How to Attract the Best Talent and Avoid Turnover?

October 17, 201610:00 am848 views
How to Attract the Best Talent and Avoid Turnover?
The word talent and attractive businesswoman holding red umbrella against arrows pointing

The cost of hiring the wrong candidate is staggering. Not only does it require a lot of time and energy, but also it requires a great deal of financial commitment. Instead of rushing to fill talent needs, companies need to step back and take the time to build an effective recruitment strategy.

Avoiding a hire who is misfit for the job role can save companies nearly $12,500, not to mention the agony associated with employee turnover. Taking proactive steps to identify quality candidates at the onset of the hiring process can help to prevent this common issue.

44% of people state that they check or use their mobile device for work more than 20X per day. Companies that fail to utilize mobile optimization for their application process are potentially alienating 20% of job seekers who would give up on an online job application if they couldn’t complete it on a mobile device.

How do employers begin to strategize and execute a recruiting process that works for them? The Infographic below compiled by RolePoint, a social recruiting suite illustrates what it takes to find ‘A’ players and build a company dedicated to employee growth.

Key findings:

  • From 2010 to 2014, the average time it took to hire an employee in the U.S. increased from 12.6 days to 22.9 days.
  • Turnover can cost 150% of the annual salary of the associated position.
  • 44% of people state they check or use their mobile device for work more than 20x per day.
  • 20% of job seekers would give up on an online job application if they couldn’t complete it on a mobile device.
  • Employee referrals are the top source of hires, resulting in 22% of all hires.
  • 59% of people changed jobs for better opportunities and a stronger career path.

See: Exploring Innovative Talent Management Solutions

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Tips to Find ‘A+’ Players: Hiring and Retaining Best Talent

  • Write Awesome Job Descriptions: Writing accurate job postings can make it easier to find candidates with competencies for the suitable job role. While 82% of jobseekers feel that seeing the team structure, and where the job fits into the organisation is important. However, 3X number of highly rated applications are received when job descriptions focus on the candidate needs as opposed to skills and attributes only.
  • Cater to the Mobile Generation: Jobseekers want simplicity and convenience delivered on their handsets, thanks to the advent of mobile technology. Hence, it’s matter of no surprise that 20% jobseekers would give up on an online job application they couldn’t complete on their mobile devices. 23% would never apply for a job at the company again, if they experienced issues filling out the online job application. Companies should rather invest in simplifying the application process through mobile optimisation.
  • Start Employee Referral Programs: Employee referral programs bring in the best talent, which is why most companies are increasingly adopting them. 22% of all hires come from employee referrals, thus making them the top source for new hires. 63% companies follow a documented employee referral program, and 56% of referred employees have been in their current position for a substantial amount of time (5 years and more). Automate the employee referral process by creating a social experience on the company’s internal careers platform and incorporate a rewards program to encourage participation.
  • Encourage Talent Mobility: Young professionals seek to grow with the company. So hiring managers should start hiring from within with a talent mobility program in place. 40% employees consider their employer’s commitment to professional development as important for job satisfaction. While 59% change jobs for better career development opportunities. Companies should provide educational advancement and training opportunities to all members in the staff and increase commitment to professional development to attract the best talent in the industry.

It’s only companies know how to communicate their needs clearly to the talent pool and know where to reach out to find the right people that suits their business requirements and considerations, the employees will be more involved and engaged. This will increase your chances of finding the best suitable hire, those who can succeed in their job role and seek to grow with the company on a longer run.

Source credit: RolePoint

 

Read also: Tell-Tale Signs to Know If Your Key Talent is About to Quit 

 

 

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