Almost one-third of senior leaders cite finding talent as their most significant managerial challenge. What distinguishes top companies from the rest, are successful HR strategies to attract and retain top talent.
Make your offer magnetic
Great leaders have a good understanding of the term, “employee value proposition” or EVP. This refers to what employees get when they give to the company. Employees contribute in many ways – time, effort, experience, and top ideas. In return, the company offers rewards in terms of remuneration, recognition, gifts, and/or appreciative words. Employees these days look beyond salaries; in fact, they expect employers to provide them with rewards and work environments aligned with their changing needs and preferences. The best companies understand their employees well and make EVP the core of their HR strategies. When your EVP is stronger than your competitors’, you’ll truly be able to retain your top talent.
It’s not always about the money
Competitive salaries and financial incentives alone cannot keep top talent from leaving. Non-financial incentives such as flexible working hours, remote working arrangements, skill diversifying, or role experimentation are increasingly gaining more importance for companies to keep employees happy. Workplace cultures are changing to reflect the evolving needs of businesses and the modern workforce. To gain competitive advantage, companies must act fast to retain talent by adopting new practices that are in line with the wants of new-age workers.
Let them be heard
Feedback is an important engagement driver and retention tool. Create an open and honest environment, and let your employees’ needs be heard. Provide a platform for employees to submit their honest feedback. HR strategists can provide opportunities for talent to speak their mind freely, offer ideas, constructive criticism and commit to constant improvement within the workplace. Implementing changes based on feedback shows the company’s willingness to listen, and that employees’ opinions are valued at the workplace.
Be aware of cultural differences
This is especially important for MNCs in Singapore. It is imperative that HR departments are familiar with local culture, as this is crucial in helping to hire the best candidates who fit the company’s dynamics. For example, what has worked in offices in Germany or in India might not exactly be applicable here in Singapore. Every country has its cultural differences, and employees are aware of MNCs who go the extra mile to understand these cultural nuances. Top companies invest in taking these cultural identities into account and show their appreciation for employees in ways that the locals do.
Show your appreciation
Saying “thank you” goes a long way. Saying a personalised thank you makes it even more significant. On top of monetary raises and promotions, it is important to invest in personalised ways to recognise and reward good work. Start small – from personalised cards just to thank them for a job well done, to personalised gifts such as bouquets for an employee’s birthday. Studies show that when employees feel undervalued and unappreciated, they look for employment elsewhere. So avoid that if you can!