How to Attract and Retain Top Talent

Author Nick Brandt
Posted June 15, 2020
Top Talent

It’s no secret that a key factor to business success isn’t about process, technology, or assets; it’s about the top talent or people in the business who make a difference every day.

These types of stellar employees are needed at all levels—from the C-suite to the front-line workers. And this is true in every organization across all industries. Higher quality employees foster better business outcomes, or so the common thinking goes.

That’s why attracting and retaining top talent needs to be at the heart of every recruitment effort.

Organizations invest significant amounts of treasure, approximately $2.5 billion, competing for less than 15 percent of the workforce. What’s more, hiring the wrong employee is costly.

About 1/3 of employees plan to change jobs each year, and the cost to replace employees who leave is about 21 percent of their salary, according to a study by the Center for American Progress.

That’s why it’s essential to have the right approach and tools in place to attract and retain top talent, particularly in today’s challenging economy that’s facing significant uncertainty.

Luckily, there are a few things an organization can invest in that will dramatically improve their employee recruitment and retention metrics. Let’s explore a couple.

Create an Employee-focused Culture

Business culture, defined by an organization’s beliefs and values that drive behaviors, is probably the biggest driver of successful outcomes.

Today, an employee’s cultural fit is as important, if not more, than the skills and experience they bring to the table.

An employee-focused culture is one that empowers employees to “be their best selves at work.”

That could be anything from creating physical spaces that foster collaboration to holding work events that promote the organizations’ successes and celebrate those who helped achieve them. An employee-focused culture also provides all the tools employees need to be successful in their jobs.

Quickly and Effectively On-board New Employees

One key part aspect of attracting and retaining employees is making them feel welcome and supported when they first join.

On-boarding new workers can be a real challenge, with a lot of details to work out—email accounts, software logins, employee handbook, and more. For new employees, it can be confusing and off-putting if an on-boarding process leaves more questions than it does answers.

That’s why tools like Zenvoy that introduce new employees to like-minded coworkers and mentors can dramatically improve the on-boarding process.

Connect Employees Online

This one is especially important in the age of social distancing, where many of employees are now working remotely. Employees who feel isolated—from each other as well as from the larger organization—tend to underperform.

After all, business is really a social endeavor, and the more connected an employee feels the more likely they’ll be loyal.

By connecting employees online—based on a variety of factors such as shared interests, work-related needs, projects, and more—organizations can help employees feel less isolated.

If you’re looking for an online networking tool to help you attract and retain top talent in today’s tight labor market, Zenvoy has what you need. Our platform lets companies build their own customizable algorithm for introducing employees to each other, helping you to create the vital bonds and relationships that fuel organizational performance. Contact us to schedule a demo.

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