How to Attract and Retain the Best Talent
What will this Article do for Me?
- Identify what factors attract the best talent
- Explain how to retain the best talent available
- Learn the importance of trust, culture, and rewards
- Create self-starters that are motivated to get results
It’s all about the People
People are the dynamic that determines a company’s success or failure. Not the building, the products, or even the equipment. A diverse team of talented employees are what sustains and grows a successful organization so learning how to attract and retain the best talent is critical.
The three main elements attractive to all employees are: trust, contribution, and reward. Employees from diverse backgrounds, a wide range of ages, and both men and women have similar expectations and needs within the workplace. No matter how diverse an organization’s workforce may be, employees want to trust, contribute meaningful work, and be compensated in relationship to their performance.
This academic paper discusses three main objectives:
- Evaluating the importance of trust, contribution, and rewards
- Exploring generational differences of trust, contribution, and reward
- Achieving a competitive edge
The Value of Contribution
Most people decide on a career path and strive to become knowledgeable in that field. Once the career choice is made it will then require years of learning and sometime financial hardship to get the education required to get a job in the chosen field. It is the passion, knowledge, and experience to want to contribute what has been learned that makes a difference.
Contribution, being a key component to employee satisfaction reflects how managers may increase the level of employee contribution and attract and retain the best people. Contribution contributes to employee engagement. Employees that are engaged are more likely to stay with the organization.
The Value of Rewards
The greatest management principle – What Gets Rewarded Gets Done.Talented employees already on the team and prospective employees, both expect rewards in relationship to their contribution and performance. The principle that employees are motivated based on the reward speaks to employee satisfaction. Rewards that most challenge and advance employee performance are always associated with employee satisfaction, recognition, achievement, advancement, and opportunity.
Employees perceive rewards that are both intangible and tangible. Intangible rewards are intrinsically satisfying to the employee and tangible rewards are externally satisfying. Both are important to long-term employee performance and commitment. Intrinsic rewards are most closely associated with employee satisfaction and tangible/intangible rewards should be blended to retain the best talent.