Do you want your company to soar to new heights of success and growth? The ability to attract and retain innovative employees is as important as developing a great business strategy. To be successful, you must engage top talent before and after they join your company. Effective talent management and recruiting can help.
The CMO Survey - Highlights and Insights Report - Spring 2024
The Keys to Attract and Keep Top Talent
1. Bottom Line1
The Keys
to Attract
and Keep
Top Talent
Do you want your company to soar
to new heights of success and growth?
The ability to attract and retain
innovative employees is as important
as developing a great business strategy.
To be successful, you must engage
top talent before and after they
join your company. Effective talent
management and recruiting can help.
2. 2Bottom Line
Attracting employees
With the baby boomer generation retiring,
there’s a smaller pool of highly skilled,
experienced candidates looking for work. As
such, attracting proven talent has become
increasingly difficult. At the same time,
Generation X workers are moving into the
void left by exiting baby boomers, and
millennials are poised to be the largest
generation in the workforce within the next
five years. To secure the best talent, you
need competitive benefits that reflect what
your potential employees are looking for.
For example, offering financial wellness
benefits can help you recruit – and retain –
high performers across all generations.
No matter the age of the candidate you
hire, it’s helpful to remember that small and
midsized businesses have unique advantages
that can attract employees, including:
• The ability to better learn the business
with less specialized roles than big
businesses
• Interaction with and direct exposure to
company leaders
• Fewer layers of management to impede
advancement
So how do you grab the attention of
potential employees and show them what
you have to offer? Recruiters need more
sophisticated – and integrated – tools to be
most effective. Be sure your company has the
right solutions that incorporate built-in social
and mobile tools. In doing so, you’ll be better
positioned to cultivate the best possible
candidates and meet their expectations for a
more transparent, interactive, and consistent
hiring process.
To secure the
best talent, you
need competitive
benefits that reflect
what your potential
employees are
looking for.
3. Bottom Line3
Benefits matter
Source: 2014 Small Business Health Care Survey,
National Small Business Association
Retaining employees
Once you welcome new hires through your
company’s doors, you need to effectively
manage them and implement certain
management procedures to retain them,
including:
Driving performance
Performance management needs to be
a year-round process to ensure individual
and company success. Continually engage
employees and align company goals
with individual growth by automating and
streamlining the performance evaluation
process. This includes transparency when
it comes to individual, team, and company-
wide progress.
Compensating correctly
Managing compensation can be challenging,
expensive, and time consuming. But
employees expect it to be on time
and accurate every time. Automated
compensation management helps retain
high-potential employees, as well as
limit regulatory compliance risk, reduce
expenses, ensure compensation equity,
and sustain a competitive position.
67%
20%
6%
7%
Very
Somewhat
A little
Not at all
“How important
is offering health
insurance in
recruiting top
quality employees?”
Consider this:
The success of your
business hinges on the
success of your people.
4. 4Bottom Line
ADP®
can help you find, keep, and grow the right employees
Take advantage of ADP’s employment professionals to advance your company’s hiring and
training know-how. We’ll build the programs to help you find, keep, and grow the employees
to help you advance your business.
Developing skills
Learning and development are important to
businesses of any size. Why? They allow you
to improve your employees’ performance
and engagement now, as well as prepare
them to tackle new roles and challenges in
the future. On-the-job training is a hallmark of
small to midsized business development and
it’s very effective for meeting current needs.
Competing with larger companies means
finding solutions that develop, schedule, and
administer live classroom training and online
learning content, create individual learning
paths, and help drive employees’ ongoing
personal and professional development.
Encouraging success
According to Aon Hewitt’s Building the
Right High Potential Pool report, the health
and growth of a company depends on
getting the right people, with the right
capabilities, in the right places. Start planning
for tomorrow by encouraging the success
of potential leaders within your company.
Identify potential leaders and inform them of
their status as a way to give them ownership
and accountability in the developmental
process. Give these employees access
to mentorship, developmental, and
networking opportunities so they can
prepare for key decision-making roles.
Learning and development
are important to businesses
of any size.