A 2023 study by the Integrated Benefits Institute found that 73% of employers struggled to attract talent and 61% struggled to retain them. The turnover costs averaged 1-2 times each employee’s salary.
The best talent focuses on more than money when deciding where to work. Understanding what attracts and retains top talent encourages them to fill your open roles.
A compelling employee value proposition (EVP) strengthens talent attraction and retention. Emphasizing your company’s benefits and opportunities strengthens feelings of value and engagement, which increase performance, job satisfaction, and loyalty.
In addition to money, consider using these strategies to attract and retain top talent.
Prioritize an Attractive Company Culture
Alignment with your company’s mission, vision, and values strengthens talent attraction and retention. Employees sharing similar values collaborate well, continuously improve their performance, and focus on long-term development.
Emphasize company culture in your job descriptions, during interviews, and throughout employee tenure. Transparently communicating details about the work environment and types of candidates you seek encourages relevant applications.
Offer Attractive Benefits and Perks
Benefits and perks increase an employee’s total compensation and support their lifestyle. Tailoring your benefits and perks according to your budget and employees’ preferences strengthens motivation, job satisfaction, and retention.
The most in-demand benefits and perks include:
- Health insurance
- A retirement plan with a company match
- Generous paid time off (PTO)
- Paid family leave
- Tuition reimbursement
- Financial education opportunities
- Remote or hybrid work arrangements
- A flexible schedule
Provide a Top-Tier Onboarding Process
Your onboarding process sets the tone for the employee experience with your company. Focus on gradually incorporating new hires into your organization while providing the necessary information, resources, and training to succeed.
Ensure your onboarding process continues for a year or longer to show your company is a desirable place to work:
- Focus on new hire acclimation for the first few weeks.
- Communicate role expectations.
- Establish channels for asking questions and providing feedback.
- Transition into coaching and periodic updates.
- Frequently evaluate and update the process for stronger talent retention.
Emphasize Talent Engagement
Engaged talent stays motivated and interested in their tasks. They enjoy coming to work and completing projects.
Emotional salary – the non-monetary factors driving talent engagement and retention – includes work-life structure, recognition, and career development. Prioritizing these areas strengthens feelings of value, commitment, and loyalty.
These approaches increase talent engagement:
- Align the company’s culture with employees’ values.
- Offer clear paths for career progression.
- Encourage strong work relationships.
- Consistently provide constructive feedback.
- Frequently celebrate employees’ successes.
Offer Talent Recognition and Rewards
Encourage managers to regularly recognize and reward talent. Point out specific contributions, results, and organizational impact. When appropriate, include a bonus, pay increase, or promotion.
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