Destination employers are those who are renowned for their abilities to attract, retain and hire the most talented employees.
Different approaches enable this to occur, although rewards and employee benefits usually play a pivotal part in increasing motivation and productivity.
This goes beyond the other aspects that bosses often tend to focus on – namely profits, quality of service and customer perception.
Organisations who are capable of placing staff hiring and retention at the top of the agenda should be able to gain a competitive advantage as a result.
Patricia Hind, Director of Ashbridge Business School’s Centre for Research in Executive Education, said that any organisations recognise the importance of engaging the best people.
She explained that it helps to boost productivity which in turn provides a route towards further revenue growth further down the line.
Ms Hind referred to a “three-legged stool” approach of hiring, retention and engagement before adding that company rewards were important to all three.
Engaging new employees from the beginning of their time with a company plays a vital part in increasing their time with the organisation.
Those treated well are more likely to stay for a longer period of time while those who are not engaged may lose interest and look for roles elsewhere.
Helping with training and development can ensure staff are kept interested as this should increase engagement between them and their employer.
Similarly, early recognition and reward of success can also encourage further hard work in the long term, as can providing more flexible approaches to working.
Keeping rewards relevant
Destination employers will tend to showcase a deep understanding of the sort of things that individuals want – such as job satisfaction, development opportunities and well thought-out benefit packages.
Providing a range of options that enable employees to pick and choose between benefits that are most suitable for them could be the best approach.
Research from Robert Walters suggests that 91% of millennial professionals see rapid career progression as the main priority when picking their destination employer.
Those who value their staff highly are likely to benefit most while implementing the right strategies should also help drive wider business success.
If you are an employer and are keen to find the best graduate staff, then get in contact with Discovery Graduates today