5 Tips for Attracting and Retaining Top Talent

The Canadian job market is filled with a range of exciting opportunities for employees to explore. Career advancement, a competitive salary and attractive benefits are three factors that an employee takes into consideration when considering a job offer.

In a post-pandemic world, a hybrid work model is becoming the norm and can be the ultimate dealbreaker for many employees. Flexibility in the workplace is more important today than it ever was. The problem, for many employers today, is that their best employees are being head-hunted by companies offering more perks and benefits. How can employers ensure that their employees stay loyal to them and motivated at work? This blog offers 5 tips for attracting and retaining top talent for 2022 and beyond.

1: Attract the right candidate

Before sharing a job description on a platform like LinkedIn, it’s important to know what kind of candidate you are looking for. What skills and experience do you require for this position? Is there anything specific about the job that a prospective employee needs to know? Think about the previous employee who held this position. What attributes did they have that you’d ideally like a new candidate to also possess?

Curate the job description so that it only includes essential details about the company and the job itself – additional information can be supplied at a later date. Some employers like to send a short company video that gives insight into the company culture and the role, which can be very impactful when delivered effectively.

2: Get consistent feedback

You may feel that your company is a great place to work, but do your staff enjoy working for you? Do your staff feel encouraged and supported in the work they do? Invest time to listen to your employees and learn from their insights. Gathering feedback on a regular basis is essential for understanding what is working well for your team and what needs to be changed or improved on.

Sending your team surveys, once a quarter, is a great way of gathering data that could drastically reduce employee turnover. When your employees feel valued and listened to, their productivity increases. Meeting your employees to discuss their performance and provide feedback is another way of checking in with them. You can provide encouragement on what they are doing well and share suggestions on any improvements that could be made. Strengthening the relationship you have with each of your employees is key for company success.

3: Offer career advancement opportunities

Research shows that if there is a ceiling on career growth, employees will not stay at an organization for very long. Career advancement opportunities are essential for retaining great staff. The path for developing a long and sustainable career at your organization should be outlined from day one. Make sure your employees are aware of the milestones required to progress from their current role to the next one.

Are you promoting hard-working employees? If your employees are hitting targets, achieving goals and transforming your organization, recognize and reward those achievements. Promotions and increased responsibilities are signals of trust and when an employee feels trusted and valued, they will stay loyal to you.

4: Reassess compensation and benefits

A competitive salary and benefits package are often the deciding factor for whether an employee joins or leaves an organization. Invest in your employees and it will pay off in a myriad of ways. Do you know what is important to each member of your team? A healthy work-life balance is important – hybrid work models are becoming the norm and they offer increased flexibility without compromising on productivity.

In today’s job market, providing attractive compensation and benefits are essential for discovering and retaining top talent. Reassess compensation twice a year, using a salary guide. Get to know your team’s financial objectives and ensure your compensation is in line with that. Workplace health and wellness benefits contribute enormously to your employees’ wellbeing. When employees feel physically and mentally well, the organization feels the long-term benefit of that. In a post-pandemic world, wellness has taken on an even greater level of importance.

Benefits such as health insurance, increased vacation days, a group retirement plan and gym membership options are great ways for reducing stress at work. A strong retirement package is a great way to incentivize employees to stay at your organization. 92% of employees in small to medium organizations rated workplace savings and retirement plans as a major factor for deciding whether to remain with their current employer. Providing a matching program for your staff is one way of demonstrating your commitment to helping them achieve their financial goals and retire well.

5: Create a good onboarding experience

Make your onboarding and training programs enjoyable for new hires. It can take between 4 and 12 weeks for a new employee to integrate fully into an organization. They need time to adapt to their new role, get to know their colleagues and to familiarize themselves with the organization. Create an onboarding experience that makes new hires feel part of the team. Is there a handover manual that outlines their responsibilities? A visual outline of the role is helpful, and they can refer to it as much as they need to.

Introduce them to their colleagues in a way that doesn’t feel overwhelming. Introductory meetings with a small number of colleagues is a great way to assimilate them into the company. Remembering names is hard, so anything that makes that process easier is invaluable. Invest time and energy into training them for success in their new role. Assign a colleague to show them what they need to know for using internal software, attending meetings and preparing reports or projects. The first few weeks are daunting for new employees, so check in with them to regularly to create a positive onboarding experience.

Attracting and retaining top talent is an ongoing task for companies, but it doesn’t have to be a struggle. Open Access is a Group Retirement Plan Provider in Canada that helps companies enhance their retirement benefit programs through customizable Group Retirement Plans. Contact our friendly sales team here to learn more about how our plans can set your employees on the path to a great retirement.