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Attracting and Retaining Top Talent – The Key To Corporate Success
A critical factor to the success of any company is its ability to attract top talent while retaining those already working within the company. Losing employees can have a significant impact on a company’s morale, productivity and overall profit.
Whether it be evidenced through expenditures in agency or search firms, lowered productivity or morale, high turnover costs your company. In fact, each time one of your employees walks out your door for the last time, it can cost your company anywhere from $25,000 for entry level positions, up to $250,000 for a senior level positions.
Understanding the reasons people leave is the first real step in addressing the issues of retention and attraction. Once you have a clear understanding of these reasons, you are ready to move to the next stage of developing an attraction and retention strategy to get and hold talented people.
The formula for attracting and especially retaining top talent lies in creating a high level of job satisfaction which includes not only the work itself but factors relating to the climate or work environment. One of the most over-estimated reasons companies think they attract and retain top talent is through financial compensation. However, financial compensation is ranked very low by many employees when compared to achieving job satisfaction.
Excellent companies know intuitively the importance of providing challenging work, opportunities to apply skills and the importance that prospective employees place on company reputation. They work hard to improve the climate of work because they know that this will cause people to want to work for them based on their reputation in ...