Updated: Sep 14, 2020
The biggest challenge to a thriving corporate establishment is recruiting and retaining the best talents. Late Steve Jobs recognized the essence of high performing employees in an organisation when he enjoined company leaders to go after the best and gifted employees. Knowing that international recruitment and retention of employees is a hard nut to crack, what is the best way to solve this challenge?
Top talents are the livewire of every organisation. A recent study with 600,000 participants drawn from all walks of life revealed that high performers are 400% more productive than average ones. High performing candidates are scarce. The competition to hire this category of candidates is fierce. Every serious firm is improving its strategy to attract and retain top talent employees.
Despite the prevalent scarcity of top talents in the corporate world, there is a rising war for jobs among a growing pool of unemployed candidates. Advertised jobs are no longer enough as applicants scramble for any advertised opportunity. This is illustrated when Walmart launched its Washington DC store in 2013 only to receive 23,000 applications for 600 positions.
This challenge is further compounded by the need to reduce HR cost which made it almost impossible to identify and attract the most talented employee. A recent study showed that one-third of senior executives and managers cite finding the right talent one of the toughest managerial challenges despite the growing pool of job seekers.
Since the top echelon of the company leadership understands that top talents are indispensable but scarce, one would think that they would know the right solution to the organisational challenge. But, a recent finding revealed that over eighty percent of company leaders do not believe they could recruit highly talented employees.
Among the small number of leaders who believed they could access best hands from the dwindling pool of top talents, none was confident there was a strategy to retain them. The 2012 report of the State of Human Capital revealed that only 23% of the top executives and managers believe that their strategies for recruitment and retention of top talents would work.
Employee retention is dynamic. Not only are the majority of employees not engaged in their corporate space, but they are also always thinking of getting another better job. Also troubling is the nature of the millennial workforce which is far less loyal to their employees. The report of the Bureau of Labour Statistics showed that the employees' stay at a job averaged 4.4 years with the average tenure of the youngest employees standing at 2.2 years. Employee turnover is unhealthy to corporate productivity and advancement.
You can address the challenges of employee turnover by revolutionizing the corporate strategy to recruit and retain the best hands starting from the hiring exercise. The following strategies could enhance the effective recruitment and retention of high-performing employees.
Enhance Company Culture
One of the best strategies for attracting top talents is by enhancing corporate culture using several communication channels. You start with behind-the-scene videos of corporate life and progress to the use of amazing photographic stories showing employee activities taken at corporate community service. You can explore the office standard settings and appearance, employees' dress code as they interact with others or clients.
This is a great way to build a company brand that resonates with top talents. Showcasing organisational vision and mission will help you to project ideals that your company should be counted. Great talents are drawn to companies with a proven reputation as they are known for driving industry innovations. Top talents have opportunities at their disposal. Attracting them means your corporate communication needs to stand out from the noise through a unique value proposition and brand positioning.
Use Employee Brand Ambassadors
The best brand ambassadors you can use in your firm are your employees. Existing company talents have a great way of piquing interest in potential high-performing employees who are searching for establishments with great work ethics. The gifted individuals shine where team members work with the right set of talents. Seeing industry high-fliers in the team will help validate the interests of potential top employees.
One strategy to get this done is through the sharing of positive employee testimonials. You simply need to ask your staff to share their testaments which you will recreate into significant content packages laden with anecdotes. Companies with such a corporate view often attract the best talents in the industry.
Potential Employees are your Customers
No matter the recruitment method (either in-person interview or telephonic screening) you adopted, always remember to treat potential employees like gold. Let them feel you are as excited as they are making entry into the company. You simply need to treat the interview process the same you would treat your clients.
You can start by respecting their time. If you are using video conferencing, in-person interviews, or phone calls, punctuality is key. If there will be a need to be late, keep your candidates aware. Treat them with great hospitality. Offer them a drink or just show them where to find the restroom.
Social Media Recruitment
One approach to keep in touch with top talent is to ensure that your company Human Resource is active on social media. They could search for potential candidates based on a particular keyword and encourage them to apply.
Building a connection with potential candidates with projected brand reputation using social media is the first necessary step. The HR department needs to understand how to use social media for brand advocacy and as a mainstream channel for effective recruitment.
Passive Employees are Gold
Human Resources may reach out to passive employees. Most top talents are passive job seekers and may not be engaged with your offer like active job seekers. Tapping the potential pool of passive job seekers could give you access to surprising technical expertise. You can start with strategies that foster engagement with passive candidates. Initiate this process using social media.
Finally, top talents matter to organisational productivity and growth. Industry high fliers are scarce, yet you can still access this pool of invaluable employees. You can begin by enhancing your corporate culture, engaging with passive candidates, using your employees as brand ambassadors as well as using social media as a starting point.