Contemporary Issues to Global HRM | Recruiting and Retaining Top Talent

In a stabilized economy underpinned by steady job growth, jobseekers have far more employment opportunities than just a few years ago. That’s why attracting and retaining top talent goes well beyond pay and benefits. (Tyson, 2017)

While technology may allow us to scale businesses exponentially (once we have identified the appropriate formula), hiring the right talent is still the most fundamental aspect of building a thriving business. The HR function of being a startup founder is perhaps the role we are least equipped to play. But it is, in my opinion, the most important.

 (Fouladger-Mercer, 2013)

Employees are more apt to evaluate a potential employer with the same intense scrutiny as the company doing the hiring. After they come aboard, the best employees are engaged, productive and go above and beyond in their typical job to grow a business or develop innovative solutions. The business benefit of these highly motivated employees is clear—they can increase customer ratings by 10% and profits by 21%. But recruiting and retaining top talent is getting more difficult with the unemployment rate at a low 4.3%. A competitive salary is, of course, a big driver in recruiting top talent and getting them in the door, but a much more complex mix of factors keep employees at a company for the long haul. These factors are a variety of tangible and intangible events and activities measured not just by dollars, but also happiness, flexibility, education and development opportunities, and employee recognition.

According to Rob Tyson, Director of Talent Acquisition, Corporate Synergies ,Here are 7 benefits and activities that aid recruitment and retention of star employees:

1. Onboarding and training: First impressions matter. This goes for not only the interview process, but an employee’s first few days on the job. A comprehensive onboarding program includes information on company policies, background of the company, pay and benefits, but also training about the industry and the actual work employees will be doing. 
2. Culture and work-life balance: Focusing on company culture and making work-life balance a priority drive employee engagement and retention. Building a positive culture around openness where we are amenable to new ideas and try to learn from each other can drive good conversation and help to move an organization forward. Similarly, ensuring that employees have a good work-life balance also helps to keep everyone happy
3. Employee recognition programs: Recognizing employees when they go above and beyond is essential, and employees agree; 74% say that employee recognition is important to keeping them happy.
4. Events: Events are another way for employees to bond outside of their normal work environment.
5. Worksite health & wellness: Wellness programs are an important way to keep healthcare costs down. They’re also a way to show employees you care about their wellbeing. Health & wellness programs promote getting healthy and foster camaraderie, and mounting research shows that these benefits are expected by employees.
6. Employee engagement survey: You’ll never know how employees feel if you don’t ask them, which is why engagement surveys are so important. 
7. Mentoring: Nearly 90% of millennial say that job growth potential is important to them.

References :

Tyson R, 2017, Retaining top Talent. https://www.corpsyn.com/docs/pdf/articles/retaining-top-talent.pdf, Accessed 12.00p.m , 2018.07.05


Fouldager-Mrecer S, 2013 , 5 Tips for hiring and retaining top talent, https://www.forbes.com/sites/theyec/2013/03/22/5-tips-for-hiring-and-retaining-top-talent/#503599a85952 , Accessed 12.15 pm, 2018.07.05

Deutsch B, 2012, Can you prevent your best employees from leaving?,  http://www.impacthiringsolutions.com/blog/category/hiring-and-retention-trends/ , Accessed on 12.20 p.m , 2018.07.05.