October 12, 2021 | By Laura Platero
Are you struggling to recruit and retain top talent?
As the world becomes more digitalized, demand for top talent is growing even higher. Thus, companies are competing to hire the best talent. With the Great Resignation gaining traction, retention is getting tougher. Many tech talents are resigning from their jobs to find better and competitive offerings.
Companies need to do better to retain their best employees. One of the most effective approaches you can use to recruit and retain talents successfully is to become an employer of choice.
In the simplest terms, an employer of choice is a company that most of the leading industry experts deem to offer the best employee experience, and they wouldn't trade them with another employer. Some of the defining characteristics of an employer of choice are favorable organizational culture, engaged employees, competitive pay, and strong leadership.
However, there is no one-size-fits-all strategy to becoming the employer of choice. Different companies might take different approaches, yet they can all meet the criteria for becoming employers of choice.
Companies can quickly become employers of choice by providing competitive benefits, adopting a positive company culture, demonstrating strong leadership, and keeping employees engaged.
Here are tested tips on how to become employer of choice:
According to Harvard Business Review, employees who foster connections with their colleagues have higher retention, productivity, and job satisfaction. In addition, happier employees are more likely to stay in a company, increasing retention rates. Building a thriving community at your organization where employees relate well is essential if you want to increase your retention rates.
Building a community helps employees feel connected to each other and the company. One of the essentials of building a community is educating your employees about your company's missions and visions. Develop your workplace community rules, values, and expectations and ensure everyone follows them.
In addition, effective communication is essential when building a community at the workplace. Taking time to celebrate with each other can help in positive bonding at a workplace. Hold in-office events to socialize more with your employees and build a work community.
Employees who clearly understand their purpose and contribution to help an organization achieve its key goals are more committed and engaged. When employees are passionate about their work, they are happy. If the work is meaningful, employees will be more willing to stick at it, and your tech team will be more likely to succeed.
Motivate your employees with a vision, set challenging deadlines, and formulate a clear purpose. Do not only use bonuses or pay raises to motivate your employees. In the current workplaces, employees want more than a fancy title and a fat paycheck.
Leading employers know how essential it is to offer career advancement opportunities to their employees. If you are a tech leader who wants to retain your tech talent, investing in employee training can be an excellent place to start. By supporting each employee's development, you help them to achieve their career goals.
Offering your employees career-progression opportunities is key to attracting the best talent and alleviating employee turnover. To put this into perspective, CNBC reports that a whopping 94% of the workforce would stick to an employer that invests in improving their expertise. Also, most employees are more likely to quit their jobs if they do not see career growth opportunities. Communicate effectively with your employees to learn about their career goals and expectations and help them achieve them. You can offer mentorship and professional guidance to your employees to help them in career advancement.
Recognizing your employees for their hard work is essential in building a positive workplace culture and retaining top talents. In a survey conducted by Bonusly, 83% of respondents revealed that being recognized for their accomplishments makes them happy and motivated at work. In addition, 63% of respondents, who felt recognized at work, reported being less likely to look for a new job in the next 12 months. Having programs like employee of the year rewards at your organization will help to motivate employees and keep them engaged.
By adopting a culture that promotes employees from within, you will make it to the employer of choice category. A promote-from-within culture supports career advancements for your employees and maintains higher employee engagement and retention. In addition, it ensures your company's leadership funnel is filled with experienced internal candidates.
Plus, it is highly challenging to fill top tech positions, so adopting a promote-from-within culture will provide a win-win situation for you and your employees. However, you need to provide a learning program to help employees develop in-demand skills to be eligible for promotions.
Though offering benefits might seem obvious, the benefits you offer reflects on the value you place on your employees. Offering competitive benefits plays a huge part in helping your company retain employees.
Employee benefits are essential to a positive workforce, employee engagement, and wellbeing. Employee benefits do not need to cost the earth. A survey by Glassdoor found that 80% of employees would prefer additional benefits than a pay raise. Understand what benefits your employees want and make them happy. Most employees want benefits that include a health care plan, flexible working hours, and perks. Outsourcing HR services such as Professional Employer Organization (PEO) give you access to a health plan for your employees negotiated by experts using economies of scale.
In today's era, recruiting and retaining top talents can be very challenging because of the competition among tech companies. However, outsourcing HR services will relieve you of draining administrative duties. This will give ample time to concentrate on keeping your employees engaged, which will in turn increase your employee retention levels.
Partnering with the right PEO will help you determine the suitable benefits packages for your employees, build an appealing culture, and keep employees engaged. In due course, your company will attract the best talent in the market, and maintaining your workforce will be a cinch.
Laura serves as the Director of Product Strategy. She is an expert in large scale benefits account management, project management, product development, sales, customer service, and benefits consulting.