3 Key Factors For Attracting And Retaining Employees

3 Key Factors For Attracting And Retaining Employees

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3 Key Factors For Attracting And Retaining Employees

MERCER AUSTRALIA


How are leading companies retaining and attracting top talent? Following the release of Mercer’s 2018 Global Talent Trends Study, our Talent Strategy Leader Ephraim Patrick, sat down with Workplace Info to answer key questions Australian HR Leaders are asking about top talent retention.

 

What are the contemporary strategies for attraction and retention of talent? 

It’s really moving away from generic strategies. There has been a change from an “employee value proposition” (EVP) to an “individual value proposition” (IVP). Companies are better at understanding clusters in their workforce, that being groups of people with similar views and needs.

A millennial may need flexible working just like a 55-year-old. Superficially, millennials and 55-year-old workers may be different but underneath they have more in common than might have first been realised. 

After having identified a “cluster,” build “resonance” with the cluster. You can do this in a structured way or an informal way. Human-centred ideation may have a lot of resonance and might not be expensive. It could be about how you allow the workers to create their jobs – e.g. flexible working.  

How do you achieve balance re: staff retention vs fresh ideas/culture? 

At face value lots of Australia’s turnover rates are aligned with the market rate of about 15-20%, depending on circumstances. Some organisations say their turnover is too low. What’s important is a “healthy turnover.”

And what is the value of tenure? In call centres it’s unrealistic for people to stay there for 10 years with peak performance happening at 2-2.5 years. Whereas in research and development roles, peak performance is very different at 10-15 years. 

What are the skills profile? What you need to do is build internally. It’s about the right staffing for the right jobs.  

What strategies are companies finding successful with retaining top talent? 

Individualisation and IVP (individual value proposition)! It’s about top talent! Move from employee engagement to employees thriving. Have work that really connects employees to their purpose and gives them a sense of individual growth. Offer meaningful work that challenges them. You have to renegotiate it all the time. IVP is the mantra here.

Hungry for more? Mercer's Talent Strategy consultants are trusted advisors to public and private-company senior management and boards of directors and provide best-in-class expertise in responding to key talent challenges, and planning and preparing workforces for the future of work. If you’d like to discuss what digital transformation looks like in your organisation and industry, reach out to the team here.

This article was originally published on Workplace Info by Amber Jacobs.

 

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