How to effectively attract and retain talented employees
Acquiring well-rounded and competent talents may be relatively easy. All you need to do is offer a competitive package. Retaining these talents, however, is an altogether different story—one that requires a calculated approach to talent acquisition.
Losing valuable employees can cost as much as twice their salary. Moreover, high turnover rates can also have other repercussions around the workplace: a decline in team morale, lower productivity, and a decrease in engagement. So, what makes employees leave despite the attractive benefits? As it turns out, it is not all about the money.
While salary remains the top factor that attracts seasoned management candidates to a post, JobStreet’s Laws of Attraction study found out that mid-management talents appreciate certain flexible arrangements. These include additional leave days for children’s birthdays (31% appreciate this) or sick family members (37% prefer this).
Knowing what motivates your talents in the workplace not only makes them stay in your company; it also allows for high productivity levels, a happy environment, and a healthy company culture. Here are tips on how to retain talented employees in your organisation.
1. Fine-tune your recruitment process
High employee retention rate starts with the recruitment process. No matter how well-qualified a candidate is on paper, friction is bound to happen when an employee’s character and your company’s culture clash with one another.
Before posting a job ad or reaching out to potential talents, identify the company values you want to prioritise. Use these values as part of your checklist for the entire talent acquisition process—from shortlisting potential hires to conducting interviews and even employee evaluation.
Understand that creating an effective and positive work culture starts from hiring. A candidate’s disposition and ability to adapt to the nature of your workplace play a huge role in determining whether he or she will be an asset to your company in the long run.
2. Address the needs of employees in different life stages
Just as employers have only learned to adjust to Millennials in the workplace, Gen Z candidates are now populating the talent pool with their own distinct set of values and preferences. Younger talents are understandably at different life and career stages compared with their senior counterparts, and are thus motivated by different factors at work.
The Laws of Attraction study surveyed management talents across different age groups on the top three qualities that drive them most. Candidates in senior and junior levels all ranked salary or compensation as number one, with senior managers ranking career development and opportunities as second. Meanwhile, junior candidates consider work-life balance as another attractive benefit.
3. Create more learning opportunities
Lack of career advancement opportunities is one of the common reasons why employees decide to head out the door. Therefore, ensure that your company provides continuous learning programs such as supplementary skills training and subsidies for seminars. Have a solid career development and promotions system as part of the company benefits.
4. Make it personal
The key to a high employee retention rate is not a one-size-fits-all. Rather, you can address the needs of your talents across the board by adding a personal touch to your talent management strategy. Understand your employees’ goals in their respective professional and personal lives. Learn to identify their individual strengths and weaknesses, as well as opportunities and threats in your organisation.
Having a strong talent acquisition strategy is the key to ensuring high talent retention rate. It is also imperative to make sure your organisation is able to adapt to certain changes in your industry and the overall business landscape.
Allow JobStreet’s Talent Search to help you with your recruitment needs. Talent Search’s integrated sourcing provides immediate talent recommendations once you post a job ad, making the shortlisting process quicker and easier. For more expert insights and helpful tips on hiring talents and growing your team, visit the COVID-19 Jobs and Resources Hub.
At JobStreet, we believe in bringing you #JobsThatMatter. As the number 1 Talent Partner in Asia, we connect employers with the right candidates who truly make a positive and lasting impact on the organisation.
Discover Jobs That Matter. Visit JobStreet today.
About SEEK Asia
SEEK Asia, a combination of two leading brands JobStreet and jobsDB , is the leading job portal and Asia's preferred destination for candidates and hirers. SEEK Asia’s presence span across 7 countries namely Hong Kong, Indonesia, Malaysia, Singapore, Thailand, Philippines and Vietnam. SEEK Asia is part of the Australian Securities Exchange-listed SEEK Limited Company, the world's largest job portal by market capitalisation. SEEK Asia attracts over 400 million visits a year.
About SEEK Limited
SEEK is a diverse group of companies, comprising a strong portfolio of online employment, educational, commercial and volunteer businesses. SEEK has a global presence (including Australia, New Zealand, China, Hong Kong, South-East Asia, Brazil and Mexico), with exposure to over 2.9 billion people and approximately 27 per cent of global GDP. SEEK makes a positive contribution to people’s lives on a global scale. SEEK is listed on the Australian Securities Exchange, where it is a top 100 company and has been listed in the Top 20 Most Innovative Companies by Forbes.