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How to Reinvent Your Talent Acquisition & Retention Strategy

Date Published: June 23, 2022 | Last Updated:September 15, 2023 | By Suraiya Sarwar
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The “war for talent” has become more significant than ever. April 2022 was the 11th month in a row a large number of workers decided to call it quits, with at least 4 million Americans turning in their resignation letters per month. With this news top of mind, it is no surprise why HR professionals believe that recruiting is one of their largest challenges in today’s world.

The current state of talent acquisition and retention has been changing quickly, so it must be a top priority for companies to fine-tune their talent acquisition strategies to keep up with the demands of candidates today. Keep reading for talent acquisition and retention best practices below.

Focus on Improving Your Employer Brand

When thinking of your company’s brand, consumers may come to mind. However, your employer brand, which encompasses your reputation as an employer, drives your recruiting strategy. 89% of passive job seekers and 84% of active job seekers consider an employer’s brand and reputation before applying for a role.

To improve your employer brand, think about how you are weaving your company culture and values into your organization’s internal and external life. A positive employer brand typically starts from within. If your employees are happy with your company and feel appreciated, they will let others know personally and publicly on social media.

And on the topic of social media, don’t forget to leverage it yourself. Social media is a great place to highlight what life at your company looks like and why it’s a great place to work. LinkedIn’s “Life” page is a great place to showcase your company’s brand values, work culture, events, and employee news.

Since an overwhelming majority of applicants leverage social media as a tool in their job hunt process, your brand’s image on social media must be represented well.

Create a Seamless Candidate Experience

Whether or not a candidate is a right fit for the job, it’s vital to ensure that each candidate has a positive experience throughout the interviewing process. Every interaction, from the first phone screen to the last and final interview step, should remain as smooth as possible.

A seamless candidate experience can start as early as the initial job application. Remaining thorough and transparent in the job application, including all duties expected, work arrangements, and hours, will be key factors in setting expectations from the start. If your candidates are interviewing virtually, try to give them resources to help them prepare for their virtual interview. If your interview process consists of several rounds and panel discussions, keep the candidates informed on what to expect and the timeline.

For candidates who didn’t get selected for your role, ensure your team always lets them know in a timely fashion. If possible, provide constructive feedback so the candidates can take away a valuable learning lesson. For the candidates who did get the position, congratulate the new employee and ensure an efficient onboarding process to get them started easily. It’s important to ensure they feel welcome and looped in with the next steps.

Collect Data on Employee Resignations 

The key to talent retention is being proactive and listening to company feedback. Any time an employee leaves your organization, there should be a follow-up process to collect data on their exit, so your team knows where to take action. This data can come from exit interviews, discussions with HR, surveys, discussions with an employee’s direct manager, or more. A best practice for this process is to combine the exit interview with a deeper discussion with HR. Often, exit interviews fail to uncover deeper causes of resignations due to the employee wanting to leave the company on good terms. A one-on-one conversation with HR can help bring deeper issues to light.

Face Up to the Realities of What Candidates Want 

If your organization is having a tough time retaining and attracting talent, it’s time to look inward. Currently, many companies are offering increased pay due to the difficulties of retaining and attracting talent. If your organization’s compensation levels are not competitive with current market rates, employees will continue to look elsewhere for higher salaries.

Nearly 40% of candidates worldwide state that work flexibility is one of their top three factors when selecting a company. Has your company considered a flexible work policy? Employers must be prepared to accommodate candidates who can work remotely and want to. In addition to these factors, employees are also looking at which companies provide childcare and eldercare benefits, unlimited PTO, parental leave benefits, and offer career development opportunities.

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Speak with an Accurate expert today to learn more.

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