Besides attracting top talents – retaining them is one of the vital HR operations to make a business thrive and stay at the competitive edge. In the highly competitive job market, an employer’s ability to employ highly qualified professionals is likely to determine a company’s overall performance. According to Charles Spinelli, strategic planning and adopting them for talent retention is a collaborative responsibility of both the management and HR team. To ascertain the organization stands apart, HR needs to offer an atmosphere that fosters growth, provides opportunities, and values contributions that skilled professionals seek. Spinelli considers that to achieve the goal, HR can undertake the following strategies.
Offer Growth
To attract top talents, make sure to emphasize scopes for career progression and professional development. Talented employees seek employers that not only offer lucrative job opportunities but also a promising career path for professional development. HR and management need to ensure that the business has adequate structure and opportunity for career advancement and also need to sponsor advanced training programs enabling employees to acquire skills to offer them a scope to assume more significant responsibilities.
Competitive Pay
The compensation package is undeniably a vital aspect when it comes to the decision-making process of candidates. To retain top market talent, make sure to provide competitive salaries alongside attractive benefit packages that not only match but also and greater than the industry standards. Even though, salary is vital, never overlook the vitality of comprehensive benefits, such as health insurance, retirement plans, life insurance, and childcare along with perks such as flexible work hours, remote work or hybrid work facility, wellness program, etc.
Recognition Programs
Integrating recognition programs for employees can be a brilliant strategy to boost retention of employees by making them feel valued, esteemed, and appreciated. Make sure to acknowledge the achievements of employees publicly like ‘employee of the month’ and consider providing the performers tangible rewards like gift cards, personalized gifts, and special incentives for their great contribution. As employees find their performance and best endeavors are noted and appreciated, they are more possibly to feel happy with their jobs and wish to stay longer with the company.
Engaging Culture
An inspiring and dynamic corporate company culture has the potential to draw top talents. Charles Spinelli considers that it has become vital for a business’s culture that embody values that resonate with the caliber of talent, the employer is desirous to bring to its board such as innovation, teamwork, and integrity. Showcasing the business’s culture via different channels, such as corporate events, and social media is a great approach to let potential candidates gain an insight into what it would mean for their future prosperity to be a team member of the company.
Flexible Work
Bringing flexibility in work arrangements has become a trend in corporate businesses to drive highly skilled professionals. By introducing opportunities like flexible schedules, and remote work a company can not only distinguish itself from the masses but also boast that it values the importance of having work-life balance in professional lives. By addressing the different needs of potential candidates, not only businesses can attract but equally retain talent who are the backbone to make a business thrive.
Apart from the above, there can be different other strategies that HR can implement to draw and retain talents on the board. This also lessens the rate of skilled employee turnout, which can be costly for a company’s growth.