Building a workforce takes time, effort and investment, all of which can feel wasted if it’s hard to retain staff. Especially post-pandemic, individuals are much more willing to jump ship if better prospects come their way — one survey found that 56% of employees were actively looking for job opportunities this year while 36% were passively open to them. Your talent attraction plan is vital to bringing people into the business who are a great fit and likely to commit for the long term.
Why retention matters. High staff turnover can be incredibly costly and have an impact on community and culture within the business too. Losing top performers can impact on productivity and mean more resources have to be dedicated to recruitment. If your best staff end up at a competitor then that business will have key information about your systems and strategy. Plus, many of the best candidates look at a business’ retention rate when it comes to making a decision about which offer to accept.
The impact of a strong talent attraction plan. If your business is working from a robust talent attraction plan then you have the potential to attract the best performers to your business and to positively impact their decision to commit to your organization for many years. This initial connection that is made with talented people provides a firm foundation for retention, which can then be cemented by ensuring that you’re offering incentives that are designed to give people a reason to stay. For example, a lack of growth opportunities in a current role is one of the most common reasons why employees leave so ensuring that you have career development infrastructure in place will be vital.
What an effective talent attraction plan looks like:
- Demonstrates a values-led working environment. The best staff today care about the environment created within the business they choose to work, how employees are treated and what the business believes in.
- Competitive salary and benefits. There is no doubt that the financial reward available does have a role to play in the employer that a candidate chooses, and how satisfied they are likely to feel with what they receive in the longer term. Stay ahead of what competitors offer and survey existing employees to see how they feel about their pay and benefits right now.
- Professional development. Courses and training programs offer employees the chance to learn new skills and acquire more experience. This is positive for their own personal growth and also the impact that they can have on the business.
- A strong company identity. Identity and company culture can make a big, lasting impact on candidates, especially Millennials who now make up around 75% of the workforce. Take the time to identify and communicate what underpins your business so that you’re attracting staff who are a great fit. Improving retention rates in the long term starts with a solid and well thought through talent attraction plan.