Turning a company into a Talent Magnet
There’s a reason that talent retention is a hot topic in business circles right now. In a knowledge economy, recruiting and keeping top talent is essential for maintaining a competitive edge. Download our whitepaper to find out how to turn your company into a talent magnet.
Download our whitepaper to find out more on turning your company into a talent magnet.
Theres a reason that talent retention is a hot topic in business circles right now. In a knowledge economy, recruiting and keeping top talent is essential for maintaining a competitive edge.
Innovation and ideas are what drive commercial successes, and to get this right businesses need the best people. Yet 31% of CEOs report that problems finding or retaining talent is hampering innovation.
This isnt the only way that failing to retain talent can harm a business. Theres the cost of the recruitment process itself, which is estimated at around £30,000 per vacancy. A large proportion of this cost comes from the lag between a new employee starting and reaching optimal productivity. Depending on the person, this can take anywhere from 15 to 52 weeks.
As the economy improves and companies start expanding their workforces, this situation will only become more acute. Even now employees expect to have eight to twelve jobs during their career according to a survey by Office Angels , and employees in the UK stay at jobs for a shorter time than almost any other OECD country. This is doubly true for sectors currently facing skills shortages.
Companies that actively attract the top talent in their sector benefit from a clear competitive advantage. These are the businesses where talented, motivated candidates aspire to work. They are the talent magnets.
What do talent magnets such as Google and Microsoft do right? It goes far beyond remuneration, to creating a corporate culture that nurtures existing employees and appeals to prospective ones.
Every level of these organisations is designed to engage and motivate employees, creating an atmosphere that fosters innovation and productivity. This isnt something that happens by accident; it requires a targeted strategy and continual action.
The reward is attracting the right people from the start, who will then go on to become more productive, engaged employees who arent flicking through online job listings at work, looking for a better opportunity elsewhere.
To help you get there faster, and keep your company competitive, weve analysed the best research on turning your company into a talent magnet and put the results together in our whitepaper, Turning a Company into a Talent Magnet