Is it Time for You to Make a Change in Your Talent Retention Strategy?
Tips for Improving Talent Retention at Your Company
Job openings were at an all-time high last June, which is great for the workforce, but it can be tough on businesses. How can you be sure you’re getting the best talent and keeping them?
Pay and Benefits
You really can’t address talent retention without bringing up salaries and benefits, such as healthcare. Did you know that most Americans say an unexpected expense of just a few hundred dollars is enough to put them in a critical situation? Not only should your salary be equal to or better than what your competitors offer, you also need to educate them on financial wellness.
Employees who know how to spend and save their money feel more comfortable in their positions at work, which means they’re not going to be looking around at bigger salaries in places they might not actually be happier at.
It’s also important to address healthcare when we’re discussing talent retention. Many employers can provide fully paid health insurance as a benefit, but if you want the top talent, you need to find a way to beat your competitors’ health insurance programs.
Retirement and Workplace Perks
One of the most sought-after perks today isn’t about what happens in the workplace, it’s about what happens at home. Millennials are looking for work-from-home opportunities. A study by Stanford found that for people working at home, they show a 13 percent performance increase, so it’s worth offering to your employees who really want it.
Many Americans are behind in saving for retirement, so it holds appeal for the top talent when your company offers a 401(k) or profit sharing vehicle. This is a critical talent retention solution that works.
Find the Right Talent
The process of keeping talent around is much easier if you’ve pulled in the interest of the right people. This is not just a matter of vetting your talent through a rigorous resume search and interview process.
Resumes are not a good indicator of how they’ll respond to workplace stimuli. Interviewing might be their strong suit, which means you think you’re getting the right person, but what if they’ve just nailed down that part of the job hunting process?
The best way to find the right talent is through a behavioral assessment, which unlocks many clues as to how they’ll respond to your company culture, your management style and the goals you’ve set for your company. At PI Consulting Group, our behavioral and cognitive assessments are proven to work and are scientifically validated. It’s an easy process for your prospective employees (or current employees you suspect could be future leaders). Contact us today and we’ll explain exactly how it works and why it will help you retain talent.