When it comes to talent, attracting and retaining the right employees for your workplace can be incredibly difficult. For 2018, Glassdoor estimate that employee turnover will increase by 35 per cent in comparison to 2017, with salary cited as the top concern. It’s no doubt high competitive out there – finding the right employees for your business is one struggle, but keeping them is another altogether.
"...millennials will make up 35 per cent of the workforce by 2020."
The overall effect for many outside the millennial generation has been a negative one; feeling left out or somewhat unimportant. It is a mistake to focus your talent search on one generation entirely. While each generation, whether it be millennial, gen Z, generation X or baby boomer, may cover a generalised set of interests, opinions, skills and experiences, the fact is that people are individuals – no matter their age or background. Drilling down into the job responsibilities that are required, and looking for an employee who can effectively fulfil those, is a far simpler recipe for success.
While we know that salary is a concern to the majority, in these tough economic times, it isn’t always possible to offer the level of remuneration to effectively compete with larger organisations. This where details are important:
"51 per cent of the US workforce are reportedly not engaged at work" ~ source
If employees do not feel heard, or inspired, confident in their role, or experiencing high levels of stress, then they are very likely to look for work elsewhere. Fostering a working environment where people are satisfied and happy in their role is a powerful tool in attracting and retaining the right talent.
Creating a strong employee experience, rather than focusing on employee benefits, is key to appealing to your best possible workforce. Of course, the ideal is to have the perfect mix of both, and this should always be implemented where possible, but do not underestimate the prosperity that a more dynamic workspace can bring. Think about how you can make work as productive and enjoyable as possible for your employees – it may involve creating more social opportunities, or bringing about more flexibility, or more opportunities for creativity.
Your end goal should be to let the contentment of the workforce to speak for itself – thus, you’re more likely to retain top talent, and continue to attract it too.