7 Ways HR Success Teams Can Drive Talent Acquisition and Retention

Finding top talent in this day and age is no easy task. Nevertheless, the benefits are well worth the effort. Research has shown that high performers are a whopping 400% more productive than their more average counterparts.  

Talent acquisition is only the first step in reaping the benefits. If you can’t also retain that talent, all of your acquisition efforts, the resources, and human-hours involved, will go to waste the moment that employee hands in their resignation. 

Statistics show that over a quarter of all employees are in a high-retention-risk category, which accounts for over 3 million Americans quitting their jobs every single month. Besides, more than 50% of organizations are struggling to retain their top performers, with 87% of HR leaders considering better employee retention as their top priority.

And when considering the turnover cost of a single, well-trained employee can be over twice as much as their annual salary, it’s no wonder why, either. 

7 Ways to Drive Talent Acquisition and Retention

Increase Employee Referrals – Research shows that employee referrals are among the most efficient, cheapest, and fastest means of hiring new talent. Just by asking your staff if they know anyone who would be a good fit for a particular role, you will stand a better chance of gaining a valuable employee and a lower turnover rate, as a result.  

Positive Company Reviews – It shouldn’t come as a surprise that talent acquisition is being heavily influenced by past and present employees’ company reviews. Job seekers will form their opinion about your company based on your employees’ opinion of you. 

Awards and Recognitions – Over two-thirds of employees will quit a company, sooner or later, if they feel that their efforts go unappreciated. Of course, it doesn’t mean that you should go above and beyond your means to remedy the situation, but you should not ignore it, either. 

Solicit and Share Employee Feedback – Employee happiness is strongly linked to staff retention. One good way of keeping them happy is to solicit and share their feedback. It will ensure that their voices are heard, and it will help you increase business performance. 

Training and Education – With the current state of the labor market, training and education opportunities will play a crucial role in the recruitment process. It comes at a time when job candidates are always looking for various programs that will help them improve. 

Growth Opportunities – A lack of growth is a common reason given by employees when they leave an organization. Numerous studies can attest to the fact that career development is among the top reasons why employees stick around. By focusing your attention on employee career development and other such growth opportunities, you can significantly reduce your turnover rate. 

Competitive Compensation – A good and effective compensation strategy will not only help attract and retain top talent, but it will also help your business remain competitive on the market. In short, one such plan needs to be tailored to market demand, be aligned with the company’s goals, and created around the employee’s lifecycle.  

Conclusion

As most of us know, a company and the products and services that it has to offer are only as good as its employees. These strategies presented here will not only help you attract the best talent available on the market, but they will also help you retain them.