It's not luck! How to recruit and retain top talent

Are you wondering how to recruit and retain top talent? Beacon Hill can help you understand how to improve on both fronts!

Do you struggle with how to recruit and retain top talent? As a staffing and solutions company, we are intimately familiar with the intricacies of finding the right job seeker and employer matches. However, there are a lot of moving parts in the hiring process, and maintaining your team requires ongoing work.

Let's explore some of the details together.

Why quality recruitment and retention matter

The Society for Human Resource Management (SHRM) released data stating that the average cost per hire costs companies almost $4,700! However, lots of employers put that estimate at three or four times the rate of compensation, which could be a much larger number. Now just think ... you spent almost $5,000 to onboard someone and they've decided ... it's not for them. That's why doing better recruitment and focusing on keeping the people you hire matters so much.

How to hire more successfully

Concentrate on company reviews

Your on and offline employee feedback directly fuels your pipeline. If your reputation is negative new talent will be harder to get. Forbes reported that before applying for a job 86% of employees check out both company reviews and ratings. In addition, they noted that half of all employees will avoid applying to a company that has a negative reputation.

If your reviews and ratings on platforms like Glassdoor, LinkedIn, Indeed and any other relevant platforms are low, take the time to read through them, look for commonalities and address them head-on. It may take time, but that time will be well spent.

Foster interview transparency

An astounding 30% of new hires don't stay past three months and one of the primary reasons is misunderstanding and misalignment. To avoid this happening to you, invest effort in fully explaining the role and its responsibilities. Ruling out someone who wouldn't enjoy or be able to perform the work early on will save you money and frustration.

Think about the whole person

Employee wellness is multi-faceted. Employers are in the position to provide perks that will attract and help maintain a high-performing workforce. To do this, inventorying your perks and programs is a great place to start. This list has 16 you can consider to improve your team's overall wellness and then promote those items to potential hires.

How to retain your team

Consider what your top performers want

Similar to the perks point above, your top performers are looking for certain benefits as well. Considering exactly what your existing team wants will help them want to stay with you.

For example, if many of your employees are asking for remote or hybrid work options, it's time to consider being more flexible. Did you know that over half of women and one-third of men call out major flexibility as a top contributor to a company's future success? That's quite a big chunk of the workforce!

Look for signs of employee burnout and address it promptly

Aflac reported recently that more than half of employees are dealing with mid-level burnout. In addition, employees have very little overall confidence that their employers care about them. To correct this issue and perception issue, employers must engage employees in these ways noted by SHRM:

  • Encouraging employees to take their paid time off
  • Promoting that it's okay to use sick time
  • Making benefits more obvious so people take advantage of them fully (you may already be offering something your team members need!)

Focus on employee development

Nearly 40% of employees quit within the first 365 days of a job. Many of those resignations come from people who don't see a future at the company. That's where employee development comes in!

Employee development is a great way of investing in your current team so that they can grow. After all, growth opportunities are what most employees want!

Add stay interviews to your plan

You may be able to avoid exit interviews by prioritizing the people you already have and what they need to stay. That is why several companies are using stay interviews using questions like the following from SHRM:

  • What do you look forward to when you come to work each day?
  • What do you like most or least about working here?
  • What keeps you working here?
  • If you could change something about your job, what would that be?
  • What would make your job more satisfying?
  • How do you like to be recognized?
  • What talents are not being used in your current role?

Imagine how many dollars and headaches you could save simply by asking people questions!

Find a partner

One of the best ways to recruit people who will invest in your company is by deferring to a staffing partner. At Beacon Hill, we establish relationships with top performers and we only put forth potential hires we truly believe will fit in seamlessly. We also have options like Dedicated Resources through Beacon Hill Financial® that ensure contract completion.

Whether you need a whole team or a stellar individual, we're here to help. Let us find your next match!

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