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IMA Executive News & Views Blog

Win the War on Talent – Things to do to Attract and Retain Employees

The Overture Group is an IMA Member

How well does your organization attract, motivate and retain key talent? With multiple generations in the workforce today, it’s more important than ever your organization has a well-developed process and the candidate/employee experience to attract the right talent.

What is the ‘Talent War’?

The increasingly competitive landscape for attracting and retaining key talent is known as the Talent War. Today and in years ahead, an organization’s future success will depend on how well they can attract, develop, and retain talented employees.

We expect to see the war for talent to intensify in coming years. The candidate/employee experience will need to continue to improve.

So how do we win the war on talent? Attract, motivate and retain!

Here are questions and notes on how to attract motivate and retain your leaders.

What Attracts Key Employees and Leaders?

  • Keep Good Company Culture – Your organization’s values, beliefs and habits
  • Maintain Solid Brand Recognition – Your company brand should reflect your internal culture.
  • Have a Vision – Where you want to be in the future, and an understanding of how you are going to get there
  • Offer Good Benefits/Competitive Compensation Package
  • Communicate Job Expectations/Specification and Role Definition
  • Recruit and Social Media strategy
  • Build a Culture of Recruiting

What Motivates Key Employees and Leaders

(What are they looking for in a Company?)

  • Unique Culture
  • Growth Opportunities
  • Company Rewards
  • Substantial Benefits

What Retains Key Employees and Leaders?

Today executives are faced with a range of competing priorities related to hiring and retaining talent, reducing turnover, providing competitive compensation packages and developing future leadership. Nearly two-thirds of recent survey respondents cited the retention of key employees as the first or second most important objective, indicating they recognize the value of keeping top talent satisfied and motivated. We are seeing our clients doing more than ever to retain talent:

  • Identifying key employees and making sure succession plans are in place for these employees.
  • Developing and implementing employee training programs to make sure they are progressing and motived.
  • Updating compensation programs to make sure that they have competitive pay.
  • Making sure their opportunities internally keep employees engaged.

Studies have shown that cost of turnover could be anywhere from 25% to 200% of an employee’s salary. Why do employees leave?

  • Bad boss
  • No opportunities for advancement
  • Lack of training and redevelopment
  • Compensation levels under the market

Hiring is a blend of art and science. Those organizations that attract, recruit, develop, motivate and retain the best talent will be the companies who thrive in the marketplace.

 

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