VLOG - Talent Acquisition & Retention Strategy Explained

A well-designed and robust Talent Acquisition and Retention Strategy (TARS) is the linchpin to achieving a thriving business that delivers the outcomes detailed in your business plan.

It typically comprises of 12 key components working seamlessly together and it is vital to every business and will help take you beyond surviving into thriving sustainably.

Your TARS is the compass guiding your business towards attracting top-tier talent who will commit to your business for a reasonable tenure which is typically five years with an acceptable threshold of three.

There are two business principles that are pivotal to the success of your TARS:

1. People must be viewed as business capital.

2. It's more cost-effective to retain than to acquire new talent.

Here are the twelve key components of your Talent Acquisition and Retention Strategy:

1.      Goal Setting - company-wide goal setting will ensure individual goals align with the organisation's objectives unifying direction and purpose.

2.      Understanding Talent Acquisition & Retention - is essential in all leadership roles ensuring a cohesive approach to the business objectives.

3.      Employer Brand & Value Proposition – must be effectively communicated and understood company wide. They are fundamental to attracting and retaining top talent.

4.      Hiring Right First Time – must be the objective of all parties to this process. Train your hiring crew in best practice to capitalise on opportunities and avoid costly mistakes.

5.      Welcoming & Onboarding - needs to be done right as it sets the tone for the new hire’s entire experience with your company.

6.      Talent Compensation & Benefits - must be set correctly. If your organisation is perceived as undervaluing its employees, it will lead to high turnover rates and the loss of top performers.

7.      Company Culture, Community, & Morale - just as positivity spreads so does toxicity and toxicity results in widespread disengagement.

8.      Diversity, Inclusion, & Equity - is essential to fostering innovation and productivity.

9.      Leadership – leaders have the power to either inspire or disengage teams.

10.  Career Pathways and Training & Development - opportunities = retention = business profitability and market share growth.

11.  Performance Peering & Check Ins – they encourage open communication, foster connections, and align aspirations.

12.  Employee Ambassador & Alumni Programmes – develop relationships with employees beyond their tenure leveraging brand support, social, and professional connections that continue to grow the business.

In summary, if you haven’t got a robust and well-designed Talent Acquisition and Retention Strategy, I recommend you start putting one in place.

If you need help and want to expedite implementation you can find me at kayleen@ripple.net.nz or on 027 647 5000.