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The world of work is constantly evolving; companies are reevaluating their strategies and efforts on how to attract and retain talent. Nowadays, salary alone is no longer enough to attract talent. Modern workers are also seeking attractive benefits, such as flexible work arrangements and extended family benefits.
As a business leader, you know firsthand the challenges of attracting and retaining talent. Highly skilled talent is difficult to find and extremely painful to lose. In the face of fierce competition for talent, how can your business stand out as a winner in the staff recruitment stakes?
Attracting top talent is now a whole new ball game
Prospective employees still prefer companies with good cultures, competitive pay, and advancement opportunities, and more important items have been added to the list.
For example, remote and hybrid work opportunities, flexible hours, a safe workplace, and a healthy work-life balance are all important considerations for prospective employees these days. This shift is particularly evident among Millennials and Gen Zers actively seeking opportunities in the job market.
You need to incorporate these factors into your employment strategy to make yourself an attractive proposition to today’s talent.
Here are some tips for you to attract and retain talent effectively.
1. Reassess your employer brand (EB) to attract top talent
Companies adapting to the new world of work are now formulating a whole new employer brand proposition that incorporates these new needs of employees to make themselves stand out from the competition. Some are offering mental health days and extra days off to make themselves more attractive to potential employees.
Have you updated your employer’s brand? You should. Don’t make it an afterthought and cast a critical eye over your employer’s brand. Beyond the salary, what can you do to stand out?
2. Reimagine your company culture to attract and retain top talent
A company’s culture is key to building a vibrant, satisfying, and meaningful work experience for all employees, yet the process of fostering a positive work culture is complex and multifaceted. This includes embracing diversity, equity, and inclusion (DEI) initiatives within your organisation.
In fact, a report from McKinsey suggests that companies with diverse teams and inclusive work environments are more likely to retain top talent and experience higher profits. Thus, recruiting diverse workers is not only the right thing to do; it’s a smart approach for organisations looking to enhance their culture and business performance. A strong DEI programs can help companies attract the talent they need.
On the other hand, implementing health and wellness programs does not only fosters a positive company culture but also improves employee morale and job satisfaction. Such programs are increasingly being viewed as an investment in a business’ most important asset —its employees — with ROI and benefits that include:
- Attracting the most talented workers
- Reduced absenteeism and lost time
- Improving on-the-job time utilisation, decision-making and productivity
- Reduction in turnover
- A healthier workforce in general
3. Offering attractive employee benefits
Today’s workers place greater emphasis on well-being and career fulfillment compared to previous generations. A recent survey shows that 81% of workers who work in organisations with strong work-life balance initiatives are loyal to their employers.
Employers must respond to these shifting priorities decisively and creatively if they want to attract and retain top talent. To stay ahead of the game, you need to look beyond the traditional elements of company mission and purpose, as well as competitive pay, and expand your talent management and employee experience approaches. Consider the following initiatives you can implement in your organisation:
- Provide skill developmentand advancement opportunities. These are distinguishing factors that can attract valuable talent over your competitors. As industries are forced to transform with digitisation and the rise of AI, providing upskilling and reskilling programs is critical for empowering your workforce and remaining competitive.
- Offer Flexible hours are also a ‘given’ these days. Workers seek flexibility in their schedules to achieve a better work-life balance.
- Prioritise Health, safety, and wellness. Creating a safe work environment and offering some degree of health benefits, including support for mental wellness, can help you stand out from competitors.
- Accommodate family needs. We all have families and loved ones. Your workers, just like yourself, have important family responsibilities, such as parenting and caregiving. So you need to offer flexibility to foster a happier workplace and enhance your employee value proposition (EVP).
- Cultivate a pleasant and positive work atmosphere. Actively involve your staff in recalibrating your company culture and your overall work environment. It can be a motivator, especially for younger employees.
4. Hire global talent
Don’t limit yourself geographically to attract top talent. If the best talent is located in another country, then hire them and set up a remote working arrangement. One survey found that remote workers tend to be happier and more productive than their counterparts who are working in the office.
If you don’t have the entity to hire talent across borders, you can leverage an employer of record service that allows you to hire workers anywhere without the need to set up a separate entity in each country. Partnering with a reputable global EOR solution provider like CXC can offer you the expertise and support needed to navigate the complexities of international hiring, particularly the ever-changing employment laws and regulations.
5. Provide career development opportunities
Today’s workers care a great deal about professional development. Make professional development one of your top priorities to set your company apart from the pack. Employee engagement and employee retention go hand in hand. Investing in learning and development opportunities, for example, help employees feel both personal and professional fulfillment. This not only boosts employee engagement but also contributes to higher levels of employee retention.
6. Promote candidates internally to retain top talent
To attract and retain top talent, make it a habit to promote candidates internally. This sends a powerful message to both your current and prospective employees. Developing a culture of internal promotion can attract ambitious professionals who are seeking opportunities to climb the corporate ladder and advance their careers. The opportunity for advancement can be a compelling factor for top-tier talent to join your company, where they can see their career thriving.
7. Invest in new technology
Candidates with the highest talent potential are seeking opportunities to work with the latest tools, apps, and devices to improve their performance and productivity. When you invest in new technology, you can attract top talent while improving the engagement and productivity of your existing workers.
This is especially important when working with a diverse workforce in various locations around the world. Companies can leverage innovative apps and software to improve communication and project management, enhancing collaboration and teamwork.
In addition to enhancing productivity, investing in new technology can also enhance your employer brand. When potential candidates see that your company is using cutting-edge technology tools, they are more likely to perceive your organisation as a modern, forward-thinking, and innovative workplace.
Find the right people to fuel your business growth
Are you struggling to find and attract quality candidates for your organisation? Finding the right talent to fill your open roles is no easy feat. However, by partnering with experts in workforce recruitment and management, like CXC, you can secure the talent you need to accelerate your business growth.
At CXC, we’ll help you identify and engage with top-tier talent, wherever they’re located. Whether you need to source directly or outsource the entire recruitment process, our team will provide expert guidance and offer a tailored approach that addresses your unique requirements.
Get in touch with us today to discuss your talent requirements and let us guide you through the entire process.
