With a global pandemic having brought the world to a standstill, the economy is reviving itself again. This has reduced unemployment and has allowed employees to grab new and exciting opportunities.
However, employers are facing the music while attempting to retain employees. Given a market saturated with multiple figure paychecks and excellent work atmospheres, employers are struggling to stand out.
To attract top talent and retain your employees to build a steady workforce, try these seven strategies, and you’re sure to succeed!
According to the Attraction and Retention of Talent in MENA Survey conducted recently by Bayt.com, 60% of the respondents consider salary and compensation to be the leading attraction while looking for a job.
Moreover, the benefits offered by an employer play a significant role in retaining talent. Perks such as health care, insurance, etc., are what inspire an employee to stay loyal to the job even if the pay is not as much.
Several companies prefer to compensate their employees with more money; however, those that promise benefits are the ones that attract and retain top talent. Besides salary, factors like job security and career growth opportunities play a vital role in employee retention.
However, with the cut-throat industrial competition, an employer that offers a generous paycheck alongside genuine benefits tends to hire the best of the lot.
The recruitment process is one of the critical factors of employee retention. So, when you hire new employees, you must retain them for their long-term growth in the company.
Surprisingly, many companies in the present-day corporate industries hire with the prior knowledge that their employees may quit within two years. If you decide to hire an employee who might leave, you shouldn’t be surprised when they do.
New hires generally seem to stay long when they experience a seamless onboarding process. When hiring managers or interviewers fail to pitch the company right, they fail to convince the new hire that it’s worth sticking around.
One of the best ways to initiate the onboarding process is to be truthful about the expectations you hold. Transparency during the hiring process is the key to hiring the right people.
Additionally, you must ensure that the compensation you offer must match industry standards. According to the recent Bayt.com survey, 48% of the employees leave a company due to inadequate compensation.
Several on-the-job attributes are responsible for successful employee retention. When you are trying to retain talent, you have to respect their need for a work-life balance. Since they’re only human, they can only complete a certain amount of work in a specific time frame.
When an employee feels like their work and life balance is spiraling downwards, they experience stress. If you make your employees feel like most of their life is devoted just towards work and not at all towards their personal life, you may be perceived in a bad light.
According to the Attraction and Retention of Talent in the MENA Survey, 53% of employees decide to stick to their jobs because of seamless work-life balance. This means that employees value time with their family and away from work as much as they like to work.
Now, if you look at the aviation industry, you will see the lack of pilots to fly the airplanes. This has led to overworked employees who have either opted for early retirement or have simply chosen to recover from burnout.
While airlines are trying to attract top talent by offering generous salaries, many talented pilots are still refraining from joining a grueling work routine.
So, as an employer, here’s what you can do to find out if your employees are satisfied with their work-life or not.
The ideal ways to find out how an employee feels about the company is to conduct surveys, look at industry trends, and direct feedback. This way, you get to know the points of frustration, and you can work to alleviate those problems.
Compensation is a factor that alleviates pain like no other. However, there are ways in which you can show your employee that they are valued, instead of just paying them more and ignoring their dissatisfaction.
Many-a-times, employers ignore employees who don’t complain. Always keep an eye out for top performers who bring their A-game to the table at all times without complaining. These employees are most often the ones who are dissatisfied, frustrated, planning to leave, or just in need of a break.
Some employees are also workaholics by nature. They seldom realize that they are nearing burnout. So, if the company demands a constant grind, such employees rarely take time off and finally end up exhausting themselves.
In such cases, you can opt for paid leaves or even paid vacations for the best performers. This way, you can focus on retaining talent without increasing the compensation.
When it comes to corporates, people love to boss around their associates. However, very few people stick to a genuine leadership style. The inclination of senior employees towards adopting an arrogant and unhelpful attitude is one of the main reasons why even the best associates may quit their jobs.
According to a recent survey conducted by Bayt.com, 34% of employees in a company reconsider their present organizations because of strained relations with their managers. So, if you wish to hire leaders instead of bosses, here are five traits you must look out for in a potential candidate.
Employees leave bad managers, not the organization. While employer branding plays a vital role in the recruitment process, seldom does it show the real side of the managers.
If you ever ask an employee the reason for quitting their job, it will always boil down to a specific person or a group of seniors. The defense will never relate to bad customers, products, colleagues.
Your responsibility is to manage the managers. Employees follow in the manner that they are led. If you hire bad managers, they tend to create a negative and frustrating work environment.
So, when you train the manager, you must ensure that you include stress management, conflict management, and crisis handling tips alongside the technical details.
Your workforce needs to acquaint themselves with each other instead of working in solitude. You must never blame your employees for the lack of motivation. Distractions outside of work are the most common reasons for employees not performing up to the mark.
Good employers always make sure that their employees are motivated through active employee engagement. This may include off-site visits, training, workshops, team-building games and activities, and HR meets, etc.
Employer branding is crucial in the current-day corporate scenario. Today, everyone wants to identify and solve problems. However, problem-solving does not come easy. It requires consistent time and effort.
So, if you want to build a reliable brand, you must focus on involving yourself in:
Always look for a way to build a trustworthy global reputation. For instance, if you are a beverage manufacturer but you also contribute to preserving natural water sources, you will be regarded highly in your industry.
This way, your new hires will also look forward to being passionate about something more significant than work. While every company has to assess if their benefits and compensation match the industry standards, there is more to just money when you want to retain employees.
Each year, millions of fresh graduates await jobs that allow them to grow and become better individuals. Additionally, they also yearn to be part of something outside of their careers where they can contribute to the global community.
As an employer, you must not settle for less. To connect with top talent in the MENA region, Bayt.com is your most reliable solution! With a database of over 39,000,000 professionals across all industry categories and career levels, you can hire the best candidate rapidly and cost-effectively.
