How am I performing? Is that why talent is leaving businesses - they don't know they're valued?
Hiring in 2022 is about agility of mindset and approach. Adaptability to shifting markets and understanding the candidate-led hiring process. Glassdoor have stated that they believe that 2022 will focus on navigating the new normal and employees’ elevated power.
It therefore stands to reason that the employers who are agile and adaptable are rethinking old ways of hiring, employee engagement and talent retention.
Good talent management improves employee experience that has a direct impact on client satisfaction and higher ROI. It prepares them to achieve the business's strategic goals, which increases client satisfaction and business performance.
The principles of talent management, on the other hand, have broad application. Here are the basic principles often thought about for good talent management:
Alignment With Strategy.
Balance of Global and Local Needs.
Employer Branding Through Differentiation.
Whilst we agree, we would also add a few more to this list.
Pay the market rate and show you value your staff
This is particularly relevant as recruiters are seeing businesses who want the best hires but are not prepared to pay the best salaries - one of the biggest reasons for not retaining talent is underpaying or undervaluing staff. Know what the market rate is for your team and pay them (and if they are really good, overpay). If the culture of the business fits and they are slightly overpaid for a role, there is very little reason for them to leave. (For example, if their market salary is £50k, the cost to recruit a replacement will be £10K - £15K (although with Auxeris you would only pay £7.5k) plus the time loss and inconvenience of training and onboarding new talent, it makes financial sense to overpay your team with a salary of no less than £50k and even as much as £55k).
Make sure you deliver on your promises
So many leave jobs as it isn’t what was promised - so take care not to over promise as failing to deliver will result with those new hires leaving and you may get bad reviews on sites such as Glassdoor and get a bad reputation. Provide realistic and attainable goals and rewards, make sure what was offered can still be achieved and see if you make it better. Tempting as it may be, do not promise something that you cannot or it’s unlikely you can ultimately deliver.
Trust your employees
It's the best way to drive employee engagement. Trust your team - if you trust them enough to employ them then trust them enough to do their job without micromanaging. If one thing COVID has taught us is that employees can do their job remotely and with little management if they are trusted and supported. Benefits such as work from anywhere, flexible hours, unlimited annual leave are great levers to further drive trust and employee engagement which in turn, leads to great talent retention.
Reward and recognition are powerful tools and let’s face it, we all like to be recognised for the hard work we do and rewarded appropriately. Whether it is a simple ‘thank you’, a ‘shout out’ on LinkedIN or perhaps a promotion or pay rise, these are all positive factors in a workplace.
Personal development opportunities
Candidates are also interested in their career, development opportunities and having a possible career path with a company mapped out. If you can provide some clarity on potential future moves and what support will be given for them to develop, the better.
Putting all these factors together gives you the best tools to retain talent. We’re Auxeris recruitment, the 15% agency. Not only will you save on your recruitment costs with us, you’ll be partnering with an experienced recruitment team, who have years of experience in the industry as we are focussed on identifying the right candidates for our client’s roles. Find out more about us and get in touch today to see how we can help.
Auxeris, we grow with you.