From varied volunteering opportunities to the latest training programs, there are many inexpensive ways to hire and retain the best possible resources for your company. in most cases, the monetary benefits are not the main attraction for job candidates. In many industries, the additional training, job experience, and account handling skills that people learn in companies are worth more than the pay they get.
This is not the general case, and while salary and monetary perks are always welcome, additional perks are playing an increasingly decisive role in the overall benefits package. Previously widespread benefits like stock options and house loans are still viable, but not the ultimate range of benefits that the modern employee is looking for.
The main thing to bear in mind is that having trained and experienced employees leave is both expensive in monetary terms as well as in terms of employee workload. It takes an employee at least half a year to get up to the full performance on a new job. This happens at the expense of the business, as it loses out in terms of efficiency.
Employees that leave quickly also affect the company as high turnover rates can affect employee morale, productivity, and business overheads. The overall package to design that should attract and retain engaged, and happy employees committed to your organization includes a mixture of the following factors.
1. Company Reputation
To entice the top talent in the market, companies need to develop a reputation and a culture where candidates wish to work. Companies famous for their work practices can attract desired candidates based on their reputation in a specific sector or industry.
The common thing in such companies is that their hiring process invests time and effort in designing and implementing a recruitment process that promotes this reputation. All elements of recruitment, from the job description to the interview to the hiring and offering process, are done to show the company positively.
The focus here is to tell candidates how good a place your business is to work in. this doesn’t mean you build a false image, but instead, you highlight the positives and build a brand for human resources to sell.
2. Work Culture
Having a reputation as an organization with a positive work culture makes all the difference in making a vacancy more attractive for potential employees. The right culture for the right talent can be many things. These could be options for flexible working, the level of independence for employees, or just a group lunch as a daily or weekly routine.
Lesser, softer, but more insidious perks like casual days or days off every few months are a great way to build a happy and relaxed work culture.
These changes can be complex to implement and accepted in offices with an existing rigid culture, but they make a role significantly more attractive to candidates.
The bottom line remains that having small, minor changes to the existing work culture can help attract better and newer talent that has a negative or no perception of your business.
3. Social Interactions
Recruiters and related managers should see interviews as chances to build good relationships with potential candidates. Interactions during the recruitment and training process allow managers to assess how good a fit the candidate can be for the business and could help the candidate decide if they want to accept the offer or not.
This means that line managers need to be coached on how to present themselves and the company during the interview process.
4. Self Satisfaction
No one wants to feel like a part of the assembly line and insignificant in the overall scenario of work. The more employees feel motivated and appreciated for their work, the more their sense of fulfilment would rise. This self-fulfilment is particularly important for the millennial crowd as they are particularly eager to make a difference in the world.
Companies can generate and implement such motivators by making their process and corporate social practices more inclusive of employees. This can also be done by including employee feedback and suggestions in their decision and planning process.
The bottom line is that the role and its importance to the team and the company need to be highlighted along with its advantages for the employees.
5. Career Benefits
The opportunities for career progression are usually an essential part of a candidate’s decision to accept a job. This makes it essential for companies to link and advertise all opportunities for professional growth.
Having a focused training scheme that emphasizes improving both the hard and soft skills of employees is an excellent tool for attracting candidates concerned about their career development.
In addition, older companies should try to develop job rotational programs that equip employees with a comprehensive skill set of the skills needed in the company and ensure that an overview of this program is given in their recruitment plans.
Sadia Zaheer holds a Masters in Business Administration from IBA, Karachi. After working in several financial institutions in Client Management, Corporate Lending, Islamic Banking and Product Management she jumped careers to pursue a career in writing.
She is a Finance, Business and HR Development writer with four years of experience. She reads a lot and takes care of her multiple cats to remain calm.