By: Zach Kaiser – Strategic Risk Advisor, McClone
Without a doubt, the most frequent risk issue that I’ve encountered during my tenure as a Strategic Risk Advisor is centered on the struggle to attract and retain top-notch employees. In my experience this issue tends to fly under the radar when initially discussing a businesses’ risk management strategy. I feel that it’s often overlooked due to the fact that business professionals generally do not consider attracting and retaining top talent to fall within the risk management realm. When in fact there is nothing that threatens your business more than a disheartened or absent workforce.
Here are statistics on the struggle to attract and retain talent in today’s workforce:
- On average, 10,000 Baby Boomers retire every day
- According to an article released by Forbes in 2012, 91% of Millennials expect their time in a position to only last three years
- A survey issued by Jobvite in 2014 revealed that 51% of employees are actively searching or open to a new job
It’s apparent now more than ever that the days of the ever faithful employee are well in the rearview mirror. The war on talent is here and it’s critical that your business is ready to compete. Here are tips to attract and retain five-star employees:
1.) Use your network to attract top talent.
Generally speaking, people make better career choices when they are referred to an open position from a friend or someone within their professional network. Use this to your advantage. Similar to purchasing a new vehicle; if you want to avoid overpaying for your desired car, you purchase from a dealer that you know and trust. When looking to fill a new position, leverage the network that you already have.
2.) Have a set process for hiring.
When you’re looking to hire a new employee, consider two things:
- Clearly define the position that you’re looking to fill and the requirements necessary. Clearly defining the job and position requirements (education, experience, knowledge, skills, behaviors, and attitudes) necessary for someone to be successful will actually help make the interview process easier. This is because you then have a roadmap to follow for evaluating each candidate against the requirements to determine who will be the best fit.
- Today’s job market is more competitive than ever, so if you happen to come across a candidate that you feel may be a good fit, act quickly. It’s important to make informed hiring decisions and the only way to accomplish this goal in a time-sensitive manner is by having a reliable process in place. The fact of the matter is that if a candidate is worth hiring, they’ve likely interviewed for various positions and received multiple job offers. This is why it’s imperative to follow-up in a timely manner.
3.) Treat your employees well.
Simply put, your organizational culture is the most effective tool that you can leverage in order to attract and retain a talented workforce. If you do nice things for your employees that show that you genuinely have their best interest in mind, they’re inclined to share these acts of kindness with their friends and loved ones. People remember the little things. I can’t remember my wage from my high school job, but what I do remember is my employer handing out gift baskets right before the Thanksgiving holiday. Name one person that does not want to work for a company that shares these values?
Feel free to share in the comments below how your organization has implemented solutions to attract and retain a talented workforce. Do you have any further questions on how to attract and retain talented employees? Contact one of our Strategic Risk Advisors today!