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Our clients are proving that you don’t have to be a large corporation to get the best people. Here’s how.

According to a survey conducted by Manpower Group, 69% of employers are struggling to find top talent, up from 14% in 2010. In addition, the workforce has a variety of generations — Gen Z, Boomers, Millennials, and Gen X with diverse perceptions and preferences of an ideal workplace.

Millennials, for example, are interested in challenging work, more pay, flexibility, and are interested in achieving work-life balance. On the other hand, boomers are interested in having an accommodating boss and the ability to attain their life’s purpose.

That said, employers must craft strategies aimed at fulfilling the desires of all types of employees. It’s a combination of onboarding strategies, remuneration packages, work culture, and benefits.

Let’s explore how an employer can recruit and retain top talent.

1. Provide a Positive Onboarding Experience

The candidate experience matters more than ever in this digital era, especially among Gen Z and millennials. Coincidentally, these two groups form the source of top talents in technology, digital solutions, AI, and fresh ideas that companies seek. As a result, these candidates are more inclined to a faster hiring process—the quicker, the better. If the onboarding process takes two weeks or less, it’s appealing.

Here’s a list of items that define their preference:

  • Mode of Communication: Gen Z and millennials prefer an e-mail as the initial contact with the recruiter, followed by a  phone call. They are also comfortable exchanging information using modern chat tools.Positive Onboarding
  • Recruitment Technology: After capturing a candidate’s attention with appealing social media campaigns, the recruitment experience should be equally enticing. A considerable percentage will not apply for the role if they think the recruitment process is outdated. Putting in place application workflows, appointment scheduling, and an automated onboarding process will attract the right candidates to your firm.
  • Post-Interview Feedback: Millennials and Gen Z tend to lean towards companies that provide feedback after an interview, irrespective of the outcome. They are therefore more likely to recommend your firm to other candidates.

2. Cultivate a Healthy Company Culture

Cultivating a company culture is the right step towards attracting and retaining top talent. It also makes the company marketable in a fiercely competitive labor market. Company culture can involve simple things like providing a weekly lunch, providing flexible working hours, or providing autonomy to the workforce.

A company culture brings a sense of identity that is unique and appealing. The perfect culture works to reduce the employee turnover rate while increasing productivity. Some of the global firms known for their work culture include Twitter, Google, Netflix, and Shopify.

Google has the hallmark of a company culture that hundreds of companies have emulated. Part of its culture includes free meals, financial bonuses, a dog-friendly environment, gyms, and parks.

A point to note: Company culture is not engrained on materiality but small incremental changes. Casual dressing, reduction of bias during hiring, and remote working are a few examples. In addition, culture in the workplace keeps the workforce motivated, which is also an indirect way to attract top talent.

3. Promote Personal Development

As employees age in your organization, life adds more pressure and responsibilities. The motivation also shifts; they are no longer inspired by free lunch, relaxed dressing codes, or working environment. At this stage, employees are seeking growth and progression in their careers. An organization that doesn’t offer growth opportunities risks losing its top talent to competitors.

Here are a few methods to promote personal development:

Employee Feedback and Recognition

  • Department Exchange Program: Employees can benefit from a job rotation program that gives them opportunities to learn new skills and how different departments operate. For instance, a member of the software development team can accompany the marketing department during customer visits.
  • Develop Soft Skills: Soft skills are continuously gaining popularity in the modern workforce. Although termed as ‘soft,’ it takes years of learning, and its demand keeps on shifting. Soft skills also enable employees to manage circumstances better, adapt to change, and co-exist well. You can, therefore, invest in the development of soft skills for your employees to improve and motivate them.

4. Provide Enticing Benefits

The top talented employees are looking for more than just competitive pay. Benefits are non-monetary items that work to improve the welfare of employees. An organization that offers enticing benefits has low levels of absenteeism, improved relationships with management, better productivity, and excellent customer service.

Some of the enticing benefits a company can offer include:

  • Healthcare: Although healthcare is a fundamental right, quality care is out of reach and expensive. An organization can offer a healthcare benefit to reduce absenteeism, keep the workforce healthy, and motivate. An ideal cover should help meet the major percentage of treatment and cover extra aspects like dental and vision. Organizations should also provide unique covers and support systems in an age where we’re dealing with a mental health crisis.
  • Retirement Plans: Planning for retirement facilitates retired workers to live a dignified life after their productive life. It’s also a backup plan for life’s shocks, for example, the great recession in 2008. Therefore, employers should put in plans like matching pension savings, check-off deductions, and tax relief for pension schemes. In addition, an employer can include some of the existing pension plans, including the 401(k) plan, Benefit Pension Plan, and SEP plan.Ideal Working Conditions
  • Voluntary Benefits: Over and above the expected benefits like health, employers should invest in their employees’ welfare to cater for unexpected events, for example, financial distress. Some of these benefits include financial planning training, student loan insurance, or critical illness insurance.
  • Financial Planning: Only 40% of Americans can cover a $1,000 emergency expense. Many go into debt to cover contingent expenses like car repairs or emergency room visits. Thus, the productivity of employees significantly reduces when they can’t meet emergencies out of pocket. It’s therefore in the best interest of companies to train their workforce how to manage their finances better. A savings culture helps people cater to education, housing, medical bills, and live a dignified life.

Conclusion

It’s an uphill task to recruit and retain top talent amidst tough competition from other firms. However, companies can develop programs, benefits, company culture, and good employee experience to attract top talent.

 

Orbital Advisors is here to help you provide big business benefits and small business affordability. Request more information today.