The tussle for tech talent with experience is vigorous and continuous. The employers of startups and well-established firms find all possible ways to attract and retain talent. It includes attractive salary, Employee Stock Option Plans (ESOPs), perks, learning opportunities, work environment, employee experience, etc.
Fintech companies use ESOPs to lure top talent. Rahul Sekar, chief technology officer at Shubh Loans says that ESOPs can help to conserve cash and attract top talent. BharatPe recently handed out $5 million worth ESOPs to 22 employees in the technology and product development team. To motivate top talent, the startups provide similar compensation benefits as that of big companies for top tech talent.
Let us understand to discover tech professionals, hire and engage them once they board. Though some of the advances may be technology-driven, the emphasis is laid on the culture of the organization. The businesses must deliver a strategic value proposition to attract and retain talent. The hr leaders like chief human resource officers (CHROs) play a key role here. Let’s dig in further and find what CHROs can do to attract and retain talent.
What CHROs can do to attract and retain talent
The efforts to make employees’ lives easier by providing ‘non-salary benefits’ is the clue to attract and retain talent. A few tips for strategic value propositions are highlighted as follows. See how hr leaders can position their organization for national talent and expatriates.
Emphasis on Employee experience
It is necessary to focus on 4Ps – People, Place, Product, and Process as per the LinkedIn Global Talent report. Further, the report says that 77 percent of companies surveyed focused on employee experience. These companies offer competitive compensation, benefits, employee training, flexible work hours, and effective management. When existing employees thrive well, it attracts new talent too.
Custom benefits for your organization
Not all organizations can provide all or special benefits that bigger companies provide. Instead of thinking and leaving on the same lines, hr leaders can think of small things to make their employees’ lives easier. A morning tea, weekly yoga classes or gym classes, etc., would make employees happy and focused.
Give the perks that matter for your employees
A workplace will be filled with employees in different stages of life. Some may be younger, while others may have family responsibilities. Consider the unique benefits that work for them. For instance, giving leave or permission or work from home facility to leave early when their kids are ill, flexibility to pick and drop their kids at school. These small perks create a huge difference in their lives and they tend to stay longer.
Internal hiring
Hr leaders must play a proactive role to find internal candidates and evaluate them for promotions and new openings. The leaders must identify internal candidates with relevant skills and engage them in training programs. Apart from getting a loyal known employee, internal hiring is cost-effective too. Employees wish to stay longer.
Artificial Intelligence in the hiring process
While hr tech trends are gaining traction, the human-first approach is essential to the hiring process. When Artificial Intelligence (AI) is ethically approached, the impact is greater. The benefits include recruitment of technology talent, bias control, real-time feedback of the candidate, process consolidation and shortening, hire the better job fit candidates, and many more.
Reduce employee frustrations
Employees get frustrated with many things within the organization that needs attention. Add value to your employees’ time by creating software solutions for processes and allow them to get engaged with work that matters. Reduce the time they spend on admin processes. Have a regular meet-up to understand the pain points of employees (if any) and address them with a follow-up to eradicate the problem at roots.
Showcase employers value proposition
As an hr leader, the ‘about us’ page on the company’s website is for you. Ensure that it has engaging information on the work culture of your company, links to social media and other profiles, and facilitates potential candidates to research when they visit the site before attending an interview at your organization.
The key takeaway
As a concluding thought, experience matters a lot. Evaluate past recruitment efforts to know what went right or wrong. Tweak procedures and processes based on feedback and results. It helps for continued attraction and retention of the right talent.