The Secrets to Attracting and Retaining Top Talent: Keeping Your Best Workforce Engaged
What’s the key to attracting and retaining top talent? It’s a question that all business owners ask themselves at some point. The answer is actually quite simple – you need to offer your top performers something they can’t find elsewhere. Money is always a factor, but it’s not the only thing that matters.
A top-notch workplace, competitive benefits, and career advancement opportunities can all help to keep top talent happy and engaged. In this blog post, we’ll discuss some of the secrets to attracting and retaining top talent in your industry! Keep reading.
Having the créme de la créme at your business can be an infamous quest! First, there is the challenge of attracting the best pool of talent, then there is the trial of making them stay. It’s an issue that top managers and business owners grapple with every time a hiring process comes up.
However, what’s considered a top-talent employee? And more important, how can you identify an employee that can become a top talent? Stay with us, we are telling you everything about it!
The Profile of a Top Talent Employee
The characteristics of a top-talent employee can vary from one industry to another, yet science can offer a good standard when identifying one. Let’s review it!
According to the HR guide to identifying high-potentials, three attributes distinguish a HiPo (high potential) employee as a high performer who can rise and succeed in more senior, critical positions:
- Aspiration – The drive to reach top levels of performance.
- Engagement – A willingness to invest considerable effort in the job, over a long period of time.
- Ability – To take on more responsible and senior roles effectively.
A top talent is a top performer who stands out from the crowd in terms of skills, knowledge, and experience. They are highly motivated and dedicated to their work, as well as creative problem-solvers with strong communication skills.
A high-performing employee can increase the productivity of an entire team by 5-15%
The top talent is out there, but to find them and retain them you have to be proactive. Here are some methods you can use to make sure that top talent finds its way into your organization:
The Secrets to Attracting and Retaining Top Talent
Decades ago, businesses believed that money was enough to keep their employees happy, especially those high-demanded ones, but surveys say otherwise. The top talent you want to attract is looking for more than money, let’s discover what they really want!
The 2019 CNBC/SurveyMonkey Workplace Happiness poll of nearly 8,000 members of the workforce found that 35% say “feeling that your work is meaningful” is the most important factor in their overall happiness at work. Below, you can see the rest of the items:
As this comes as truth, let’s go over the strategies you can implement to attract and keep top talent staff in your company!
Hire with Purpose: Write a Good Job Description
The process of writing and outlining a job description may seem like a formality, but it is actually one of the most important steps in the hiring process. A well-written job description will help attract top-talent employees and give you a better chance of retaining them.
Top-tier employees are usually experienced and in demand, so they will have plenty of options when it comes to choosing a job
To stand out from the competition, take the time to clearly articulate the duties and responsibilities of the position, as well as the skills and qualifications that are required. By doing so, you will increase your chances of attracting top-talent employees and keeping them on your team for the long term.
Check below the Dos and Don’ts of writing job descriptions:
Offer Competitive Compensation Packages
Yes, we know money isn’t that important, but it is still relevant if you want to attract and keep your top talent.
Top talent employees are very aware of what other companies are offering in terms of salary, bonuses, and benefits. If they feel that they are not being adequately compensated, they will look for employment elsewhere.
A competitive compensation package is a benefits package that includes not only wages or salary, but also health insurance, paid time off, and retirement savings plans
The goal of a competitive compensation package is to attract and retain the best employees by providing them with a total rewards package that is competitive with other employers in the same industry. This package helps you to save money in the long run and will also help you to improve your company’s overall performance.
To offer competitive compensation packages, you will need to research the salaries of top-talent employees in your industry. You can do this by consulting with human resources professionals or by conducting your own research online.
Once you have an idea of the going rate for top-talent employees in your industry, you can start creating competitive compensation packages that will attract these top employees to your company.
Show Them a Clear Path for Career Advancement
Most employees want to know that there are opportunities for growth within the company and that they will receive rewards for their hard work. For high-performers, having the opportunity to reach senior/leading roles is crucial.
By offering a clear path for career advancement, you are showing top-talent employees that your company is invested in their future and growth. You can also create individual development plans to help top-talent employees track their progress and identify new ways to develop their skills and abilities.
Outlining a clear career path can help to attract new job applicants who are looking for stability and opportunity
When writing job descriptions, be sure to include information about how the position can lead to future advancement. By providing a clear path for career advancement, companies can ensure that their employees are happy, engaged, and motivated to do their best work.
Create a Great Workplace Environment
If you keep wondering how significant workplace culture is, don’t wander on it too much because it is! According to 2019 MetLife’s 17th Annual US Employee Benefit Trends Study, 90% of employees and 79% of employers believe workplace culture is important to employees.
Creating a great work environment is essential for any company that wants to attract and retain top talent. In the physical aspect, there are a few key elements that should be included in any great workplace environment.
- First, the physical space should be well-designed and comfortable, with plenty of natural light and ample storage.
- Secondly, the workspace should be stocked with top-of-the-line equipment and technology. This means ensuring that computers and other devices are kept up-to-date and that employees have access to the tools and resources they need to do their jobs effectively.
- Finally, the physical environment should also be inviting and inspiring. Adding plants and artwork or incorporating bright colors can create a welcoming atmosphere that will attract top talent to your company.
In addition to having the right physical elements in place, companies should also focus on creating an inclusive culture where top-talent employees are valued and respected.
The company culture should be positive and supportive, with clear communication channels and good peer-to-peer relationships. Almost everyone wants a free-of-drama office! By creating a great workplace environment, companies can encourage employees to stay with the company for the long term.
Foster a Culture of Recognition
In today’s competitive job market, it’s more important than ever to have an employee recognition program in place. Employees want to work for companies that value their contributions and show appreciation for a job well done.
69% of employees would feel more productive if they get to be appreciated!
How? There are several simple ways to foster a culture of recognition!
For example, managers can make a point of regularly thanking employees for their hard work. They can also give out spot bonuses or awards for exemplary performance. In addition, they can create opportunities for employees to be recognized by their peers, such as through nominations for Employee of the Month.
By taking these steps, companies can create an environment where employees feel valued and appreciated, making them more likely to stick around for the long term.
Offer Flexible Working Options
Flexible working options are a key driver of employee satisfaction and can be a major factor in attracting and retaining top talent. By offering flexible working options, businesses can adapt to the needs of their employees and provide a work-life balance that is essential for a productive and engaged workforce.
In addition, flexible working arrangements can help to boost morale and employee retention, as well as improve productivity levels. By offering employees the ability to work from home, start and finish times that suit them, and various other flexible options, businesses can create an environment that is conducive to a happy and healthy workforce.
Encourage Top talent To Give Back
Establishing a culture of volunteering and philanthropy in the workplace gives talented individuals an opportunity to become mentors in their community, dedicating their time and energy towards meaningful projects that improve the lives of those around them.
Encouraging such involvement not only allows employers to attract passionate candidates with impressive skills but also helps instill values of social consciousness and global responsibility into their organization.
By encouraging top talent to give back actively, employers can build a productive team that is driven by meaningful values
Besides, if we part from the thought that every high-performance employee started as an amateur, your current top-talent staff can help you leverage the whole team!
Implement a Mentorship Program
By assigning top-performing employees as mentors to newbies, employers are not only ensuring the successful onboarding of inexperienced staff, but they are also creating an atmosphere that is conducive to both learning and growth.
Such initiatives will help attract and retain top talent while nurturing a company culture whereby team members can use the collective knowledge and experience of the group for maximum benefit.
Implementing a mentorship program should be considered a must for any employer who is intent on making sure the newest members of their team have access to the best advice from their most dedicated veterans.
Shaping Your Own Top Talent: Best Practices
As physics says: matter cannot be created or destroyed, but it can be transformed. We can use this premise for your staff too! What if you have been looking outside your company for excellent employees, but you have them right in front of you?
As businesses know, excellence can come from an individual when they are provided with a conducive working environment
Shaping your own top talent should be every company’s goal. It requires thoughtful planning, dedicated communication, and a unique approach to attract and retain the best employees. To shape your own top talent in-house, employee engagement is key.
Companies should identify the growth potential within their existing staff and enable them to use their current knowledge as well as develop new competencies among colleagues, resulting in improved top performance by providing opportunities for them to make active contributions.
By nurturing the skills of existing staff instead of searching externally for new hires, companies can save on onboarding costs while simultaneously creating a shared sense of accomplishment and increased job satisfaction!
Final Considerations
Attracting top talent and retaining top performers is essential for the success of any business. Companies should focus on creating an environment that encourages learning and growth, providing flexible working arrangements, inspiring team members to give back to their communities, implementing a mentorship program, and nurturing top talent from within.
Through these core strategies, companies will be able to attract top talent and retain top performers, helping them achieve their goals. By implementing these techniques, businesses can ensure they are on the right track when it comes to staying at the top of their industry.
At Monitask, we are constantly working towards giving you the best, most accurate information and top advice to ensure that you and your team thrive. Visit our blog post archive for more information!
-The Monitask Team
