It’s widely known that people are a companies’ most important assets. Even with the rise of technology and the age of information, companies are still benefitting from long-term employee retention.
The bottom line is that employee turnover is disruptive and expensive. The Society for Human Resource Management (SHRM ) reported that on average, it costs a company 6 to 9 months of an employee’s salary to establish the replacement. For an employee making $60,000 per year, it comes out to $30,000 – $45,000 in recruiting and training costs. High turnover rates can also impact company culture, productivity and engagement of the team as a whole, in addition to the overhead.
Employers of the most innovative and ambitious companies are starting to search for more than just talent. Top candidates fit within the company’s culture and are more likely to become loyal ambassadors. For a team of employees who feel engaged, fulfilled and committed to the organization’s long-term goals, the possibilities are endless.
Here are 5 ways to attract and retain top talent:
1. Put Your People First
Researchers agree that the best way to attract and keep top talent is to create a culture where your employees want to work. A culture in which people are motivated, supported and challenged every day. It’s been proven that happy employees work harder, improving personal productivity by 12% , while unhappy employees can be up to 10% less productive. If your employees are happy, it will radiate through the communications with your clients. Happy employees = happy clients, and that’s good for your bottom line.
2. Create Career Paths
Building an organizational structure that allows for career growth takes time and strategy. Being able to show candidates where they can go and how they get there is critical to both attracting top talent as well as retaining them. Companies also need to provide and invest in the right resources. By investing in your employees, you create an environment of support and encouragement that helps employees move up the professional ladder and produce higher-quality work. Common opportunities for professional development include conferences, education classes and training for certifications, but should be tailored to the position and based on the individual’s goals.
3. Promote Your Mission
Younger generations of workers are attracted to and want to understand the “why” behind an organization’s purpose. The mission and purpose must be evangelized from the top of the company and felt in every department and in every location. Purpose is what drives us to do great work. Not only does your company need to maintain clearly identified values, no matter their age or seniority, but every employee must understand his or her role in supporting the mission in order to achieve the collective results.
4. Foster A Culture of Innovation
As a company, it’s important to embrace technology, systems and new ideas to evolve work-flow. With so many brands competing for attention, it’s now more than ever, that creativity and innovative thinking are critical to a company’s success. When employees feel their ideas are valued and they are supported to try new things, they will be more engaged and develop a passion for brand. Keep in mind, innovation doesn’t happen in a vacuum. Building diversity into your teams brings new perspectives that make way for a culture of innovation.
5. Partner with A Specialized Staffing Company
Staffing companies, like TeamPeople , have deep pools of fully-vetted talent spanning across the country. They specialize in recruiting, hiring, onboarding and managing your staff. By tapping into their resources, a staffing company can help carry the burden of finding your employee’s replacement and reduce the time needed to fill the vacancy. The right staffing company should have experience in your industry and match for both talent and personality to ensure the best chance for long-term retention.
People – It’s in our name and it’s the core of our business. If your company is having trouble finding the right talent for your open positions, we’re here to help. Matching for both personality and skills, TeamPeople uses its ever-expanding database of over 40,000 creative and technical professionals to bring out the best in your team. Send us an email or get a quote from one of our talent advisors.