Any organization’s success or failure indispensably depends on its workforce. The owner solely cannot take the company to heights and thus, on-boarding the right fit of people becomes inevitable.
Having a team of high potential employees is an asset for any company and the competition for top talent is greater than ever.
The high-potential hire can have an enormous impact on any business. As the company grows, the ideal employee may need to take on new responsibility and leadership, so hiring the right person is a worthy endeavor.
Identifying the right talent and attracting the same to your vacant opportunity is of utmost importance. Today’s workforce is open to experimenting and they are ready to spend time on settling down until they find their “cup of tea”.
Thus, for attraction of top talent from the industry, an organization needs to focus on how they sell the available opportunity in the job market.
It is important to consider the key things that candidates look for when choosing a new opportunity:
The Company brand: The position of the company in the market, the culture and atmosphere in the company is of great importance. The candidates want to know if the company is employee friendly and to what extent. The reviews about the organization, in general, are anyways available on websites and thus, it becomes easier for them to validate.
The Profile: The candidates would definitely be interested in having an in-depth knowledge about the key responsibilities of the role being offered and if his skills and talents would match the same.
Assets and Support: It is imperative for any employee to know the level of support available to them as well as the kind of resources that the company offers for the particular job role.
Ex-employees: A good way to determine where the particular job role may take you in your career path is to analyze how far the previous employees have progressed. The web has made the corporate world quite transparent which makes all this information readily available.
Flexibility: This is a fairly new clause but the current generation is highly inclined towards this trend. They want the flexibility of work and timings, this is the generation that more interested in having delivered productive solutions within deadlines rather than sitting at their desk and completing the shift.
Developmental opportunities: It is a necessity for any high-potential employee to grow as the company grows, thus opportunities for growth cannot be left behind. The chance to learn is as important as compensation, so emphasize opportunities to exercise leadership and take ownership of critical projects.
After having the suitable talent on board, the next step is retaining them. Retaining the top talent is definitely tedious but high turnover can be equally expensive since it would require initiating the whole recruitment cycle from the start, all over again.
These costs include candidate views, new hire training, the recruiter’s salary, separation processing, job errors, lost sales, reduced morale and a number of other costs to the organization.
Turnover also affects organizational performance. And low retention and attrition rates are definitely a morale booster for any organization.
Identifying and retaining the high performing employees is an ongoing process. Some of the programmes that may help employee retention –
Career Development- A well-defined career path within the organization should be offered, to motivate employees to remain in the organization in order to achieve their personal career goals. Through surveys and discussions, employees can better understand their goals for personal development. With these developmental goals in mind, organizations can offer tailored career development opportunities to their employees.
Building managers- Executive coaching can be used to build leaders and managers. Trainings can be useful in times of organizational change, to increase a leader’s effectiveness or to encourage managers to implement coaching techniques with peers and direct reports.
By implementing programs to improve work/life balance, employees can be more engaged and productive while at work.
Orientation and Onboarding- As they say- ‘the first impression is the last impression”. An employee’s perception of an organization takes shape during the first several days on the job and continues throughout their first six months, with 90% of employees still deciding whether or not to stay at the organization during this time. It is in the best in the interest of both the employee and the organization to impart knowledge about the company quickly and effectively.
Women’s Retention Programs- Encouraging women empowerment is always a positive step in maintaining a social name in the society. Programs such as mentoring and leadership development specifically for women can help retain top talent and decrease turnover costs.
Attraction and retention of top talent is vital for any organization to establish, perform and succeed within the industry.