Why Retention is Crucial to Your Recruiting Strategy in 2017

December 14th, 2016

With a job market that’s on the upswing and employers looking to hire more workers in 2017, it seems recruiters have a busy year ahead. For at least the next few years, one of the most important elements in your talent acquisition and recruitment toolkit will be talent retention. The reason? Basic supply and demand.

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Starting in 2007, companies were forced to deal with the recession and the related fallout from a struggling economy. Employers had to make some tough decisions regarding eliminating employee benefits to cut costs—often cutting back on employees as well. The recession left employers holding all the cards while employees struggled with fewer perks, nonexistent benefits, and heavier workloads. With employees feeling privileged to simply have any job at all, the idea of employee retention as a recruiting strategy was not even on an employer’s radar.

As we approach 2017, the tides have shifted. To avoid a massive skills shortage, recruiters and employers alike have to start thinking of ways to keep top-notch employees in the positions they worked so hard to fill.

With increased demand for talent, companies have started revisiting their perks, compensation, and benefits offerings. Along with developing more attractive compensation plans, employers are shifting their focus toward talent retention in an effort to avoid suffering a skills and labor shortage in the foreseeable future.

A Renewed Focus on the Long Term

Along with an improving economy comes a new set of challenges for recruiters and employers. Companies that can’t hold on to their employees will suffer market-based shifts in the availability of top-quality talent every time the job market fluctuates—making consistency and productivity nearly impossible to attain.

To maintain growth in a thriving economy, companies should focus on the following hiring and talent elements:

Retention of Quality Candidates:The talent pipeline is a talent acquisition team’s greatest asset. From the moment a viable candidate visits a recruiter or signs on to a career page, maintaining that connection is vital to retention efforts.

Holding onto Key Employees: This should go without saying, as quality employees are the backbone of every organization.  A high volume of potential candidates simply can’t replace the tenure and experience of a seasoned employee. At the same time, high-potential leaders are the most sought after during times of high demand, and turnover in these situations is somewhat inevitable. This is an area where retention strategy can make a huge difference in whether you keep a valuable potential leader or are faced with starting over from scratch.

Retaining Lead Personnel: When an organization has trouble retaining its top personnel, company morale suffers and overall productivity takes a nosedive. An innovative retention strategy is essential for companies who want to avoid losing top leaders to the competition.

Do you need help attracting and retaining key talent? Give us a call at (877) 746-8450!

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