Employers are painfully aware of the challenge to acquire the top talent needed to thrive in today’s business climate. How are you retaining your talent? Even top performing companies need a talent strategy to keep employees engaged throughout their careers. As part of a unique infographic, Paycom provided the four necessary steps to create a talent management strategy for your business.
Step 1: Recruitment – Dr. John Sullivan’s “we find you” approach
Step 2: Retention – Linking performance and compensation can increase retention by up to 27 percent.
- The cost of losing an average employee is 1.5x their burdened salary
- The cost of losing a top performer is 3x more than losing an average performer (information provided by fokalfusion.com/losing-top-employees)
Step 3: Get Growing – Provide development goals with training opportunities.
Step 4: Implement a fair and consistent compensation plan where performance directly impacts reward.
Follow these four steps if you want to attract the best and brightest talent pool and hold on to them!
