The most valuable asset of any organization is its people. With 49 percent of Canadian employers looking to hire for new positions in 2022, it’s a hot market for job seekers. Great for job seekers, but maybe not so great for employers—while employee turnover is enviable and sometimes warranted, organizations need to be forward thinking in their retention plans to stay competitive and retain top talent.
Tips on how to attract and retain top talent in a hot job market:
Hire the right people. Pay close attention to the kind of people you are hiring into your organization. Are you advertising postings in the right place for accounting and finance roles that required certification? Niche job boards, like CPA Alberta’s, can help pre-screen with the correct credentials. If you want high-performing and competent employees, it’s important to screen carefully.
Pay competitive salaries. If you want to attract top talent in a hot job market, competitive salaries are a must—otherwise, people will go elsewhere for advancement and higher paychecks. You can also consider offering bonuses or other incentives if it’s appropriate for your business model.
Offer flexible scheduling. Remote working arrangements are here to stay. Take some time to understand how your organizational culture needs to evolve. Employees want more control over their schedules so they can balance work and personal commitments. Offering telecommuting options or flex-scheduling policies may be a key to unleashing individual motivation and retaining staff.
Provide training and mentorship opportunities. If you want your employees to feel like you care about their professional growth, a yearly budget for Continuing Professional Development (CPD) courses can help achieve this goal. Additionally, mentorship opportunities can help strengthen relationships and expand skillsets year over year.
Consider offering career assessments, like an emotional intelligence (EQ) score, to help identify employees’ strengths and areas for improvement to better understand training needs. Career development tools can also help prepare emerging leaders for future leadership positions.
Interested in mentorship? Learn more about CPA Alberta’s Mentorship Program here.
Value of career development tools. Develop and evaluate team learning plans for competence and communication. EQ-I 2.0 assessments available here.
Communicate regularly. Take time to know what motivates each person and structure individual rewards and acknowledgment accordingly. Find out what drives your team to collaborate and use this information when rewarding them or giving feedback on their performance.
Review benefits. A great benefit package contributes to long-lasting employee satisfaction and wellbeing. Well-planned and meaningful employee benefits significantly help in attracting and retaining employees. Don’t shy away from thinking outside the box by offering benefits like yoga classes, gym memberships, free food, or pet-friendly office spaces, but also don’t forget about the tax implication.
Retaining superstar employees begins with finding qualified talent. The CPA Alberta Job Board can help; check out our limited time offers today on the CPA Alberta Job Board!
