Take a Fresh Look at Recruiting and Talent

Take a Fresh Look at Recruiting and Talent

Following two years of unprecedented quitting — 47.8 million people resigned from their jobs in 2021, and 50.5 million in 2022 — employers hoped for a more stable labor market in 2023. Slowly but steadily, their wish seems to be coming true, as the quits rate, which the U.S. Bureau of Labor Statistics uses to quantify the number of employees who have voluntarily left their jobs, nears pre-pandemic levels. Some experts are going so far as to say that the Great Resignation — aka, the Big Quit or the Great Reshuffle — is over.

Whether breathing a sigh of relief or maintaining a “once bitten, twice shy” stance, business leaders and HR executives continue to focus on optimizing their approach to talent. What the Big Quit taught them was that their retention and recruitment success is incumbent upon understanding and supporting employees’ priorities. Employees had clearly demonstrated that if they didn’t feel supported by their employer, they would not hesitate to seek out greener pastures. It was a wake-up call that won’t soon be forgotten.

As you look to continue strengthening your own talent program, you may want to consider these employee priorities:

Flexibility

When the pandemic pushed companies to a work-from-home model, it was tough on business leaders and managers charged with day-to-day logistics and staff cohesiveness. They’ve learned a lot since then about restructuring collaborative efforts, managing remote teams and the like. In fact, many companies have instituted a hybrid work model, with at least some employees splitting their workdays between home and office.

Of course, a remote or hybrid model may not work for all companies. You may, for a variety of reasons, prefer that your employees work at the office. If that’s the case, think about alternative ways to help them build work-life balance — giving them more autonomy in terms of scheduled hours or time off, for example.

Well-being initiatives

One of the silver linings of the pandemic was that it reminded employers, managers and co-workers that we’re all human. We want to be seen and supported as fellow human beings with very human needs. Sometimes we feel stress, sometimes we get overwhelmed, and sometimes we need programs that address all of that.

Companies that fulfill these needs through employee assistance, paid time-off and other programs can help instill a sense of well-being. For example, Dollar Bank’s Workplace Banking program helps employees overcome financial stress, which can affect their morale, productivity and engagement at work. Available to employers free of charge, Workplace Banking provides financial wellness tools to help employees better understand and manage their money, plus a variety of discounts and perks.

Here are some of the features Workplace Banking offers:

Financial wellness program. From financial wellness seminars and resources to one-on-one assistance from a dedicated banking team, Dollar Bank’s Financial Wellness Program is designed to help improve employees’ financial fitness and confidence about their finances today and into the future.

Money-saving offers. Employees can earn cash rewards and take advantage of a higher rate on select savings products, discounted rates on select loans and lines of credit, closing cost benefits on mortgages and other perks.

Contact us to enroll or learn more about how Workplace Banking can help you build a stronger, happier, more productive team.

Competitive compensation and benefits

Pew Research Center found that the majority of workers who quit their jobs in 2021 cited low pay, no opportunities for advancement and feelings of being disrespected at work. Unsurprisingly, pay is important to employees. Gallup recently uncovered just how important: Since 2015, “pay and benefits” has risen from No. 4 to No. 1 as an employee priority. Nearly two in three workers (64%) cited pay and benefits as a critical factor in their decision of whether to take a new job.

While they may not be shooting for the record-high wages that were in play during the height of the 2021-22 talent wars, employees do expect a compensation package that reflects the value they bring to their employer’s business. High-potential candidates and current employees are looking for compensation and benefits that are in line with, or better than, the industry average.

Development opportunities

People thrive when they’re doing what they love to do, or what they’re skilled at doing. Placing them in roles that play to their strengths can lead to deeper satisfaction, stronger engagement and higher productivity.

People don’t want to stagnate, though. It’s important to provide them with tools to help them continually develop their knowledge and skills. A strong development program, which may include providing continuing education courses, reimbursing college costs, matching employees with mentors or connecting them with networks that align with their professional goals, demonstrates your commitment to their career success and self-fulfillment.

Cultural strength

When your company shares your core values — honesty, integrity, openness and compassion, for example — you’re more likely to feel connected and loyal. Job seekers look for these traits in potential employers, too. A genuine commitment to people, communities and corporate responsibility sets one employer apart from the rest.

Strive to build a culture that embraces diversity and a collaborative spirit. Welcome ideas. Practice transparency. Celebrate individual and collective achievements. An employee-centric culture could be vital to your success in retaining, as well as recruiting, exceptional talent.

This article is for general information purposes only and is not intended to provide legal, tax, accounting or financial advice. Any reliance on the information herein is solely and exclusively at your own risk and you are urged to do your own independent research. To the extent information herein references an outside resource or Internet site, Dollar Bank is not responsible for information, products or services obtained from outside sources and Dollar Bank will not be liable for any damages that may result from your access to outside resources. As always, please consult your own counsel, accountant or other advisor regarding your specific situation.