price tag of maintaining any of one of these perks may be significantly less than recruiting a bunch of replacement workers.
As you grapple in this talent-scarce era with longer with longer fill times, don’t neglect your existing workforce. It will have a long-lasting impact on your company’s ability to compete.