In a recent survey, nearly 40 percent of employers expressed concern that they would lose top talent as the economy continues to recover and people are less hesitant to make career moves. The average attrition rate worldwide is 15 percent, with related costs ranging from $25,000 to more than $3 million per employee.
How can you source, recruit, develop – and hold on to – your superstars?
Hire for Retention
To optimize your hiring process, you should always be recruiting. Keep your networking radar programmed, even if you don’t have any current openings.
- Make talent management part of the job requirements for your senior leadership and top-performing team members. When you interview a candidate, take a 360-degree approach. Involve not only the person to whom they would report if hired, but also potential direct reports and colleagues who hold similar responsibilities.
- Actively listen to candidates. Ensure that their goals, values and vision align with yours.
- Never cut corners. Thorough resume review and careful vetting are critical to successful long-term hires.
Perfect Job Descriptions
A well-written, updated job description enables prospective employees to understand the responsibilities, requirements and scope of a position. It’s a vital resource in ensuring that you avoid costly recruitment mistakes.
- Make job descriptions available early on in the hiring process. This gives candidates ample time to self-eliminate if they don’t see a good match.
- Clearly delineate job functions. Identify up to ten tasks and briefly describe each one. Add three or four key performance indicators so prospective hires have a sense of how the position contributes to business success.
Hire for Attitude
While you can train for specific job skills, innate qualities like passion, motivation, integrity and enthusiasm can neither be taught nor bought. Hire candidates with potential who can be molded into your culture and grow along with your organization.
- Look for a natural sense of curiosity. High-potential candidates are full of questions about your company’s mission, vision and direction, and they have the positive attitude and optimism to help drive results.
Nurture Your Team
Starting with onboarding and lasting throughout an employee’s tenure, treat them like the valued asset that they are.
- Offer ongoing growth opportunities. If a person feels like they’re in a dead-end job, they quickly lose their sense of ownership. Thus begins a downward spiral that erases ambition, productivity and finally, profitability. Twenty-one percent of respondents to a recent survey said they would be incited to stay at their company if their employer were to “carve out a specific career path for me and promote more.”
Keep employee rewards programs in the forefront.
- Practice appropriate recognition. Even a verbal “thank you” conveys to a person that management values their contribution.
- Make it public. Start with senior leadership and involve all key stakeholders in recognizing and rewarding successful achievements.
Keep a Pulse on Your Progress
Seek feedback from your current workforce on a regular basis. Make this the norm, not the exception, as you foster ongoing engagement.
- Start with attachment monitoring. During new hires’ first few months on the job, communicate with them constantly so you can diagnose any problems at the earliest possible point.
- Conduct stay interviews. Many companies regularly complete exit interviews, but fewer have a practice of dialoguing with A-level workers whose departure would have the greatest negative impact, should it occur. Stay interviews stimulate employees, lower emotions, and can garner excellent ideas for future business success.
Contact the workforce training and development experts at Employment Professionals Canada for additional resources as you hone your recruitment strategy for continued success.