Posted by No matter what type of business you have, having the ability to recruit and retain talent pays off with increased productivity. A recent study determined that high performing talent in complex occupations, such as information technology, are eight times more productive than average performers.
During the recession, demand for jobs far outweighed the number of jobs available. Employers that became complacent because it was easy to pick and choose the best talent, and not have to pay them very much. While two applicants may have the same degree and similar backgrounds, there are clear, quantifiable differences between the average applicants and talent that will help move your organization forward.
Once you hire and train a talented worker, you’re still faced with the fact that the average amount of time an employee stays at one job is 4.4 years – half that for millennials. Retaining talent is even more important than finding the right talent in the first place. You can waste time and money training staff only to realize she’s eyeing for another job
Employee Value Proposition
What’s in it for me? That’s the big questions employees have when making a commitment to you. To attract and retain the best talent, you need to up your company’s employee value proposition (EVP), which defines what employees get for what they give. Focus on building up four elements that talented employees value most:
- Great leaders. A great leader sets an example that inspires talented employees to apply themselves.
- Great company. Your reputation matters. The energy company BP is having trouble filling highly skilled positions, in no small part due to highly publicized environmental issues. In response, BP proposes values that include safety, energy security and economic security.
- Great job. If talented people leave your company for the next best thing, offer the next best thing at your company instead. Upward mobility is the American dream, and talented people require lifelong learning and challenges to stay motivated.
- Great rewards. No, we’re not talking about bean bag chairs and kegs of German bear. Include real benefits such as a competitive wage, decent health insurance and retirement savings plans, and non-financial compensation. If you are a small company that cannot afford big benefits, make your workplace fun. Keep it social and productive. Get involved in a community-minded social service project, such as helping the Boys & Girls Club or providing support for the homeless shelters or food banks.
The value added to your business by great talent more than pays for the value you give your top employees. If you read the full report on attracting and retaining top talent, don’t forget that great talent might already be right under your nose. Are your employees working at their full potential? Call Venture Up if you need help unleashing the creativity and talent you already have in your staff.