There’s fierce competition in the global marketplace to attract and retain high-potential employees. In a competitive hiring environment, your company needs to project a strong and appealing corporate identity to land the best team members.
Those recruiting employees are scrambling for differentiators and value propositions to make their company stand out. Companies that attract and keep employees who share in their vision have distinct advantages: lower turnover costs, a more committed workforce—and an increased ability to exceed sales and production goals. Many recent college graduates begin their careers, expecting to jump from job to job frequently. Changing that mindset is a significant challenge for businesses. The following suggestions can help your company attract the best new hires—and retain them for years to come.
Polish Your Company Brand
Today’s job seekers are looking for more than just a good compensation package. They want to be part of a team that emphasizes shared values and a unified purpose. A company and its workforce should have a recognizable brand with clearly communicated values. By clarifying your core values and creating a cohesive mission statement, you define your business philosophy and give new recruits a glimpse into your workplace culture.
Make a deeper impression on potential new team members by going a step further: Let high-potential employees experience your company culture firsthand. Consider including activities like these in your recruitment process:
- Tour of facilities & on-site amenities
- Lunch with staff at the corporate lunchroom
- Face-to-face meetings with company or division heads
- Informal conversations with valued team members
- Off-site mastermind gatherings with new and existing employees
You will reduce turnover costs when you identify new staff members who share your company values and have the potential to fit seamlessly into your corporate culture. Understanding your company’s management style and the characteristics of your most successful employees can prevent potential hiring mistakes. One of the most common reasons cited for an employee leaving a job is a “poor relationship with management.” Your company will succeed at employee retention when you understand and communicate your management style and company culture at the outset— before you have spent the resources to recruit and train the wrong candidate.
Create a Meaningful Compensation Package
A competitive salary is essential to new team members, but other types of compensation may seal the deal. Companies seeking to differentiate themselves from competitors offer compensation packages that are meaningful to their employees. In addition to healthcare benefits, paid time off and 401K fund matches, employees are looking for perks and benefits that enhance their lifestyle.
A recent Robert Half survey cited these desirable additions to a company’s compensation package:
- Paid parental leave
- Opportunities for professional development
- Profit-sharing plans
- Student loan reimbursement
- Dental & vision insurance
- On-site amenities like childcare, gym & concierge services
- Compressed workweek
- Flexible work schedule
- Paid time off for volunteering
Many perks are an expression of your company’s culture, adding purpose and engagement for your high-potential employees. Consider sponsoring a community food drive or park clean-up. Host social events, investment seminars or concerts. You could also incorporate monthly rewards for employees who exceed expectations, such as a $50 meal certificate. This would drive your employees to perform to their highest every month and maintain workplace morale. Today’s recent grads respond to a work environment that meshes with their personal values and interests.
Sell High Potential Employees on Your Company
Once you have identified a talented candidate for hire, make the sale. New recruits who understand how they fit into your company’s culture and structure are more likely to invest themselves and stay. Boost talent retention by defining a path forward within the company. New hires want to know they will have opportunities for professional development, continuing education and the possibility of internal promotion. Show them where they could be short term, such as a year or two in the future. Seeing the growth within arm’s reach will give them the drive to perform the best they can. They are also highly focused on achieving work-life balance. If your business model permits it, offer greater work flexibility with schedules that allow work-from-anywhere options and unstructured time on the job.
Add Student Loan Repayment Benefits
Corporate help with student loan repayment is a big plus for high potential employees and a key business differentiator. ELFI for Business has the expertise to help your HR department put together an attractive hiring package with sought-after benefits like these:
- Financial education
- Employer contribution match
- On-site consultations
- Budget-friendly refinancing options
Connect with ELFI for Business right from your HR portal—or call 844.601.ELFI to discuss the positive impact these benefits have on hiring and engaging valuable team members.
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