You can’t afford to hire the wrong talents and lose quality ones if you are looking to grow a thriving company. An employee leaving will cost the company 33% of their salary. Also, the average cost of a bad hire ranges from $17,000 to $240,000.
This means hiring qualified talents and keeping them is essential. The higher the quality of talent acquisition and retention, the easier it is for the company to grow.
This article is for business owners and hiring managers looking to make better hiring and retention decisions.
Top strategies to hire and retain quality talents
Every business should adopt ten practical steps to attract quality talents and keep them. Let’s examine them below:
1. Track your cost per hire
Cost per hire is the total of all recruiting expenses divided by the number of hires in a specific period. Calculating the cost per hire allows you to track the success of your recruiting process, discover areas that need improvement, and track your budget.
The insights provided allow you to identify what’s working and what isn’t. This way, you can adopt new strategies and eliminate ineffective procedures to gain and keep quality hires who will contribute to the organization’s success.
So, learn how to manage your cost per hire to evaluate the recruitment process. You can also assess your cost per hire using other similar metrics. For example, you can check if the quality of hire decreases when the cost per hire reduces.
2. Create a detailed career page
The career page is a critical part of the hiring process. It is where top talents go to know if there are vacancies in their dream companies. It is also where they visit to learn more about the company’s culture and benefits, etc.
So, think of your career page as your company’s image and the opportunity to set the right impression. Essentially, it should have the following elements:
- A description of your company’s culture
- Perks of working in your organization
- Growth opportunities available
- Recent pictures of the team
- The company’s mission, vision, and values
Job board applicants are 23 times more likely to be hired. They are more likely to be in tune with your company’s culture and values, so they have a higher chance of being hired and staying longer in the company.
Including your company’s culture, mission and values are a surefire way to attract people who share similar interests and value with your business. Also, it’s an excellent way to leave out those whose values do not align with yours. So, invest quality time into including these essential details on your career page.
3. Create employee testimonial videos and encourage them to write reviews on the career page
New applicants are more likely to trust employee reviews. After all, there’s a higher chance they will enjoy their stay if the current employees have good things to say about the company.
So, encourage workers to share their experiences with your organization on the career page. It could range from a positive culture to specific perks and a supportive team. Every detail counts, so let employees share their high moments in your company on the career site.
Also, since 95% of viewers retain a message when they watch a video than read a text, let workers create short videos narrating their experiences. You can then share these videos across several platforms, from your career page to social media platforms, website, etc.
Employees’ testimonials are vital to building trust with new applicants because they serve as social proof. Potential hires will have a snapshot of how it feels like working in your organization, increasing your chance of attracting qualified hands.
4. Create a clear and detailed job description
As basic as this is, a job description goes a long way in determining the quality of your hires. Making it clear, precise, but detailed will facilitate a more straightforward recruiting process. It ensures you and the applicants are on the same page, preventing miscommunication and eliminating bad hires.
So, state the unique responsibilities of each role clearly, communicating what they are expected to do. It should give them an overview of the position, requirements, and qualifications. This may include education, certifications, work experience, technical skills, etc.
The best job description processes attract quality talents. Applicants can consider the job demands and apply if they are the best fit. This ensures only qualified candidates are hired, improving the quality of hires and retention.
5. Streamline the recruiting process
A seamless recruiting process is crucial to hiring top candidates. If the hiring process is slow and cumbersome, their enthusiasm for the position will fade, and they will likely go for companies with a straightforward hiring process.
So, it’s best to streamline the activity as best as possible, from application to interviews and recruitment. Make application forms clear and brief, create accessible communication platforms, and carry applicants along.
Additionally, a time-consuming recruitment process will make hiring managers spend more time recruiting, slowing down organizational productivity. You can adopt recruitment tools to make the process more efficient. For example, a professional staffing service can have candidates ready in days with streamlined communication and documentation processes.
Consider also utilizing the right tools and platforms, which can significantly enhance your recruiting efforts. Applicant tracking systems (ATS), for example, can help you manage resumes and applications, ensuring that no promising candidates slip through the cracks. Video interviewing platforms allow for efficient initial screenings and enable interview panels to collaborate seamlessly, no matter where they’re located. Integration of the right recruitment agency database software can significantly streamline the recruitment journey and help your organization stay ahead in the competition for top talent.
6. Create an efficient way onboarding process
Attracting and retaining quality talents doesn’t stop after you’ve hired them; the onboarding process must be seamless. 70% of employees who have exceptional onboarding experiences say they have the best possible job, revealing that an efficient onboarding process can improve job satisfaction.
Give new members a warm welcome into the organization. Also, extend the onboarding process so it doesn’t overwhelm new employees.
Investing in communication and engagement can enhance the experience by 83%. Therefore, hiring managers should also stay in frequent contact with new candidates and provide quick answers to any questions. You can create a knowledge management software containing new employees’ most frequently asked questions. This way, they can find answers quickly and independently, facilitating the onboarding experience.
7. Offer career development opportunities
Top talents want to work in an organization that helps them grow; there’s a 94% chance employees will stay longer in an organization that invests in their careers.
Also, workers with access to career development resources are 15% more engaged. So, ensure the job roles, work environment, and policies allow them to advance in their careers.
Offer tuition reimbursement programs, provide educational training, and encourage employee professional programs. These may include online training sessions and webinars, coaching and mentorship, and tasks that challenge them to be better.
Doing this will prove you are concerned about their growth, boosting engagement and loyalty to your company.
8. Provide employees benefits and rewards
Qualified employees seek organizations where they will be significantly compensated and recognized for their hard work. Companies rated highly on compensation and rewards enjoy 56% lower turnover.
Besides salaries, offer members specific employee benefits that will make them feel valued, including health, wellness, and career development perks.
Also, you can give employees discounts when using the company’s services or free coffee at work. No matter what the perks are, offering benefits and rewards shows employees how much you care about making their lives easier.
Additionally, employee recognition is most important to 34% of employees, so keep track of their performances and give positive feedback for their hard work. Use the companies’ platform to showcase and appreciate their achievements and give out prizes to encourage them.
Employees do better when they are appreciated, improving their productivity and workflow. Also, they will keep working in your organization because their interests are covered, promoting retention.
9. Encourage healthy work-life balance
A healthy work-life balance is necessary for quality recruitment and retention. It is among the top features many candidates are seeking to join and stay in a company. 72% of people say if they are looking for a job, work-life balance is something they will consider.
It enables workers to combine work with other responsibilities, boosting satisfaction and fulfillment. It is also an excellent way to prevent burnout so that employees can meet expectations.
Promoting flexibility is one of the best ways to enable a healthy work-life balance in your workforce.
For example, offer flexible working hours, include vacation periods during the year and prioritize their health and wellness. Additionally, encourage them to set boundaries between work and home hours and enable breaks between work hours.
- Create an inclusive work culture
Diverse companies enjoy 2.3 times higher cash flow per employee than companies without an inclusive work culture. People want to feel accepted in organizations they work for, making an inclusive work culture an essential criterion on the top hires checklist. Your work culture should accommodate people of different backgrounds, ethnicity, and race.
So, acknowledge differences, listen to employees at every level, and make objective decisions. Doing this promotes diversity and makes everyone feel like a part of the company. It also facilitates engagement, and job satisfaction, reducing turnover.
Hiring and keeping quality hires is essential for all organizations looking to grow. It prevents loss and additional expenses. It increases productivity and workflow, among other advantages. Adopt the tips discussed in this article to improve talent acquisition and loyalty.
Lydia Iseh is a writer with years of experience in writing SEO content that provides value to the reader. As someone who believes in the power of SEO to transform businesses, she enjoys being part of the process that helps websites rank high on search engines.