“Your team is highly successful, they are achieving their targets and you’re set for the next quarter but you start to receive resignations from your top performers – Why?“
According to PwC’s Workforce Hopes and Fears Survey (May 2022) almost 20% of UK workers expect to quit in the next 12 months stating low salary, lack of fulfilment and wanting to be truly themselves at work as the top three factors in their career decision
Despite challenging economic times on the horizon, pay and bonuses must be competitive to attract talented employees, and potential employees need to understand how their potential employers plan to retain them. It may sound harsh, however the demand for talent is at an all-time high.
A Financial reward can only go so far as we all have other intrinsic motivators and needs. A manager’s ability to recognise employees’ talents and contributions in a purposeful manner will contribute to successful retention of talented employees.
When employee recognition is considered effective, managers:
1. Have lower turnover rates
2. Achieve enhanced business results
3. Are seen to be strong in leadership, goal-setting, communication, trust and accountability.
We can therefore see that employee recognition accelerates a leader’s effectiveness. Consider the story of Dee Hansford, former head of Walt Disney’s cast recognition department. During a year of no pay raises or bonuses, the theme park saw an increase of 15% in guest attendance and no additional hiring. A formula for a disaster? Well, employee job satisfaction rose by 15% as did business revenues. To achieve this, Disney trained their management team to deliver purpose-based recognition that wasn’t based on monetary reward.
All interviewers should be trained in interview techniques that promote the company’s Employee Value Proposition (EVP) and brand – this will enable your organisation to have a consistent and strong message.
· Social Media – Sites such as Glassdoor and channels like LinkedIn can create a negative brand image if not properly managed. All reviews and posts should be dealt with promptly in a professional manner, especially anything negative. You may never have the opportunity to interview top talent if your brand is tarnished.
· Work with a Recruitment Consultancy that truly understands your EVP and what your brand stands for. This will enable them to position the role effectively in the marketplace to attract the right talent. This requires more than just a job description.
What information can each organisation provide?:
· Marketing collateral
· Analysts Reports – Gartner/Forrester
· New Employee Video – this is us/why work for us
· Customer Success Stories
· Employee Success Stories
· Financial, Investment and Revenue details
For more information on attracting and retaining the right talent for your business, get in touch with JIE Search.
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