They easiest way to attract and retain talent is by offering them higher compensation and benefits. However, in many cases this may be prohibitively expensive or only part of the solution.
Therefore, it is important to understand alternatives ways to recruit and motivate workers to stay, even in periods where labour availably is limited.
In a report released today (Sept 14) by QBE Asia, a leading general insurance and reinsurance company, in collaboration with Oxford Economics, the world’s foremost independent economic advisory firm, cited employees care about their future career growth.
By offering a clear career path if the employee performs, with the associated increases in responsibility and renumeration, companies can attract and retain staff, even if the starting salaries are relatively uncompetitive.
This needs to be backed up by clear communication about the necessary training and work experience the staff will have to undertake to progress. This may include gaining a breadth of experience across different departments and taking vocational or more formal training courses. It also requires a commitment to promote from within, when internal candidates have the best skillsets.
The industry report entitled: “Building Workforce Resilience in the Transportation and Logistics Sector” also revealed that with the increase in attention on mental health, the provision of health insurance and other benefits that reduce anxiety will help staff welfare.
This offer may be cheaper than paying higher wages to compensate, or cost efficient in lowering absences and related staff turnover.
Investment in effective training (be that formal or on-the-job) will boost workers’ skill levels and productivity. And by showing a commitment to the staff, it is also likely to increase motivation and retention rates.
For occupations where it is appropriate, companies that provide flexible work setups, such as remote working and flexible scheduling, tend to be more attractive to some workers.
After the Covid-19 pandemic, the report highlighted, a significant proportion of employees started attributing a high value to remote working, so a hybrid working environment can play a role in attracting and retaining staff. Flexible work schedules (where the individual worker has to undertake a pre-defined number of weekly working hours, but has some choice when they work) can be attractive to some, if it suits the role.
Both of these measures are cost-free to most companies.
Lastly, it is of great importance to create a good internal environment. Companies where employees feel listened to by their managers are more likely to retain their workers.
The best communication channels are probably informal, as staff interact and work together. But these can also be formalised through regular progress meetings. Staff surveys that are acted upon can also be useful.
