Competition and the Power of Nurturing Talent
The best way for businesses and hiring managers to attract and retain top talent is to nurture it. According to the U.S. Bureau of Labor Statistics, job openings currently available to American workers are the highest they have been in 14 years. Companies made 5.1 million hires in Dec. 2014. The talent market is incredibly competitive and businesses will have to put their best feet forward in order to gain exemplary employees.
Be strategic
LinkedIn Talent Solutions recently released the results of its "U.S. Recruiting Trends" survey, which highlights the most effective talent acquisition tactics executives and hiring managers should be using in 2015. For this particular report, 4,125 decision-makers in recruitment, hiring and human resources departments across 14 industries were surveyed. The research found that the largest hurdle businesses need to jump this year in terms of finding the best talent is competition. Twenty-eight percent of U.S. companies are worried about their competitors improving employee retention.
"Nurturing talent is one of the best ways to improve retention."
In addition, 60 percent of these businesses measure the quality of each hire on the corporation's turnover and retention rates. Both large and small enterprises overall preferred to measure retention rates rather than basing decision quality on employee performance evaluations or hiring manager satisfaction. This means that finding innovative methods of retaining employees over time should be one of the top priorities for businesses this year.
Encourage growth
Nurturing talent is one of the best ways to improve retention. Success Factors noted that creating a large pool of talent from within an organization is a terrific way to not only retain the best employees, but to also stay competitive in an industry. Managers should provide employees with opportunities to grow and broaden their areas of expertise. By training employees extensively and offering them coaching when necessary, enterprises can help workers advance their roles and take on additional responsibilities. Employees will then feel respected, trusted and a greater part of the corporate whole. They will also be less likely to leave one business for another. A strategic company with a great reputation doesn't see its workers as static entities. It views them as agents of growth and change that can help build a more profitable organization through their skills and insights.
Applicants look for companies that will help them grow personally and professionally.
How to nurture talent
One of the most successful ways a company can nurture talent is by aligning personal, individual growth goals with the overall corporate mission. Employees across all departments should be aware of the roles they play when it comes to achieving the company's overarching goals. This strategy not only gives them greater ownership of the business, it holds them accountable and asks them to rise to the occasion, bringing out their best work.
Coaching is another way that businesses can support workers and nurture talent. An executive coach acts as a guide that pushes employees to meet the high standards they've set for themselves. Qualified members of a corporation's internal talent pool can dramatically improve the depth and scope of their skill set. Coaches can also help individuals grow as people.
Without a robust retention strategy, companies looking to rise above the competition in their industries when it comes to recruitment will have difficulty standing out. Nurturing talent is the best way to attract and keep it.
Building Champions offers many different resources that can help you attract and retain top talent through coaching and professional development. As stated above one on one coaching with our seasoned coaches can drastically improve how you do business. If you are more interested in a team building experience consider joining us at the The Building Champions Experience. It offers four days of coaching, best practices and real solutions that transform the way you live, lead and perform. This event is powerful on an individual level, but when teams transform together the ripples of change go even further.
