The importance of attracting and retaining top talent
RE’s Chairman, James Caan CBE recently reflected in RE’s podcast on how to build a better recruitment business “To build a business of scale you need to have the right platform, looking back at the beginning our training was quite poor, it was sporadic, ad-hoc, no structure and the consequences of that meant we probably had a higher staff turnover because we weren’t developing our people the way we should have done”.
The market showed a softening in Q4 ’22, however early signs from job boards and recruiters alike are indicating that there is reason to be cautiously optimistic as Q1 is well underway. We are still seeing the demand for skilled talent is still outstripping supply, meaning employee choice over their working conditions and workplace remains high, resulting in job-hopping for better skills training and benefits continues.
With this being said, it shows that retaining top talent in 2023 will be crucial. Here at RE, we have a dedicated team of talent partners who work with our portfolio partners to help source the best candidates but also provide the very best strategies for obtaining and retaining top talent.
We asked our talent team at RE, Petra Brown and Lisa Foley what their top tips and tricks are for attracting and retaining top talent and the importance of hiring the best candidates too.
Petra Brown, Group Talent Manager:
Why is it important to hire top talent?
Productivity - More or less, every employee adds to the productivity of our organisation. Hiring the right people can contribute to the overall growth of the company and can also lessen the need for us to hire more employees. Great employees are an investment that will pay off in the future. They will align their goals with the organisation’s and understand that their success directly correlates to the organisations.
Saves Time and Money - hiring isn’t easy. Hiring managers will take valuable time out of their day to reply to every applicant, evaluate CV’s and conduct interviews. Similarly, once you have hired your new employee, you will spend time and money to train them and make them familiar with your organisational culture and operations. Thus, hiring the right person will save you future costs you might incur if they turn out to be the wrong type of employee.
Ripple Effect - Employees can either positively or negatively induce their workmates. The right employee will create a long-lasting impact on not only your organisation but the people around them.
Reputation - There are several risks involved when you hire an employee. One of the more severe risks is damaging your company’s reputation.
How can you retain top talent?
- Promote flexibility.
- Offer good perks.
- Build good company culture.
- Invest in their career growth.
- Provide a positive onboarding experience.
- Regular team bonding activities.
- Performance review.
- Leverage good technology.
What are your top tips/strategies for recruiting top talent?
- Create a candidate persona for hard-to-fill roles.
- Ensure a seamless candidate experience.
- Develop a successful employee referral program.
- Work on reducing bias.
- Understand what talent wants.
Lisa Foley, Talent Partner:
Many factors come into play when thinking about the traits that define top talent and how to identify the best fit. It could be their years of experience; independent projects such as successfully building a division from the ground up; proven success in attracting and retaining clients, delivering on client and candidate expectations, and delivering monetary results in the form of a strong and consistent billing record.
Effectively hiring top talent increases the value and better results by moving it forward, which in turn benefits individuals and their career aspirations, as well as the company’s long-term objectives.
When an individual is engaged with the company’s identity and values and feels their work aligns with their principles, talent is more likely to stay for the long term. Retention can be improved by management leading by example, offering coaching and training, best practice, and helping talent to reach their full potential. In a competitive market, encouraging growth potential is a big differentiator when recruiting.
As Talent Acquisition professionals we take the long-term view when implementing a hiring strategy. Knowing and understanding our competitors enables us to accurately map the market before leveraging the right resources. This ensures we develop a strong applicant pool with talented individuals with whom we build long-term relationships, opening referral opportunities and gaining credibility in the marketplace.