10 Proven Strategies to Attract and Retain Top Talent

10 Proven Strategies to Attract and Retain Top Talent

  August 17, 2023

SEB Marketing Team

Many employees lack a feeling of connection with their organizations which can lead to turnover or a loss in productivity. Large and small businesses alike are struggling with labour shortages and being able to recruit and retain top talent. The current trend for staying competitive in recruiting and retaining the dedicated and motivated employees is to consider a well-rounded benefits program that will have a positive impact on the long-term happiness and health of employees. Here are some strategic offerings that companies of all sizes can use to attract and retain top talent in today’s market.

A Streamlined Hiring Process – A lengthy and complicated hiring process can deter top candidates. Simplify and expedite your hiring process without compromising on quality. Clear communication and timely feedback demonstrate your respect for candidates’ time and interest.

Recognition and Appreciation– Authentic, equitable, and frequent recognition has a positive effect on the attitudes of current employees fostering loyalty which leads to productivity. Consider bonuses, recognition at a meeting or simply taking time to acknowledge the hard work of employees can go a long way to create an attractive work environment.

Perks and Fringe Benefits – Perks and fringe benefits are becoming ever more important when employees are considering applying to or staying with a company. Remote work and flexibility, access to health and wellness resources, and family-oriented initiatives are among the top considerations. Top talent is no longer only interested in their salary, they are also focused on sustaining and supporting their health which not only includes physical exercise but ergonomic equipment and a clean work environment as well, whether that be at the office or at home.

Development and Professional Learning Opportunities – Even if it is access to Udemy or LinkedIn learning, many top talent recruits know and are concerned with access to continuing their education and skills for best practise applications for their current roles and opportunities to advance. When employees acquire new skills, they gain valuable expertise that can be applied to their current roles. New recruits find positions more attractive that offer these incentives, or a financial assistance dedicated to professional growth and up-levelling skills.

Company Culture – Company culture is vital for making employees feel valued and supported.  Motivating and inspiring leadership can create a positive work environment which fosters collaboration and respect among employees. This invites feedback and sharing ideas, which allows employees to feel connected.

Encourage Work/Life Balance – In the post-pandemic market, employees value a healthy work/life balance more than ever. If you are serious about attracting the best, then having flexible working hours and schedules will become highly attractive. Ample vacation time where employees are encouraged to take time off to recharge is also a plus.

Communicating Openly – Employees feel supported and respected when offered reviews, ways to improve and channels in which to offer input. The best employees seek opportunities to improve their skills and advance in their roles. Offering opportunities with clear lines of communication facilitates open sharing of information such as of goals, progress, and expectations.

Create a Sense of Community – Most employees want to feel a part of something. Promoting social activities outside of work can help employees feel part of a community. Whether it be sports teams or local attractions, these amenities offer employees enjoyment and ways to connect outside of work.

Embrace Diversity and Inclusion – A diverse and inclusive workforce can attract a wider pool of talent. Actively promote diversity in your recruitment efforts and create an inclusive environment where all employees feel welcome and valued.

Competitive Salary and Benefits Package – Recruiting and retaining the best often involves being willing to pay for the best. Competitive salaries and good benefits including health insurance and retirement savings plans are a must for any company that is seeking to attract potential candidates and keep current employees. The best benefits packages are those that stay abreast of latest trends and offer health solutions that are relevant to the ages and social dynamics within your employee base.

Attracting and retaining top talent is an ongoing effort that requires a multi-faceted approach. By creating a positive workspace, offering competitive compensation and benefits, making considerations for work/life balance, and creating a sense of community, you can position your company as an employer of choice. Remember, in the end, it’s not just about hiring talent; it’s about nurturing relationships, fostering growth, and building a workforce that propels your organization towards success.

SEB is Canada’s leader in providing benefits administration solutions to over 400,000 plan members from Canadian companies. You can check out the full suite of SEB’s solutions here.