It’s sad but true that many companies are better at turning away and replacing talent than they are at attracting the best people in the first place.
Despite talent management being the primary topic of conversation among HR professionals today, attracting and retaining talent continues to be one of the biggest challenges. This isn’t intentional, but it is a warning sign on how much more can be done boost their systems, programme and policies to ensure they’re enticing the right people – not repelling them.
Here is a list of the major mistakes companies make when it comes to talent acquisition and retention policies, and what you can do to avoid them.
1. Misaligned projects
Failing to provide projects or development opportunities which makes good use of – and stretches – employees’ capabilities is a big error companies make. It is understandable an organisation works on multiple types of projects in the year, and not all of them can be tailored to fit the right talent.
However, as research has shown, talent is driven ultimately by passion and the knowledge that they are making an impact. If your talent’s current job role deprives them of such an opportunity, it is little surprise they will soon leave your company for greener pastures.
2. Ineffective management
High-potential employees are 15% more likely to say they’ve been dealing with ineffective managers as compared to other workers. Any organisation’s manager remains the key point of contact for your employees to develop their skills and grow as a professional within your company.
If leaders themselves demand little respect from employees, or are not inspiring enough, it will be difficult to convince staff you are the best employer fit for them.
3. Mismatched and poor job ads
A job advertisement is the first vital step in any talent acquisition strategy. However, a recent survey found 43% of candidates discovered the actual job profile and requirements didn’t match what was written in the job ad.
Not only does this reflect poorly on the respective HR function’s research and marketing strategies, it creates doubt for your organisation’s values and standards as a whole. With such risks involved, who can blame anyone from running away?
4. Insufficient compensation
There is a reason why it is called a “talent war”. Many companies are going after the same select pool of talented candidates as you are.
In such a position, loosening those purse strings to make sure talent is sufficiently, if not greatly, compensated for seems like a good idea. Compensating well also ensures talent is receiving acknowledgment for their hard work, and their importance is well-known.