Attracting and retaining top talent is no more an optional thing.
However, it is challenging to attract the top talent moreover to retain them for a long period.
In this competitive job market, where the size of the talent pool is limited, candidates prefer companies with good company culture, competitive pay and advanced opportunity. Thus, grabbing the right talent for the position and company is a hassle.
This shows how the market is in the favour of candidates.
Hence, the human resource manager and hiring team should work harder to attract top talent and keep them with your organization for a long time.
Tips to Attract and Retain Top Talent
Attracting and retaining is correlated with each other. When you are able to attract the right candidate for the position on the basis of different factors like qualification, experience, skills and many more, thus, then surely that employee will stay with you more than the year.
Therefore, here are a few tips to attract the top talent and to achieve one of the recruitment goals.
1. Offer competitive pay
As we discussed before, the talent pool has been shrunk, and consequently, it put more power in the hands of job seekers. Demanding high pay for their experience and skills is valid.
Subsequently, if an organization wants to attract and retain the top talent, they have to make efforts in the direction of salary increment. Pay is the most crucial point in order to attract and retain candidates and employees.
2. Provide some unique benefits
In this competitive job market where offer and benefits word steal the attention of the human being, thus employers should also apply this strategy to grab the candidates wholly.
Companies must strive for some unique benefits, just more than a salary. For example, you can provide them with one year of a gym membership—this type of cost-effective solution that can attract them for the long term.
3. Recruit via social media
According to the search, 32 percent of companies are more likely to engage with candidates via social media. In contrast, 79 percent of candidates use social media for searching for a dream job.
Thus, create a social media recruiting strategy for attracting the maximum candidates. Hiring via social media made communication easier and faster compared to other platforms.
4. Streamline the recruitment process
There is a secret that a slow-going hiring process is a massive obstacle for job seekers. According to the research, 69 percent of applicants stated that “slow response time” is the worst portion of the recruitment procedure.
During the waiting process, candidates start searching for another position. And, this is a huge failure of attracting the candidate. One of the best solutions to streamline the recruiting process is the Applicant Tracking System.
5. Build a strong employer brand
According to the research, 72 % of recruiting leaders worldwide agreed that employer brand has a significant impact on hiring. Whereas 3 out 4 candidates always look for an employer branding before applying for the job.
Moreover, a strong employer brand reduces the turnover rate, which means accumulating employee retention. Form a strong employer brand and reputation in the market in order to attract and retain the top talent.
6. Encourage the referral
Word of mouth is an impactive way to attract the top talent of the market. Additionally, reward to the existing employee for the reference will motivate the employees. Therefore, we say that one path and two achievements. Existing employees are well aware of position requirements; thus, surely their word of mouth attracts the most qualified candidates than any other way of sourcing candidates.
Final Words about Attracting and Retaining the Top Talent
In this digital landscape, acquiring and retaining the top talent is the biggest challenge for talent acquisition teams. To overcome this recruiting challenge above 6 points will help you; furthermore, don’t forget to supply the best candidate experience and engagement. And, continuously after a span, measure the recruitment metrics to compare the real-time result and set goals.