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Top talent is tough to find and even tougher to keep, especially in a job seeker’s market like the one we’re experiencing. We recently surveyed IT and engineering employers to learn how they find and retain their best employees. Here are seven benefits businesses can offer that is sure to attract and retain exceptional job candidates.
A key part of attracting and retaining the best employees is the promise of advancement. Employees want to know that there is room to grow within a company and that they will not become stagnant within their role. Highly qualified individuals are unlikely to stay around for long if they know there is no room to advance. To attract and retain top talent, companies need to highlight opportunities for employees to develop new skills, gain higher-level responsibilities or advance towards a better position.
Salary and financial incentives, such as raises or bonuses, are the second most important benefits cited by employees. Businesses must be willing to pay their employees competitive wages if they wish to attract and retain them. Low wages will not only detour top talent from joining your company, it will also cause the best employees to leave. The practical truth is people need money to survive, and employers need to offer realistic and attractive wages. Additionally, financial incentives are an indicator to employees that you appreciate their contributions, which in turn helps motivate them to work harder. Signing bonuses are another great way to attract top candidates when competition is high.
Flex-hours and remote work offer employees the opportunity to balance both their personal and professional responsibilities. Companies are increasingly offering flex-hours or remote work options, or a combination of both, to attract new employees. These lifestyle benefits help employers attract and retain both millennials and employees with young children as it demonstrates support for families and fosters a healthy work-life balance.
Structure is a regular part of any company, however, in order to harness the true talent of your employees, there needs to be room for innovation. Good employees want the opportunity to share their ideas and help create new products, projects or ideas. Stifling their contributions will only drive employees away. Companies need to provide some incentive or pressure to innovate to allow for company and individual growth that is sustainable and rewarding for all.
Company culture is a key and often overlooked element of employee attraction and retention. Offering employees a sense of inclusiveness, support and cohesion will give them a reason to seek out your company. Employees want to feel like they matter and have a voice rather than having a sense of being faceless, nameless or just another cog in a process. Companies that have an internal culture that fosters inclusion, diversity and ownership have a much higher chance of retaining their employees, as employees will develop a sense of pride in their work and what they have to offer the company.
Managing full-time work and starting a family at the same time can be a daunting task. Many families feel like they have to choose between having a successful career or having a family and some people may have even given up on having kids altogether. Offering paid maternity or paternity leave tells employees that companies value them holistically and not just as paid help. This makes it easier to motivate employees to return happy and rejuvenated and also helps develop employee loyalty in the long term.
Tuition reimbursement has become an attractive incentive as the number of employees with student loans has increased and the cost of tuition continues to rise. Companies that offer this benefit will have little trouble attracting employees seeking ways to pay down their hefty student loans. Companies also benefit by hiring candidates that are more trained and qualified for the position. By offering tuition reimbursement companies highlight their willingness to invest in their employees and further encourage employees to continue to advance their skills and knowledge in their field.
Turnover is expensive. When hiring an employee, the ultimate goal should be retention. Invest in your employees and show them your appreciation, in doing employees are more likely to remain loyal.