Anne-Marie Saint-John, Alva, Long Island City, NY >
While some people believe a high salary and attractive compensation package are both key to landing the best talent, there are many other things to consider. Sure, a great compensation and benefits package is going to help you attract good employees, but on its own, it won’t guarantee their retention.
When you consider the cost of recruitment, set-up, equipment, and training, finding ways to not just attract but retain that talent is key for the ongoing success of your business. In this post, we wanted to offer some practical steps to help you create a company culture that fosters loyalty and supports your team and your customers in the best possible way.
#1 Review Your Hiring Process
The hiring process isn’t just about checking cover letters and verifying resumes; it’s about understanding the company’s needs and matching them with people who will not only meet the requirements but will add value to your team.
How do you find the right employees?
The answer to this question will vary according to the needs of the company. For example, an engineering company may be looking for people who are also good at public speaking and have a technical degree, while an art gallery may be looking for people with a humanities background and who can demonstrate critical thinking skills.
Key to this process is to ensure your business has established the company’s mission and values. It is important to understand who you are, what the organization wants from employees, and the process by which to determine whether a candidate is suitable or not. Company culture is another key consideration outside of skills and experience. While it’s hard to convey during a single interview, it’s important to have a definitive understanding of your business culture and discuss it with the candidate during the interview process. Being authentic and transparent are both essential.
#2 Diversity Can Undoubtedly Strengthen a Team
A report from McKinsey supports the notion that diverse teams are likely to deliver 35% better results. Diverse teams also have a tendency to be better able to deal with any challenges thrown at them, they’re stronger, and they bring together different perspectives that ultimately help businesses support, serve, and deliver great services or products to a broad audience.
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#3 Foster a Culture of Learning and Personal Development
Generally speaking, you will find that the things that work well for attracting talented employees also support their retention. Providing your employees with a training plan is a great way to prove to those who are in the hiring process that you care about their development. It shows that you are willing to invest in helping them do their best.
Even for those who are not necessarily too concerned about career paths or promotion to management, nowadays, helping individuals improve their skills and develop their own roles is a real advantage. It raises the bar, and individuals who feel they’re getting something of value look to give back that value to the company and try to continuously improve the quality and level of their work.
#4 Career Potential and Prospects
A genuine interest in a candidate’s ideal career path can go a long way. If the individuals are successful and you hire them, it is good to have discussed their prospects on some level during the interview stages. Always make sure their line managers understand their desire for progress so that the managers can use it in personal development plans. Such a small thing – showing them that the company cares about their future – can go a long way in gaining good employees’ loyalty and tenure.
#5 Employee Benefits and Company Perks
Gone are the days when standardized medical care, parenting vouchers, and holiday packages were enough to attract a person to work for a company. While these benefits are still incredibly important, they’re also to be expected. If you want to attract the best talent to your business, you need to provide better than average benefits. Now, this doesn’t mean they need to have a huge price tag, but it does mean you need to be different.
In terms of employee benefits, working from home and flexible working are the two main advantages. Allowing employees who have the ability to perform their work remotely the opportunity to do so can increase productivity and morale. Sustainability is another huge motivator, and it’s something people consider when choosing whether or not to work for a company.
Most people have come across the term “duvet days” before, but some organizations are pushing the boundaries by offering creative perks such as days when you can bring your dog to work, free breakfasts, free childcare services, gyms in the workplace, etc.; these all add more value to the package and help companies stand out in a highly competitive market by offering superb perks for their staff.
Hiring wisely is one of the most direct ways to build a company’s success. Choosing candidates based on their experience and skills alone is not enough to ensure you get the best talent for your company; hiring managers need to dig deeper and pay attention to matching the company culture to the individuals they hire.
Look for the most capable candidates – people whose brilliance exceeds your own. Use the power of the company network, and request referrals from your existing team to bring even more talent to your door. If you don’t have a proper referral plan, then it’s worth considering. It can help you find the needle in a haystack you have been looking for much faster than you would be able to independently.