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The success of an organization depends on its people. Hiring and retaining talent is a problem for organizations across the globe. The pool of available candidates is smaller than the number of open positions, creating a vortex of talent jumping from one company to the next. According to a Gartner study, Attrition rates jumped by 20% in 2022.
To combat attrition in your organization, we need to understand why talent is leaving. Based on exit interview survey data, there are many reasons employees are out the door: career growth, learning opportunities, cultural fit, working environment, and pay/benefits.
People are no longer just working for a paycheck; they want more. They expect an inclusive package of benefits, excellent salaries, company culture, and career development opportunities. Candidates wish for the organization’s values, vision, and goals to align with their own.
A recent Linkedin report states that employees are 12 times more likely to quit their current employer if their career goals and expectations are unmet. The situation is expected to increase with new hires over the next 30 years.
Hiring and retaining great employees is the key, but that is a massive challenge for organizations. Below are three tips based on VDart’s years of industry experience, so use them to guide how to hire and retain top talent for your organization.
TOP 3 ways to hire and retain top talent in your organization
1. Recognize the talent you already have and provide opportunities
Recognizing and supporting the potential of the people you already have is crucial to keeping your employees engaged.
When recruiting for a new or backfill role, your best resources could be internal candidates. Hiring and promoting from within your organization allows your employees to grow while reducing your hiring expenses.
Understand the potential in people and their current knowledge and skills. Present the opportunity to your internal team. Internal candidates already understand how to work within your organization; they know your business, competitors, and customers. Internal recruits require less time and training to get up to speed in a new role saving you both time and money while bolstering an employee’s perspective of the organization.
If an internal candidate is not a fit for a role, be open and receptive to new ways of working and thinking from a new hire’s perspective. How you have always done things may differ from how you can take the organization to the next level. New hires bring new perspectives to the organization, which can be very valuable.
Go beyond the traditional approaches. A candidate may not check some requirements boxes but could be a great fit. Prioritize the skills the candidate must have coming in vs. those they could be taught on the job.
When you recognize the talent and allow people to grow, you will likely retain top talent for your business. This has been successful at VDart for several years now.
2. Embrace Mobility:
The business dynamics are changing, and so are the needs of the people. Businesses need to understand that people have gone beyond paying cheques and requiring food, clothing, and shelter as a necessity. People now join companies to build knowledge and networks, so understanding that their experience will provide a valuable signal to other employers for the remainder of their careers.
To retain top talent for your business, you must embrace mobility. Employees want to grow and learn, so offer them that opportunity to grow by creating internal learning opportunities and defining clear paths for future roles.
Have a cumulative ratio of 80- 20, where you attract top talents while simultaneously boosting the morale of your current employees. Growth should be the key goal for both organization and its employees.
Celebrating people as success stories and helping them grow will attract talent for your business. Our purpose at VDart is to help people grow, and all our efforts are aimed in that direction. We have clearly defined paths and learning systems for all our employees and collaborate to inspire the trajectory of people’s lives.
3. Offer an excellent work culture and build learning opportunities:
Work culture and environment at the workplace drive people to the workforce. Employees want to work in an environment where the culture, purpose, and vision are served.
Businesses need to imbibe the essence of the idea, lead the workplace culture with integrity and a higher purpose for employees, and make them feel like the employees belong to the organization.
One of the fundamental reasons people leave their current employers is their desire for growth and recognition, as they often become tired of the worn-out culture. Now, you know what to avoid in your workplace.
A recent Mckinsey report highlighted that companies with the most robust organizational health offered more structured training for their employees. The companies which provided more opportunities for internal growth stood out.
So, if you want your company to hire and retain the best talents, you must help people grow and advance their career trajectories. At VDart, we are committed to our vision and building a great work environment, and we were recently awarded the best place to work in honor of our efforts.
That’s all it will take to hire and retain top talent for your organization. Following the above steps shall make you a successful and preferred workplace.
If you want opportunities or want to hire the best professionals for your organization, then connect with us today.