Investing in talent acquisition boosts employee retention

Employee resignations are undeniably one of the most challenging situations faced by owners, managers, and team members alike. They are often mishandled, either with excessive emotional involvement or excessive detachment, and frequently without a thorough assessment of the circumstances.

The reasons commonly attributed to voluntary departures are higher pay and/ or more senior positions. So, we accept that there was nothing we could have done to prevent them. If instead, we conducted a structured and honest exit interview with the colleagues that leave, we would surely understand much more. Their decisions to leave may have been affected by:

• Non-supportive work environment
• The working hours
• Managers’ and colleagues’ behaviours
• Lack of flexibility
• Lack of trust and freedom of expression
• Ineffective and inefficient processes

If we want our good people to stay, we need to ensure that all the above work. And we can achieve that, if only we understand the need for it.

But what usually goes unnoticed is that some of the people leaving were wrong hires to start with. Not because they’re not good at their jobs or because they have flaws, but because the way we work doesn’t match how these people think, act, and react.

So, what can we do to reduce employee attrition further?

Develop a talent acquisition strategy (analysis of the skills we have and the ones we need, as well as when we’ll need them). One of the reasons for wrong hires is that we haven’t defined exactly what we’re looking for, and another reason is that we rush at the last minute to find someone who can do the job just to get us out of trouble, even in the short-term.

Define the company culture so that it becomes clear which employee profile fits us and whom we fit with. Only then will the collaboration be as productive as can be.

Train the participants in the hiring process. Most hiring managers don’t know how to professionally conduct the hiring process. Lack of training, combined with poor planning and failure to define the skillset and candidate profile, leads to wrong hires, which almost always result in departures.

Build the employer profile. Employer branding is an extremely valuable tool we can use to reduce the amount of time and money spent on the hiring process. Investing in advance in attracting the right candidates throughout the year, will have us ready to pick up the phone to them when a new role arises, knowing that, since they are interested in the culture we promote, they are probably the suitable profile.