The Great Resignation – how do employers attract and keep talent?
The tables have turned in the recruitment space recently due to the shortage of job seekers in the current market. So, the question is, what can your business do differently to attract new talent? Let’s see what senior recruitment consultant Phil has to say…
Recognise it’s a two-way street
There’s been a shift in the way people perceive their jobs and it’s very much a two-way street nowadays. Candidates do a lot more research, ask more questions and want to know a lot more about a company so they can choose the right one – it’s simply not only about salary anymore.
When job applicants have multiple job offers to consider, attractive compensation is going to play a factor in their decision. Performance-based bonuses, employee benefits programs, additional leave, gym memberships and health and well-being programs all matter alongside base pay.
Workplace flexibility can make a huge difference to an individual’s day, mental health and productivity. Benefits could include flexible start and finish times, reduced hours and potential to work from home. Commit to building a culture that supports employees’ well-being.
Accurate job description
This may seem obvious but an up-to-date job description that’s accurate and detailed so the employee has an informed understanding of the job is crucial. If the role doesn’t live up to what they expect, the employee may make a hasty getaway which results in extra cost for the business.
Upgrade leadership skills
Competent management skills are key in retaining staff. Newly promoted managers may possess little managerial skills but businesses expect them to hit a home run. Invest in formal training or coaching so they can motivate employees and help them be the best they can be.
Practicing gratitude can instil a mindset shift in employees. Simply knowing that you notice and appreciate them will rekindle their loyalty to stay. Be as personal as you can with this. Learning peoples’ business love language is important to keeping them long-term.
Pay attention to each individual
Attracting and retaining good employees involves listening to the needs and preferences of the individual and accommodating their work style and personal needs. Base your compensation on each individual’s circumstances and aim for a win-win situation for the employee and the company.
Training and ongoing support
Another major driver in job seeker dissatisfaction is lack of training. Even a highly experienced applicant will require a level of introduction to the business processes and systems. The value of providing a decent introduction and having realistic expectations on new arrivals is vital.
Make sure you communicate what development, mentoring or upskilling opportunities there are to potential employees. This could make all the difference in a job seeker’s decision-making process: they want to know you will invest in their personal development.
Create a long-term compensation program. When retaining employees in 2022, you might need to look at your organisation’s current compensation package and try implementing a bonus structure to motivate the workforce.
Initiatives and benefits
Many employers now offer a wide array of benefits such as mental health days, rewards and recognition programs. Job seekers are looking at the whole package of what you can offer to ensure it is the right investment for them so make it relevant and ensure you deliver on it.