The current talent war is extraordinary. Large-scale shifts are happening in every industry and job level – and retaining talent is growing more difficult. Resignations are being driven by stress burnout, Covid epiphanies, and confidence in the economy. Employers are facing a triple-threat situation, and need to reimagine their recruiting process or risk losing their top talent.
In Prudential’s Road to Resiliency Survey, three-quarters of all workers factor employee benefits into their decision about whether to stay or leave a job. Aside from compensation, in this latest survey, workers who plan to resign or change jobs rank flexible work schedules, mobility and remote-work options as the top factors influencing their decisions.
To combat these issues, companies should invest in recruiting strategies to successfully navigate the situation and minimize the impact. We are highlighting a few ideas that hiring leaders can implement to retain talent, along with attracting new candidates.
Double Down on Retention Strategies
With the turnover numbers, employee retention has never been more important. It is costly to lose a team member. Recruiting, training, onboarding, loss of productivity, motivation of remaining teammates, and the culture change all add up. However, companies with a strong Employee Value Proposition (EVP), professional development opportunities, strong communication, and culture retain more employees. It is time to invest or double down in your retention strategy.
Attract Top Talent Before Your Competitors
There’s a flipside to the resignation boom. Yes, you will lose some employees, but this will create a wave of top talent entering the market. The opportunity is to attract the top performers when they are looking and before your competition. Ensure your EVP is appealing, and your process is lightning fast. Read our How to Attract Top Talent in a Candidate-Driven Market article for a deeper dive.
Flexible Working Conditions = Retaining More Talent
According to the Prudential study, one in three workers does not want to work for a company that requires them to work on-site full time. If being fully remote isn’t possible, the hybrid model might be a solution. Companies such as Apple, Google, and Amazon have implemented hybrid models. A big part of the Covid churn is a re-evaluation of priorities. Because of this, flexible working conditions provide numerous benefits that are very attractive. If you haven’t already, we encourage a flexible, hybrid, or remote strategy to retain talent and attract candidates.
Reimagine Hiring for Retaining Talent
Hiring is among the most crucial processes to evaluate in this landscape. Should you continue to use job boards? Should you open your talent aperture beyond traditional recruiting locations? Does the timing of the hiring process need to be revisited? Do virtual techniques need to be added? According to a recent article from Mckinsey & Company, during the pandemic, nearly two-thirds of organizations have moved in-person recruiting events and activities to remote settings, but only one in three have reimagined hiring from the ground up. Forty percent of productivity leaders, by contrast, have holistically redesigned their entire hiring process.
The traditional recruiting playbook needs to be shelved, for now. Employers need to proactively target employees they want to hire. Across organizations, executives already recognize the need to redesign processes to mitigate the loss in the turnover. We are here to help you reimagine your hiring process, lets connect and get started!
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