Talent Acquisition and Retention Strategy (TARS)
Every business starts with the basic objective of first surviving and second moving through into thriving as a sustainable, resilient entity within a predetermined time frame which is usually stipulated in its Business Plan.
If the intention of the business is to employ people a robust, documented Talent Acquisition and Retention Strategy (TARS) is essential to support the entity’s Business Plan and when it is well-designed it will contain 11 key components functioning interdependently to achieve the documented outcomes.
Your talent acquisition and retention strategy identifies all the practices a business puts in place to attract top talent, and maintain talent commitment to the business resulting in the predetermined talent tenure rate required for the business.
A desirable tenure rate is subjective but typically a business aims for a term of 5 years but anticipates a term of 3 years understanding that anything less is too low and results in profit leakage. Talent retention mirrors customer retention in that it costs a business 7 times more to acquire new talent than it does to retain it.
Your TARS starts with:
1. Understanding the critical nature of a Talent Acquisition and Retention Strategy to a business’s sustainability.
2. Employer Brand & Value Proposition - combined these communicate internally and externally the focus and value you place on the employee experience.
3. Hiring Right First Time – poor hiring decisions are extremely expensive for any business, and they are underestimated by every business.
4. Welcoming & Onboarding – lay the foundations for your employee experience and if done poorly can be almost impossible to recover from.
5. Talent Compensation & Benefits – employees know their value and they know when a business is undervaluing them, and they will perform accordingly.
6. Company Culture, Community, & Morale – are reflected in a business’s productivity and customer experience.
7. Diversity, Inclusion, & Equity – will elevate every business above your competitors.
8.Leadership – is either destructive, effective, or incompetent.
9. Career Pathways and Training & Development – are directly reflected in a business’s talent acquisition and retention rates.
10. Performance Peering & Check-Ins are only effective when best practices are applied.
11. Employee Ambassador & Alumni Programmes – will position your business ahead of the curve.
A well-designed TARS will elevate the business’s employer, employee, and customer experience and protect the bottom line.
Each month in 2023 Ripple will deliver free resources guiding you through the 11 components of your business’s TARS design and development but you can expedite this anytime by calling me to discuss our training and consultancy services that will get you started today and support you through the entire process.