With the Great Resignation shifting the balance of power to employees, companies need to rethink their strategies in order to attract and retain great talent in a very tight labor market.
The power shift and the effects of remote work during the pandemic have changed employees’ priorities. The candidate in front of you now is different from the one you had in 2020. Your employees’ expectations of you are different from what they were in 2020.
Here’s a list of the best ways to recruit and maintain great talent to help you navigate this period of the Great Resignation (and beyond):
- Provide flexibility.
According to Lever’s 2022 Great Resignation: The State of Internal Mobility and Employee Retention Report, 41% of the employees surveyed who expressed their desire to stay at their company would ask for a role change this year in hopes of having more flexibility and work-life balance. In fact, 31% would be willing to take a pay cut so they could move into a different role.
Employees prioritize flexibility now more than ever, from flexible work arrangements to moving roles internally within an organization. Those who are offered flexible work options are less likely to leave their company. If you want to attract and retain great talent, provide flexible work options such as a hybrid work model and remote work opportunities.
If you are offering mobility within your company, drive awareness of open internal positions and make sure that there are open conversations between the management and their direct reports around desired career paths. This can make a huge difference in retaining top talent. Even if someone switches over to a new department, they’re still on your team working toward the company goals.
For Millennials and Gen-Zs who are now ruling the workforce, career flexibility may be the deciding factor in their choice to stay at their company this year. It also affects their decision in choosing which company to work for. In a Bankrate survey, 60% of Millennials chose flexibility options as their top priority.
- Be upfront about compensation and benefits.
With the fierce competition, you have to offer a competitive salary, especially if you want to attract experienced candidates. You should also be fully transparent about it. It’s best to bring up compensation and benefits instead of waiting for prospects to ask themselves.
Let them know other benefits and perks along with the conditions for getting them (ex. Waiting 90 days for benefits to kick in versus getting benefits from your start date). You don’t have to wait for interviews to communicate these either: Highlighting all information about the compensation and benefits clearly upfront in the job postings will make your company stand out.
An article from HR Morning shared how Linda Pappajohn, HR director of Santora CPA, tweaked the company’s job ads to reflect all the benefits that come with the position, including remote work, flexible schedules, and a hiring bonus. By doing this, candidates knew exactly what to expect, and it increased the number of applicants, bringing the company more qualified prospects to choose from.
- Create a strong company culture
Employees’ priorities and expectations may change, but if there is one thing that will attract top talent and keep them, it’s a strong company culture. This is done by having a compelling shared vision, determining the values you want to nurture in the company and sticking to them.
Remember that in order for you to have a strong company culture, you have to create a positive work environment. Listen. Appreciate. Respect. Have fun. Cultivate a caring culture. At the core of every company, culture is its people, so you have to take care of one another.
A successful company culture is one that’s centered around its people. Find meaningful ways to connect with your employees. Then, you’re able to figure out how you can emphasize, prioritize and deliver what’s important to them.
If you want to bring in great talent and keep them, you have to offer an experience that matches their capabilities. Communicate upfront what you can offer in a clear way, offer flexibility that works for your company and establish a culture that makes people want to stay.
In love and respect,