As European markets are experiencing the effects of an aging population and rising inflation, the way companies attract and retain talent is changing. Employers are struggling to acquire the talent they need and utilizing extra resources to retain the workers they already have. Companies are realizing they must adapt to employees’ needs, specifically those born out of the COVID-19 pandemic. But what is the best way for attracting the right people and retaining top talent in these conditions?
In a special whitepaper in collaboration with the Fosway Group, we looked at how European companies can be proactive about talent attraction, retention and the importance of investing in a complete HCM software solution. Learn all the details below.
Why is attracting and retaining top talent important?
Despite interruptions in working patterns and business failures stemming from the pandemic, European economies have continued to see growth in the past few years.
The following factors pose barriers to attracting and retaining talent:
- Some companies are compromising their employer value proposition (EVP)
- Classic recruiting techniques only show limited success
- An overwhelming choice of next-gen tools
Fosway’s research shows that European organizations are finding their talent acquisition (TA) to be most effective at delivering the best cost per hire. Yet, that is not the case with diversity. These methods are proving to be ineffective at providing a truly diverse candidate pool. However, with the implementation of more intelligent, automated and better integrated tools, HR recruiters are finding it easier to tap into niche talent pools.
What should your company do to attract talent?
In order to successfully attract talent, companies should approach this from a workforce planning perspective. Talent attraction and retention are two sides of the same coin. Thus, before you think about how to attract new hires in tight European markets, you must also consider the strategy necessary to retain and develop your existing team. Organizations ought to concentrate on retention, especially during times of inflation.
Focus on these four specific areas within the different segments in your workplace to create successful retention strategies:
- Leverage a dynamic people experience to fast-track your employee referral program
- Rethink how you attract and hire talent
- Be more diverse and quality focused with candidates by using assessment tools
- Evolve your talent acquisition ecosystem
Invest in talent attraction software
Many mid-sized companies and larger corporations have already started to reframe talent attraction as a recruiting funnel, much like in the sales and marketing departments. These organizations are managing all the stages through talent acquisition software that allows them to attract talent to specific candidate pools or job opportunities. Automating the heavy lifting of drip campaigns and following up with potential hires will save your company both valuable time and money in the long run.
Talentia’s HCM software offers an end-to-end HR solution that will help your organization engage, motivate and develop your team. Our intuitive and flexible human resources software will help you increase visibility, attract talent and simplify the recruitment process. Streamline your talent attraction and reinforce retention strategies while increasing profits even in periods of recession with Talentia.
To learn more practical tips, download our whitepaper with Fosway Group on how to attract and retain talent in tight European markets.