Talent engagement is by far one of the most challenging puzzles to solve for HR teams. Retaining valuable talents is critical because it could be one of the best ways to maintain a company’s intellectual capital. Based on some surveys compiled by Smarp, more than 60 percent of 600 US businesses said retaining employees is actually more challenging than hiring them. Failing on the retention strategy, employers will end up spending more time and money looking for replacement workers.
Smarp also cited that 71 percent of employers believed employee engagement is critical to their company’s success. Engagement does not only help retain employees – thus lowering the budget to hire a replacement – but also helping the overall company’s productivity that eventually generates revenues.
Talent engagement is proven beneficial to companies in terms of productivity and profitability. Fulfilling just the right number of employees is not enough, especially if they lack the qualities that will help companies in their growth plans.
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Engaging employees need some strategies that include recognising team, providing better support and room for growth, providing better tools for success, giving meaning to employees in their responsibilities, allowing reward and benefits systems, etc. Although these efforts have a positive impact on a work culture that eventually helps boost employee engagement, are these really what employees want?
Infographic published by Visually showed that there is some gap in understanding between what employers and employees want when it comes to workplace incentives. While employers think that ‘good wages’ is the number one driver for engagement, ‘full appreciation for work done’ becomes the employee’s number one reason why they stay longer with their employers. The second rank on what employees really want is ‘feeling in on things’, followed by ‘sympathetic help on personal problems’, ‘ job security’, and ‘good wages’ respectively.
Apart from the aforementioned perks, one element that is equally important to those mentioned is ‘giving more importance in the way managers conduct talent recruitment’. Recruiting process is the gate for all employees to pass and is the first thing new hires will see before joining an organisation. When talents see the gate is tempting and awesome, employers can likely increase their chances of hiring the cream of the crop who not only stay longer in the company but also give the best they can.
One of the objectives of the ‘giving more importance’ stage is to make sure top talents are always hired to bring in significant benefits to the company. This is especially true when you want to improve employee performance, thus allowing these well-spent resources to create lower employee turnover.
Read also: 5 Actions to Emphasize in Developing Talent Management Strategy