March 12, 2024

7 best practices to attract and retain talent

Every generation is more demanding than the previous one and, in fact, that is a great stimulus for companies not to rest on their laurels; if millennials demanded more flexibility and work-life balance, Generation Z expect -on top of the former- diversity, inclusion, equality and transparency. 
Finding people who fit into our organization's culture is essential, but we can't lose sight of the demands and evolution of society. Having well-defined values is great; having the same ones for twenty years, not so much. If we're not the same people now as we were ten years ago, we can't expect the organizational culture to remain the same without adapting or updating.
If we don't pay attention to what employees in general and the new generations in particular need, we'll start to see personnel turnover increasing uncontrollably; attracting and retaining talent in a company is crucial for its long-term success. Here are the best strategies to always have the best talent in your organization:

1. Implement an effective onboarding process

Onboarding is crucial to help employees adapt to a new work environment and immerse themselves into the organizational culture: after recruitment, selection and hiring, it's necessary to start with a welcoming, appealing, and clarifying process.
A proper onboarding process turns new employees into brand ambassadors, ensures they align with the company's goals, and sets them up to achieve them successfully. In fact, 70% of employees who have an excellent onboarding experience say they have the "best possible job.". They also have higher job satisfaction and are much more likely to stay with the company.
One way to ensure a successful onboarding process is to implement an onboarding checklist. This document can help us streamline the process and ensure we do not miss anything important. Need tips on how to prepare it? Here's a step-by-step guide.

2. Know your team with quantitative data

An HR department that is well integrated with the company's overall strategy can improve productivity, performance, and profitability.
Through the usage of the right tools, organizations can collect and track high-quality data. For example, a performance evaluation SaaS like Hrider helps us in the following ways:
· Ensuring transparency in evaluations, making data-backed decisions, and legitimizing the entire process.
· Identifying top-performing employees for incentivization, leading to less burnout. It also helps identify underperforming profiles to motivate them and provide necessary tools for improvement.
· Predictive analysis: Reports from surveys and employee engagement evaluations can provide objective information about job preferences and factors driving performance.
· Succession planning: Using HR analytics for performance assessment and evaluation allows for succession planning; we can anticipate promotions, internal promotions, or transfers between departments.

3. Monitor employee engagement and burnout

Employee engagement is one of the keys to talent retention. It seems obvious, but it still must be emphasized: high employee engagement can reduce turnover and absenteeism, as well as increase productivity.
Through measuring the work environment via job satisfaction surveys, we can identify indicators directly or indirectly impacting employee engagement. Through a 9Box, we can correlate performance with engagement.
In addition to caring for and maintaining engagement, every organization must do its best to prevent its teams from experiencing burnout syndrome. It's common for the most talented employees to have the heaviest workload. It will be necessary for them to have colleagues and tools to rely on, and to review their tasks and objectives to alleviate said workload.

4. Prioritize culture

Every organization is defined by its culture, which influences all aspects of work; therefore, corporate culture is highly responsible for job satisfaction. Most people want to work in an inclusive company that values and respects diversity.
Culture fit is crucial when hiring a person. If a new addition doesn't align with the culture our company has built, they will have difficulties performing their tasks and relating to their colleagues. That's why it's so important to prioritize cultural fit as much as skills or experience.
Of course, this cultural alignment will only have a positive impact on talent attraction and retention if our company has a culture worth aligning with. For example, if a team coordinator or director criticizes colleagues, doesn't participate in team-building events, or doesn't adhere to hybrid work norms, an environment will be created where no one feels comfortable, regardless of how much we try to project a positive image.

5. Provide development opportunities

According to a study by the Work Institute, the lack of professional development opportunities is the main reason employees leave their jobs. So, if our goal is to retain talent, we must offer each employee a specific career plan based on their strengths and interests.
Create a culture of continuous learning by providing training and development programs that align with your employees' professional goals; one of the most straightforward and effective ways to find out which training initiatives are most suitable is to use training needs surveys.

6. Value people through recognition

Giving recognition affects self-esteem and people's commitment; plus, not only does recognition have a powerful effect on the person receiving it, it also has a significant impact on colleagues who see how their coworker's great work is being rewarded.
Employees want to work in an organization where they know they are valued for their contributions. A good salary isn't always enough, and a chronic lack of feedback can tarnish our employee experience. To be able to recognize with positive feedback, we'll need the professional framework of performance evaluation.
Recognition goes beyond occasional gratitude or a pat on the back; we must build and foster a feedback culture that creates connections between colleagues and improves the employee experience.

7. Implementar una estrategia DEI

DEI stands for Diversity, Equity, and Inclusion. This planning encompasses all the practices, policies, and strategies that a company carries out to create an equitable workplace and implement diversity and inclusion programs.
83% of Generation Z states that a company's commitment to inclusion or diversity influences their workplace choice.
As we mentioned at the beginning of this article, it's crucial to understand the preferences of each new generation to attract and retain their talent, without fear of losing the organization's identity.
In conclusion, attracting and retaining talent requires building a solid brand, offering competitive benefits, emphasizing recognition, growth, and professional development, and creating a positive work environment.
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