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Due to today’s tight labor market, this question is currently top of mind for every leader.
Whether you’re just starting out or are an established business, one of the most important components to success is having a team of talented individuals who can carry out your mission.
But how do you attract and retain these top-tier employees? In this article we will break down:
- Why attracting top talent is critical
- Why retaining top talent is crucial
- 5 effective strategies to attract top talent
- 5 effective strategies to keep top talent
Let’s dive into how your company can bring in and keep the best of the best.
Why Attracting Top Talent Is Critical
Attracting top talent helps you achieve a competitive edge (2).
It gives your team access to the best skills and expertise. Additionally, top talent increases your ability to develop innovative products, efficient processes, and effective strategies that will give you a unique advantage over your competitors (3).
These factors create a major win-win: a healthy work environment and a competitive advantage (4).
Why Retaining Top Talent Is Crucial
There are so many benefits to strong employee retention. Top perks include:
- A wealth of experience, creative thinking, and problem-solving abilities
- Reduced attrition costs
- Improved employee morale
- Higher productivity
- Greater overall performance
Keeping top talent thriving at your company ensures you have access to the best resources available, and keeps you ahead of the competition. It’s a crucial factor for overall long-term success.
5 Strategies to Attract Top Talent
1. Offer Competitive Compensation
Money matters. To attract top talent, it’s important to offer competitive compensation packages that meet industry standards. However, salary isn’t everything – giving employees access to other benefits such as health insurance, retirement plans, or childcare can be just as enticing (5).
2. Have a Compelling Company Mission and Vision
People want to work for companies they can get behind (5). Leaders who understand the power of their mission and have the courage to create positive change will always be at an advantage when it comes to attracting top talent.
3. Prioritize a Positive Work Culture
A company’s reputation is deeply impacted by how it treats its employees (2). Nowadays, potential candidates can easily search for reviews on sites such as Glassdoor to see what previous workers think of their experiences. A single negative review can be enough to push them away (2). It’s essential for leaders to create an environment of trust and positivity that everyone wants to be a part of.
4. Focus On Work-Life Balance and Well-Being
People want an employer that promotes and provides a level of work-life balance. This allows employees to maintain a healthy lifestyle and have time to enjoy their lives outside of work without sacrificing career progression (5).
5. Lead Effectively
To attract top talent to your company, it’s important for managers, supervisors, and leaders to lead with character, competence, and composure. This will help build trust from those around you that you can do the right thing, do things right, and set the right tone. Strong leadership skills are invaluable for any organization looking to make an impact in their field and stand out from the competition.
5 Strategies to Keep Top Talent
1. Provide Employee Development Opportunities
According to a recent Work Institute survey, lack of career development opportunities is the number one reason employees leave their jobs. To keep your best team members around, offer them clear paths for career growth and create individualized plans tailored to their strengths and interests (3).
2. Empower Your People by Allowing Freedom and Autonomy
Empower your employees by allowing them to be innovative and own their role in tackling your biggest challenges. This will create an engaged workforce, who will stay for the long term and make meaningful contributions to your business.
3. Promote Flexibility and Work-Life Balance
Offer your employees flexibility through remote and flexible work arrangements (3, 6). Recent research indicates that flexible work arrangements result in employees working more and being more productive. Foster an environment where employees can find meaning and purpose beyond their work to create a sense of fulfillment and encourage loyalty while productively contributing to your company’s mission.
4. Recognize Your Employees
Show your employees appreciation by recognizing their contributions and hard work. Doing so will boost morale, encourage loyalty, and help you retain top talent as they feel valued and appreciated (2, 3).
5. Train Your Management Staff
Good managers can have a powerful impact on employee retention. According to Gallup, 52% of departing employees said their manager or organization could have done something to prevent them from leaving (7). Provide your managers with effective leadership training to build their skills and help them lead effectively (3).
A strong team of talented individuals is essential for businesses to reach their goals.
By employing the right strategies to attract and retain top-tier employees, businesses can be certain that their team will be able to help propel them toward success.
Grow Your Business With VPE
Vertical Performance Enterprises (VPE) offers specialized consulting services to help mission-critical leaders reach the highest level of success.
Whether you are working on strategy, change management, or leadership development, VPE can provide the guidance and support you need to drive your team in the right direction. Take action now and join us in our mission to help you create world-changing impact.
- CIO, Employee Retention: 10 Strategies For Retaining Top Talent
- Growth Space: Employee Retention
- Business News Daily: 10 Ways to Attract and Retain the Best Employees
- Beehive: Strong Organizational Cultures Attract and Retain Top Talent
- Gallup Workplace: The Top 6 Things Employees Want in Their Next Job
- Forbes: Why Flexible Work Boosts Employee Productivity
- Gallup Workplace: This Fixable Problem Costs U.S. Businesses $1 Trillion