AUTHOR: ANNA BURNETT
The UK is currently facing an all time low with skills shortages, meaning that companies are finding it increasingly tough to find the right candidates to fill vacancies. As well as this, it has been found that four in ten companies have reported an increase in staff turnover.
Not only are companies finding it more difficult to find new talent, they are not spending time trying to retain the talent they already have. Because of this, the vacancies available in the UK have sky-rocketed, while the unemployment rate has plummeted. Now, more than ever, companies should be doing their best to hold on talent, when they find it - if they do not, it's money, time and effort wasted along with the loss of a great employee.
Whether you're on the search for candidates for a new opening, or if you're replacing an employee that has moved on, it is important to think about three things in your search talent: company brand, salary & perks and progression aspects. These aspects have been found to be the upmost important parts of a job to candidates when considering a vacancy.
After every first initial call, it is almost guaranteed that the candidate will look up your company online to find out more information. To ensure that you get the chance to speak with the candidate for a second time, you're online presence has to be great. Remember, these candidates could possibly have many other companies after them, so you have to stand out. Before you initiate your search for new talent, it would be beneficial to review your online presence, and make any changes if needed. Make sure that you review your competitors, and see how you can make your company stand out to potential candidates.
Salary & Perks:
Salary can make or break a potential hire. While is it important for a company to retain as much money as possible, in order to find new talent, you have to be lenient with the salary you're offering. As well as the basic salary offered, candidates will take in to consideration the perks and benefits that are available to them. Having incredible perks in a job, not only increases the chances to attract new talent, but also means that existing talent will have more chance of staying with your company. Once again, before starting your search for new talent, review your current salary expectations and maybe consider adding in new benefits and perks.
Opportunities for progression in a job role is crucial - not only do candidates want a new job, but they want the chance for multiple promotions. Obviously, progression levels depend on what the initial vacancy is, for example, "Trainee" positions will have lots of room for growth, but "Managing Directors" have a limited amounts of rungs to climb. Creating the chance for a candidate to progress, will not only sell them into the position in the first place, but will give them a reason to stay with your company long-term.
Once you have the signed contract of your new employee, the work doesn't stop there. You now have to make sure that you are meeting their expectations, in order to keep them within the company. To retain top talent, it is as simple as these three things:
One of the main reasons that people leave a role, is because it was not what they expected. Employees were sold into a job, that did not live up to expectations. When selling the opportunity to candidates, make sure you are not promising something that you cannot deliver. Whether you have promised extensive training, great commission scheme or incredible perks, actually proceeding with these is the key to client retention.
No one wants to work for a company where they don't get along with colleagues, there are "office feuds", or just a hostile work environment - no matter how much money they are being paid. Ensuring that your company has a friendly and supportive atmosphere will go a long way, and ultimately decrease your staff turnover. Regularly taking time out and spending it on the office floor, getting a feel for the environment will give you a better understanding of how your employees are feeling, and what you can do to improve things.
There are many ways to find out potential frustrations of your employees, but the quickest and easiest is to simply ask. Taking time to ask your employees of any thing that they are not satisfied with, will allow you to gain and understanding of the problem, how it is affecting your staff, and what can be done to resolve this - all in the space of a short conversation. Not only do you get the chance to fix problems within your company, but you get the chance to build a better employer - employee relationship.
In summary, it is important to remember that in this day and age, the candidates are in shortage and so adapting your vacancy to suit new talent is key. We are no longer in the times where floods of talent will come to you - you have to lay the groundwork and work harder to attract the right talent. When you find the perfect candidate, don't stop there! Keep working hard to ensure that you don't lose them, and have to repeat this whole process again.