Any veteran business owner will tell you that, in the long run, what saves the most money is having the right people working in your company and keeping your turnover rate low. The employees who are happy with your business and value the work that they do will be the key to helping your company grow. Although keeping your talent in the office may appear to cost more initially, the value of work and the overall success from that work will far outweigh any increases in salary you may see. Training new employees can also become more costly than simply retaining your top talent, so to put it bluntly, it's a no-brainer.
Unfortunately, attracting the right talent can be tough, and when company owners finally do assemble a great team, they often don't have a plan in place to retain that talent. Put creating a strategy at the top of your priority list to avoid making the same mistakes that so many business owners learn the hard way.
Tips to Attracting and Retaining Top Talent for Your Company
Below are a few tips to attracting the right talent and then keeping them happy and motivated to work with your company:
- Treat your talent search as if you were marketing your company.
When it comes to talent acquisition, you want your job posting to stand out. Those who are really good at what they do will be interviewing the company just as much as they are getting interviewed for a job, so you need to put your best foot forward and take pride in your postings. This means potentially creating a career page on your website, focuses on job descriptions by including graphics, conversational tone, company events, etc. Simply putting out a boring, to-the-point ad for a job position might not do the trick anymore (and once you do find yourself with a great ad and some great applicants, remember to act quickly.)
- Corporate relocation.
If the position you are looking to fill, fills a key role in your company and you are looking to attract the best talent, you might consider offering relocation as part of the deal to sweeten your offer. Most individuals aren't eager to move and moving cross country can get a little pricy. Easing this potential burden can go a long ways and it shows that your company is serious in your commitment. Contracting with moving companies like Allied Van Lines might lead to some savings.
- Be flexible and encourage a healthy work/life balance.
You should be encouraging a work/ life balance for your employees because again, it will show that you care and help employees feel more relaxed. Make it known that you feel this way by being flexible and allowing workers to take Doctors appointments, pick up their kids, work from home occasionally, etc. Great employees will not abuse this privilege.
- Give people independence.
Along the same lines as the last point, a great employee will get his/her work done without a boss watching his/her every move. Show employees that you trust them. Because the best talent will want to take ownership of their work, you may very well find that they do their best work when left alone and could come up with great ideas that you hadn't be using previously. This can also be a big selling point when it comes to attracting talent.
- Develop your Employees Potential.
Many employees feel that ongoing educational and training opportunities are just as important as their compensation. Employees that want to succeed will truly embrace the value an organization places on career development. Not to mention, that you as the business will see the fruits of your labor as your employees continue to grow and become more knowledgeable.
- Create a sense of community.
Remember that a huge part of an office environment is those around you. Create your office like more of a community as opposed to separate departments doing separate jobs. Happy hours and other events are also a great way to make this happen.
Furthermore, establish a community feel by creating a company that encourages things that are important to personal development such as a gym membership, continuing education, etc. In other words, get the people in your company motivated by something they can all do as a group.
- Recognize and Reward.
Employees want to know that they are appreciated and that if they put in the effort to produce great work, they will be rewarded as such. A successful reward doesn't always have to be monetary to be successful. Sometimes just recognizing an individual's great work in front of their peers shows how much value you place on them. It's all about feeling like a valued member of your organization.
Of course as you may have imagined, attracting your client doesn't mean much if you can't retain them and vice versa; there is no sense in retaining talent that isn't working for your company in the first place. It's important to make sure you focus on both aspects in order to keep your company solid.