How to acquire and retain talent in your business

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Post pandemic, it is more important than ever to think about talent in the workplace. The ability to acquire new talent and retain employees will be crucial for business success in the next few years to come.

Factors such as border closures, the skills gap in multiple industries and the COVID-19 pandemic have made it increasingly difficult for businesses to acquire and retain talent. Many international skilled professionals returned home and haven’t been able to come back into Australia because of border closures, resulting in greater lack of talent. Employee priorities are shifting, and the employer market is more competitive with talent either already employed or looking for new opportunities.

According to the latest KPMG survey results, “we are in the era of talent” with 69% of surveyors recognising ‘talent’ as the biggest challenge they will face in the year 2022 and even 3-5 years on. It is crucial that businesses know how to effectively attract and retain employees and do so with the talent we have right here in Australia. If the last two years have taught us anything, it is that we must utilise what we have right here rather than looking abroad.

Talent acquisition and retention have proven to be one of the most important factors to a business. Both talent acquisition and retention are equal factors in a business’s strategy and while attracting the best talent requires effort, retaining those employees is even more difficult.

How does a business acquire new talent?

One of the top reasons employees leave their current employer is due to lack of career development opportunities. As a business looking to attract talent, it is important to prioritise career growth in your strategy. By showing future employees that you foster learning and career advancement, you will have greater chance at acquiring the right talent for your business.

Employees want to know there is room for promotion or opportunity in their role and therefore will look for this when applying for jobs. Perks such as wage are often used as incentive by employers, however there is greater demand for career growth over anything else.

Using your competitive advantage will also help you stand out against other businesses. To establish this, you should emphasise your investment in development and learning on your social media pages such as LinkedIn and attract the right talent through job descriptions that stand out.

How does a business retain talent?

Many employees are choosing to seek new opportunities and are looking for a change in employers. As mentioned above, the main reason for this is lack of career development opportunities. Therefore, talent retention is vital, but also one of the biggest challenges that a business will face this year.

Like acquiring talent, retaining talent also involves prioritising career growth and showing employees that there are opportunities to acquire new skills while employed at your business. The creation of learning and development programs will keep employees engaged and satisfied, leading to an increase in retention.

You can also retain talent through:

  • Establishing a positive, transformational culture
  • Placing focus on flexibility for employees over perks
  • Promoting from within the business

Why is acquiring and retaining talent important for your business?

Many businesses are now recognising the importance of acquiring talent for their business, over simply recruiting employees. With employees being an integral part to the business’s success, putting effort into the acquisition of talent can really benefit you.

Overall, acquiring the right talent benefits the organisation’s long term goals, performance, and results. Hiring talent that is skilled, motivated, and innovative will save you time and money in the long run due to a productivity increase and give you an edge over competitors in the industry.

Once your business reaps the benefits of having talent on the team, it is vital to retain it.

If you have recruited the right talent, they will have an extensive knowledge of the organisation’s activities and processes and as a result will improve performance and have the ability to be promoted, rather than hiring another employee from outside the organisation. Retaining talent will also minimise costs for the business by reducing recruitment processes.

Overall, acquiring and retaining talent in the workforce has proven to be a difficult task for business owners in the last few years and is expected to continue in years to come.

For more information on acquiring and retaining talent in your business, visit these sites:

  • Why talent acquisition is vital for business success – Skeeled
  • A better way to develop and retain top talent – Harvard Business Review
  • How learning attract and retains top talent – Linkedin
  • Why is talent management important? – Expert360

For business advice and consulting, contact us today!