Why Are You Losing Talent to the Competition?

By November 21, 2017 Clients No Comments

Getting top talent in the door is just the first step. Once you’ve attracted them and they’ve accepted your offer, ideally they will be a long-term investment and grow within your company. However, if you are having issues with retention and losing talent to the competition, it’s time to examine the possible factors that could be contributing to their decisions. Learn more about why you are losing talent to the competition:

Inadequate Compensation

A high salary and comprehensive benefits package aren’t always enough to offset other lacking areas in a workplace, but if your company is not offering compensation that doesn’t align with market value, top talent is likely to go elsewhere. Remember: you can still appeal to top talent even if your compensation is on the lower side of average, but not if it’s completely off base with market value.

Work-Life Balance

When top talent has their choice of places to work, they’ll likely go with the one that offers them work-life balance. If you’re losing top talent, consider if your company is showing they value work-life balance. This can take the form of flexible scheduling, the option to work from home, or a significant amount of paid time off (and the attitude in which employees feel like they can actually use it without consequence).

Opportunity for Advancement

Employees who are top performers are that way because they are hard-working and ambitious. They want to succeed and will go to your competition if they feel like they are not given the chance to grow professionally at your company. Ensure you are offering the opportunity for advancement for top talent by promoting from within whenever possible, giving them chances to take on new responsibilities and gain new experience, and soliciting their feedback on their professional goals and how you could help them achieve them.

Poor Company Culture

Employees spend a significant portion of their waking hours at their workplace, so company culture can really make or break their job satisfaction. If hiring or retaining top talent is an issue, closely examine your company culture, from everyday morale to how colleagues interact with one another to how leadership recognizes hard work and expresses the value their employees add. Poor company culture can be stressful and emotionally draining, even if there are other perks.

Attract top talent to your team by working with a recruiting firm to target prospects and streamline the hiring process. When you work with IMPACT Payments Recruiting, our experienced recruiters will utilize their industry backgrounds and network connections to help you find the ideal candidates. Contact us today to learn more about our services.

 

 

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