In the modern-day global workplace, both hiring good talent, and getting hired by a good employer involve cutthroat competition. Engaging and retaining loyal employees is actually an art, depending on many factors. It’s indeed true that the most talented employees actually get to choose their own employers instead of the other way round.
It is a common concept that places that offer the most salary often get the best employees. Although true to some extent, salary is not the only factor in hiring and retaining talent. Promotions, and adequate job security are also significant. Even these fundamentals themselves are not enough as the most qualified candidates tend to get choosy when deciding where to work.
With leadership being the major driver to sustainable engagement of employees, and base salary, growth opportunities and job security being crucial in employee retention, there are other factors that hold much significance as well when looking from an employee’s point of view, such as a healthy work/life balance, stress, and good relationships with senior members of the company.
Consider a hypothetical well-paying job that provides opportunities for growth as well as job security, but has extreme workload that is hard to balance with personal life. Most employees will leave at some point in such a case, since a work/life balance is just as crucial as a good salary and job security. Moreover, otherwise perfect workplaces that are far away from the residence of an employee may also not be the ideal place to work due to the great length of commute.
In addition to the above factors, leadership is a key aspect in engaging and retaining employees. With responsible seniors who make decisions for the mutual benefit of all employees on a fair basis, and have good work relationships with their subordinates, job satisfaction increases. Company leaders who are approachable and in whom their juniors can confide while trusting their decisions are likely to make good employers and attract the best talent.
Companies offering benefits like free food, travel packages and bonuses are more in demand as employers. Where the working hours are relatively flexible and workload is better managed, employees can thrive without feeling forced, and show more interest in achieving their work related goals.