It doesn’t matter if you are the owner of a new startup or the CEO of a Fortune 500 company. Every leader knows how critical a core team of talented staff is.
They are the backbone of your enterprise, and the stronger they are, the tougher the storms your company can weather.
However, recent trends indicate that employees seem to prefer jumping ship more often. While there are many reasons for this, it’s clear that a major factor is that most companies have terrible retention policies. Similarly, their hiring and candidate selection strategies are not as robust or effective as they think.
In this article, let us understand what goes into good talent management and what can be done to find and retain better employees.
Avoid Creating an Environment That Promotes Job Hopping
Different companies will have unique requirements when it comes to who they want to hire. This is fine. Each company is entitled to its hiring practices, as long as there’s no active discrimination going on. However, one of the first issues that pop up and affect recruitment is a mismatch between job requirements and compensation.
Don’t believe it? Try it yourself. Visit any popular job recruitment website and take a look at the posts. Of course, most of them rarely mention a compensation figure, but some do. Within a few moments, you quickly realize that a lot of companies have a long list of expectations while failing to compensate for them adequately.
They might excuse themselves by saying that if the compensation was low, they wouldn’t be getting applications all the time. The thing is, this mindset ignores the fact that people will apply for a low-paying job, out of necessity.
Unfair Compensation Causes Job Hopping
Sure, these companies will attract candidates. However, these are going to be people who jump ship the moment a better opportunity comes around. Thus, you are likely going to end up with a high turnover rate that interrupts workflow and causes serious issues.
You’d be surprised to see how much more loyal candidates are when the scale of their responsibilities is recognized with appropriate compensation. Companies need to realize that they end up losing more money in the long term due to this short-sighted approach.
Employees only hop jobs because they constantly feel like they are getting the raw end of the deal. Most people prefer stability, and when that’s not possible, job hopping occurs.
Make Use of Tech to Find and Recruit the Ideal Candidate
Companies these days understand that they have to adapt quickly to advancements or risk being left behind. It’s not like the early days when the old guard stubbornly preferred to run things in a traditional way.
Today, managers and executives are far more open to the idea of using technology when required. In this regard, recruitment CRM solutions have become particularly helpful in simplifying talent management.
This is a bigger deal than you would imagine.
When a company posts a vacancy, there are often several hundred, if not thousands, of applications. The bigger the company and the better the post, the more applicants there will be.
No company on earth spends time going through each application in great detail. You would need an HR department on a mammoth scale for that.
Instead, they make use of specialized software solutions that help filter and identify the most appropriate applications. According to Gem, such CRM solutions make it easy to get a complete picture of every candidate. These tools eliminate the need to put unsustainable, resource-intensive efforts into the recruitment process.
Pre-Assessment Tools are Worth Checking Out
Similarly, there are several pre-employment assessment tools that can drastically cut down on the number of candidates you need to meet. It’s a huge waste of time to schedule an interview only to realize that their skills aren’t up to your expectations.
For instance, pre-employment assessment tools are often used by IT companies hiring coders. Having prospective candidates perform a sample project or a series of specific tasks can make the hiring process much more effective.
In conclusion, companies need to remember that a certain degree of compromise is needed. It has become the norm to expect that the business always has the upper hand, but this approach no longer works.
The current generation of workers is frustrated and no longer willing to take things lying down.
They would much rather quit and find another place to work. One that understands that effective talent management isn’t a one-sided game where the house always wins.
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