In any business, attracting and keeping top talent is essential to success. The better the people you have working for you, the better your chances of achieving your goals. But how do you attract and keep the best of the best?
There are a few key things you can do to make your business more attractive to top talent.
Offer competitive salaries
The most important thing you can do to attract top talent is offer competitive salaries. People want to be paid what they’re worth, and if you can offer a competitive salary, you’ll be able to attract a lot of applicants, even from other companies.
Many people like to believe that salary isn’t the only thing that matters to people, and it’s a myth that business owners love to perpetrate since it benefits them—it allows them to pay people less than they are worth. While it’s true that salary is not the only thing that matters, it’s arguably the biggest factor for why people apply to a job and stay there. After all, you are engaged in business to turn a profit, right? It would be self-contradicting to expect differently from people, unless you are running a charity or a non-profit. The myth is true, in a way; most people work because they want to live good lives and take care of their loved ones, so it’s not just about the number on the paycheck. But in a world where even healthcare costs an arm and a leg, the only way they can pay for anything is through their salary. Unless you’re going to take care of their loved ones directly in the exact way they want to, the only thing you can do is pay them well.
Offering a competitive salary is the best way to start. Paying people what they are worth (or even more, if you can afford it) keeps them loyal and satisfied, and it shows that you actually do care about the quality of their lives.
Provide good benefits
Building on the myth of “salary is not the only thing that matters,” many business offer benefits. Plain and simple, providing benefits is simply a cheaper way to let people get the things they need. You know this well already as a business owner, but for the sake of being completely transparent (which many employees love, by the way), let’s make it into a scenario. Say it costs $100 for a dental cleaning, and you have 100 employees. Paying $100 to 100 employees just for dental cleaning costs $10,000. If you can secure dental benefits which include more than just cleaning for 100 employees at only a total of $8,000, you will save $2,000 and get way more services. The healthcare provider earns money, too, since not all your employees will avail of all the services offered.
Put this way, it might seem like cheating, but it’s actually a good thing for your employees too because it’s cheaper than paying for healthcare themselves. Employees like getting benefits too because it eliminates a lot of the hassle involved with paying for their own healthcare. As such, providing good benefits makes your business more attractive. Make sure you get comprehensive health packages for your employees; many people say that healthcare is one of the primary benefits they prioritize in applying or staying in a company.
Create a Positive Work Environment
It’s important to make employees feel valued and appreciated. This includes things like having an open-door policy, encouraging collaboration, and providing opportunities for professional development. Applicants may not know this yet, so make sure you advertise this. Make sure that communication is transparent and clear.
Finally, be flexible with things like hours and working from home. This shows that you’re willing to work with your employees to create the best possible situation for everyone involved. After all, flexibility has become more popular because of the pandemic, and research shows that people who work from home are more productive.
Invest in Your Workforce
Once you’ve attracted top talent to your business, it’s important to keep them there. The best way to do this is by continuing to invest in their development. Offer opportunities for them to grow their skillset and advance their career. This also means investing in your HR team and its processes. If needed, grow their team and improve their processes so that you can ensure the success of all your employees, which will also result in the success of your business down the line. If you do not have enough HR staff, employ offer management services to make sure you get top talent.
Offering a competitive salary is only the beginning; you also need to provide good benefits, create a positive work environment, and be flexible. But most importantly, invest in your workforce by continuing to develop their skillsets and advancing their careers. This will ensure the success of your business in the long run.