How to recruit and retain top talent

In today’s competitive hiring market, it can be harder than ever to find, attract, hire and retain the right people for your small business.

Library | 1/10/2020


 
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According to a recent McKinsey study, almost a third of senior leaders cite finding talent as their most significant challenge, and 82% of companies believe they are doing a poor job of recruiting highly talented people.

  

Your hiring decisions can make or break your business, so don’t settle. Here are some of the ways you can ensure that you have a pool of top talent to choose from, an enticing offer, and a culture that makes people want to stay.

  
Woman at the ATM

Focus on the jobs with the most value

Determine what roles are the most valuable for your company, clearly define those roles, and focus the bulk of your efforts ensuring that you do what it takes to put excellent people in those roles.

  

Make sure you have strong leaders

Candidates not only want to like who they work for, they want to respect them and feel empowered, supported, and inspired. Be sure your company leaders fit the bill.

  

Be a company that does good

Employees want to be proud of where they work. Companies that have a good reputation, are loved by their customers, focus on values, and make contributions to their communities are better at drawing in top talent.

  

Create a compelling digital footprint

Engaging digital content will boost your online presence and make your company more attractive for potential candidates. Create a robust careers section on your website, show off your people and culture, and share opportunities via social media, job sites, and other online channels. Millennials especially tend to engage with and respond better to brands that are digitally savvy and innovative with their outreach.

  
Woman at the ATM

Make sure you create roles that are interesting, have opportunities for leadership development, growth and advancement, and offer meaning and impact. You want your employees to be excited about what they do and their potential for the future.

  

Provide excellent incentives and rewards

While wage isn’t every employee’s top motivator, in today’s competitive market, you have to be prepared to pay top dollar for top talent. Don’t quibble over minor negotiations, or you may lose your company’s next rising star. Also, remember that great benefits, perks, bonuses, and other non-monetary forms of compensation (such as flexible hours, the ability to work from home, or a gym membership) can make your offer stand out.

  

Improve your hiring and onboarding processes

The hiring process can take a huge amount of time and money from your business. On average, it takes 41 days to fill a vacancy. That’s a long time to go without someone in a vital role. To expedite the process, take advantage of technology. Consider screening potential candidates with digital skill tests, cultural assessments, or skill surveys. Once hired, be sure that you have a clear, consistent onboarding process to help new employees quickly get up to speed your business and their new responsibilities.

  

Take the time and effort to secure the best employees for your most important positions, and your investment will pay off. Make sure you have a compelling reason for employees to choose your business over your competitors, and promote that reason across all of your business channels. Also, don’t forget that often your current employees can be your best recruitment tool. Use your brand ambassadors to help refer, engage, and retain top talent.