Retaining talent remains to be one of the top-mind issues for the HR industry worldwide.
Attracting talent has always been an attractive affair for companies, but retaining the topmost talent is still a challenge. Companies are still struggling to retain candidates to fill future leadership roles.
A recent survey “the Next Concept HR Association” said nearly 80 of the people who took the survey agreed to the statement,
“My organization would run more smoothly and productively if we could find a way to hold on to our best workers.” By way of contrast, only 48% of participants agreed with this statement: “My organization could grow faster if we could only hire more quickly,” says Greg Morton, CEO of NCHRA (Northern California HR Association.
Most people often leave organizations due to multiple reasons. One of the many reasons may include that the candidate was a bad fit for the company as such that the company made a mis-hire. Despite hiring the relevant talent, they often leave after almost starting immediately at the company.
A report by Jobvite’s 2018 Job Seeker Nation study indicates this, around 30 percent of candidates left their jobs within the first three months from their joining. Most of the hires tend to leave since their expectations did not align with the organization’s day-to-day activities.
How companies plan to achieve employee or talent retention?
This is where talent acquisition (TA) plays a significant role for HR professionals. Retaining and maintaining talents have become the core strategic aspects of most organizations. It is equally important to recruit the relevant talent and ensure they’ve been hired for the long term, thus benefitting both the company and its workforce.
Greg says TA has been the top priority amongst multiple growth industries for quite some time now.
Organizations have started realizing the fact that they need to constantly start hiring talent thus making sure they have enough supply of talent to handle large volumes of the task.
Also, the constant search for new talent either leads to a condition where these hires are not used to the fullest potential making them feel underappreciated.
The survey undertaken by HR practitioners stated they’re more interested in talent retention rather than hiring candidates just to accelerate the growth.
A mere 27 percent of respondents said their companies have started utilizing technology to retain and attract top hires.
While 32 percent of the respondents agreed to the fact that their organizations are using technology carefully.
Within sectors like hospitality and healthcare, around 77 percent stated they’re comfortable in using these technology solutions to attract and retain top talents.
Is there something your organization can do better in terms of hiring and attracting highly qualified candidates?
As an HR professional, it is your responsibility to take care of the team.
The survey conducted by NCHRA partnering Waggl posted an open-ended question to their respondents –“What can your organization do differently to better attract and retain top talent?”
To which the responses were –
- To become more proactive rather than reactive.
- Keep continuing with the onboarding process from day one itself. Recruit the best talent and ensure proper training and growth opportunities are created.
- Shifting culture toward becoming employee purpose and how this stays aligned with the organization’s business strategy.
- Provide better growth opportunities and improve company culture and perks.
- Better employee training and development needs to be implemented. Most companies perform a fantastic job of making a new hire. But what’s next? These get simply ignored. Organizations need to closely start looking at every employee’s lifecycle.
Experts believe that the talent shortage is looming and that this deficit will make it more challenging to recruit and keep the best of talents.
Acquiring the right talent is a challenging task. Employers need to first decide the type of people they’re willing to attract and what recruitment message are they looking to convey. If this is poorly done, the organization’s hiring efforts might lead to hiring unqualified candidates.
However, if the right candidate is hired. Talent management needs to be followed next. HR practitioners and professionals have already started grooming themselves with the latest talent management skills by taking up talent management programs.
Most likely, the candidate hired will undergo training and development. Therefore, keeping them engaged and prepared to take up newer challenges.
Talent acquisition and talent management go hand-in-hand. Rethink your HR strategies and start using both the techniques to hire and train your employees.
