Recruit to Retain

Today’s labor market is tight, with companies in the midst of an extremely competitive war for talent that sees candidates with more choice and power than ever – resulting in high rates of employee churn.?

This poses a challenge for most organizations. Hiring new employees has never been cheap, but continually absorbing costs related to external recruitment, on-the-job training, and onboarding for the same roles or positions is unsustainable. This means that taking the right approach to recruitment is the best use of a company’s resources. ?

Taking such approaches, however, requires a focus on employee retention. By incorporating methods to boost employee retention into recruitment strategies, companies can set themselves on the shortest route to driving overall productivity. ?

Playing the long game with recruitment?

Any solid recruiting strategy starts with offering a competitive compensation package. With money out of the way, you are free to focus on elements of an employment agreement that serve as the seeds to employee retention. These elements could include the flexibility to work from home, as well as other perks that align with candidates’ values and needs. ?

Organizations should also take a wider approach to the candidate consideration phase, taking closer looks at individuals who don’t possess the same profile as the person who previously held the position. Often, companies are afraid or unwilling to hire someone with a background or education that differs from “normal.” This can severely limit your potential talent pool, leaving you behind in the war for talent –?and negatively impacting your ability to make the right hire.?

A way around this is to hire for potential rather than experience. Once inside your organization, the right person can be upskilled and trained for the job, even if they don’t initially appear to be a perfect match for the role. ?

From recruitment to retention?

In the current labor market, business leaders must remember that candidates are assessing ?companies just as much –?if not more – than companies are assessing candidates. ?

While interviewing, companies should be transparent about company culture, diversity, and purpose, and leave plenty of time for candidates to ask questions. Employees are increasingly focused on joining companies that match their values and beliefs. When these are in alignment, employee retention rates drastically increase. ?

Equally important is maintaining and communicating a clear view of organizational goals and strategy. Where do you want to go, and what does that mean for potential and current employees? If employees have a reason to meet and exceed their targets, you can better ensure that everyone, on all levels of your organization, is pulling in the same direction (and for the right reasons). ?

Stay communicative – and know what works ?

High retention rates often boil down to good communication. By actively listening to their workforces, company leaders are better able to develop cultures in which people want to work. ?

Employee surveys are especially helpful here. They enable you to see what’s working well, as well as to spot and address potential issues before they arise. Should an employee leave the company, an exit interview is beneficial. Knowing the reason behind a resignation can provide you with information that you can use to improve the workplace. ?

It is also critical keep track of your recruitment- and retention-related data. Most companies keep detailed records of their investments, for example, but often fail to do so for recruitment and retention efforts. An employee, however, is an investment. Staying on top of what is and isn’t working in your hiring processes is invaluable in recruiting and retaining the right people. Are certain departments losing employees more than others? Is there a trend across geographies? Understanding these and similar factors can mean the difference between an organization that struggles or prevails in the war for talent. ?

Retention: A true value driver?

By nature, companies and markets evolve. The right employees, hired the right way, will grow with them. By focusing on value alignment during candidate sourcing and interviewing –?and continuing to ensure that those values stay aligned once a candidate is hired – business leaders can lay a foundation for strong, long-term professional relationships.?

It is people, after all, that make the difference in any organization. When employees understand that they play a key role in a company’s evolution –?and have a strong voice in helping shape the workplace –?they are much more likely to stay, succeed, and thrive alongside their organization.