Retaining the best talent is essential for companies that want to succeed and grow. Boasting high rates of retention is a surefire measure for success, particularly when compared to the opposite end of the spectrum and the fallout that often goes hand in hand with increased employee turnover.
Continuously hiring and training new employees is a costly process that drains valuable time and capital from a business. In addition, significant turnover can negatively impact a company’s culture and reputation, leading to decreased morale within the ranks and lower levels of productivity.
It is therefore vital to have strategies in place that will both nurture existing talent and attract the best in the industry. Working towards these goals will promote business growth, which will inevitably translate into profitability.
First things first – how do you attract the best talent when recruiting?
Attracting the best talent in the localisation industry requires a targeted approach that takes into account the company’s requirements along with the unique needs and preferences of potential new hires.
Before embarking on a recruitment drive, a business should ensure it:
· Has developed a strong employer brand
To do this, a business must highlight its work, showcase its values and culture, and leverage social media to build brand awareness while engaging with potential candidates.
· Offers competitive compensation and benefits
This includes salary, bonuses, health insurance, and retirement plans, along with flexible work options where possible.
· Leverages employee referrals
Employee referrals can be a powerful way to attract top talent in the localisation industry. Businesses can offer incentives to employees who refer successful candidates by creating referral programmes that encourage existing team members to share job openings with their networks.
· Participates in industry events
Attending industry events and conferences – either virtually or in person – is a great way to mingle with potential new employees and showcase your business. Businesses can also participate in industry associations and sponsor events to gain visibility and build relationships with potential candidates.
· Partners with a recruitment agency
Partnering with a reputable recruitment agency is key to sourcing new talent, particularly in the context of the localisation industry. Opt for an agency with a deep understanding of the sector, that can provide customised recruitment solutions that meet the specific needs of their clients.
Once the task of attracting the best has been achieved, an even bigger challenge opens up: how to retain a stellar new team.
Top tips for retaining the best talent
Talent retention has a direct impact on a company’s ability to grow. This is relevant both geographically, with businesses expanding into global markets, and in terms of profitability.
Businesses entering new territories will need to hire and retain the best to succeed in those markets. And when it comes to retention – and inevitably, profit margins – employee engagement is key. Studies have suggested that companies with highly engaged teams can experience 21% higher profitability than those with lacklustre employee engagement.
So, how exactly does a company increase both engagement and satisfaction among employees to experience increased growth and profitability?
Here are our top tips:
1. Improve recruitment and onboarding strategies
With almost 20% of new hires abandoning ship within the first 45 days of beginning a new role, it’s clear to see that ramping up operations at the recruitment and onboarding phases can only yield positive results.
Tailoring your recruitment process to ensure a strategic and targeted approach is a proactive first move. This can be achieved by partnering with a specialist recruitment agency experienced in finding exactly who you are looking for. Subsequently, designing a practical, engaging and thorough onboarding process that is bolstered by follow-up support if required, will be a hit with top new hires.
2. A positive company culture is crucial when retaining the best talent
Constructing a positive company culture that is built upon support and encouragement is essential for retaining top talent. This includes recognising employee achievements, providing regular feedback and promoting work-life balance. Businesses that create a culture of collaboration, communication and teamwork – even in a remote work environment that is so common in the localisation industry – will foster employee engagement and productivity.
3. Incentivise employees through competitive salaries
A recent survey regarding employee turnover and retention found that 54% of employers were planning to increase salaries to address challenges faced in line with retainment.
Offering a competitive salary that is reflective of an individual’s skills, experience and contributions will not only ensure alignment with industry standards but will also serve as recognition to an employee that their merits have been noted and are valued.
4. Provide opportunities for career progression to retain the best talent as they climb the professional ladder
Businesses that offer a variety of opportunities for career development show their commitment to employees’ growth and thus increase their chances of retaining top talent.
Incentives such as training and development, mentoring, coaching and leadership programmes can help employees acquire new skills and knowledge, gain exposure to different areas of the business, and prepare for higher-level roles. Companies can also provide clear career paths and growth opportunities with defined goals and performance metrics to help employees advance in their careers.
5. Consider implementing regular feedback loops to boost trust and communication
With 69% of larger organisations expressing concern over employee retention, regular practices such as feedback loops should be implemented in the workplace.
Using tools like surveys to facilitate this, feedback loops provide an anonymous platform for employees to voice their concerns over any issues they may have regarding business operations. This feedback is then taken on board by employers and hopefully acted upon, showcasing the company’s desire to evolve and improve in the interest of boosting employee satisfaction. Not only does this exercise open up lines of communication, but it also builds trust between an employer and their team.
Retaining the best talent is easier with help from International Achievers Group
You can rely on International Achievers Group as your trusted partner for all of your talent acquisition needs. We provide guidance and support to companies within the localisation industry, assisting with the development of effective recruitment strategies that will enable you to retain your best talent.
If you’re in search of the most promising hires from around the world for your next localisation vacancy, you can rely on the expertise of our localisation recruitment services. With over 20 years of experience in the field, we have a proven track record of successfully matching top localisation talent with the right companies.