TOP TIPS FOR TALENT MANAGEMENT IN THE GREAT RESIGNATION
The year 2021 saw the beginning of employees quitting their jobs in record numbers. According to a January report from the Bureau of Labor Statistics (BLS), a startling 4.5 million Americans quit their jobs in November 2021 across a range of industries.
This seismic shift, dubbed by economists and leaders as The Great Resignation, was fueled in part by employees who, having shouldered the many stresses of the past two and a half years, were now looking for more from their employers: more money, more flexibility, more recognition and awareness, more growth, and more overall happiness.
Meanwhile, the labor market remains tight as it struggles to regain those jobs lost during the pandemic – a slower process than many had anticipated. These market trends have created a two-pronged challenge for employers as they fight to retain existing talent in the ongoing wave of resignations, and likewise struggle to fill open positions in one of the tightest labor markets in recent years.
Nonetheless, despite these challenges, there are a number of steps that employers can take that will give them a leg up when trying to attract, hire and retain talent. The team at XpanseHR shared some top considerations and key takeaways for employers during these difficult times:
TOP CONSIDERATIONS FOR ATTRACTING NEW TALENT
Build in Greater Flexibility
As companies moved out of offices in 2020, employees had to figure out how to co-manage their career responsibilities and their personal lives, and how much flexibility was needed to do both. Today, as companies shift back into the office, employees’ mindsets and expectations have changed, with many of them looking for continued flexibility. Whether it’s by offering a hybrid schedule, or simply allowing individuals to determine when and where they need additional flexibility, employers should consider abandoning strict in-office policies and allowing for more adjustable schedules were possible.
Shorten the Hiring Process
In a market where there are disproportionally more open jobs than there are unemployed workers, companies are competing fiercely with each other for top talent. Employers are not only struggling to find candidates, but the candidates they do find are being swept up by competitors before they can even funnel them through the interview process. With this level of competition, employers must be highly proactive, responsive and nimble. Hiring managers should carefully evaluate their current hiring processes and consider ways to expedite each step so they can get new hires in the door and onboarded as quickly as possible.
Increase Your Transparency
All hiring managers know that bad hires are costly and that up-front transparency during the hiring process can help reduce risks. However, in today’s market where employment review sites such as GlassDoor have powerful influence over job-seekers decisions, transparency on all levels is even more critical to hiring success. Hiring managers should offer as much insight as possible into not only the position and its expectations, but also the work culture, schedules, flexibility, salary ranges and professional growth opportunities. Being open and honest upfront can help employers ensure the candidates they attract are interested in working for their organization and avoid costly headaches.
TOP CONSIDERATIONS FOR RETAINING TALENT
Enhance Your Benefits
Employee benefits programs are playing an increasingly important role in employees’ decisions to stay with or leave an organization. The standard medical, dental and vision benefits packages are no longer cutting it, as employees seek more holistic programs that support their overall physical, mental and financial wellbeing. Employers should carefully consider their workforce’s needs and adapt their benefits programs accordingly, whether that is dedicating more resources to supporting employees’ mental wellness, building in more flexibility and paid time off, providing faster 401(k) vesting, or offering paid parental leave and other benefits, such as pet insurance, childcare benefits, or tuition assistance.
Make Room for Professional Growth
Today’s employees are in search of personal and professional growth opportunities in their careers. When employees no longer feel challenged or excited by their work, engagement levels start to drop and, not surprisingly, turnover ultimately increases. Employers can alleviate this by providing employees with growth initiatives and skill-development programs that help create paths toward advancement. Creating a collaborative culture that provides employees with autonomy and challenging assignments, and one that promotes mentoring and coaching opportunities, can go a long way in increasing employee engagement and retention levels.
Provide Recognition, and Rewards
Just as employers are dedicating extra financial resources to attract new talent – often by way of sign-on bonuses – they should also be focusing extra financial resources on existing employees. Beyond providing standard cost-of-living raises and bonuses, employers should create a culture built upon recognizing and rewarding hard work, whether that is through monthly, annual, or real-time bonuses and rewards programs. Setting individual, team-based and/or collective company goals, and recognizing and rewarding employees when they meet those goals, can greatly enhance employee motivation and loyalty and prevent turnover.
The XpanseHR team is committed to helping organizations align their people strategies with their overall business strategies.
To learn how XpanseHR can help your organization, contact us at firstname.lastname@example.org or 610-614-5500.