Strategies for Attracting and Recruiting Talent in 2022If any two words can make an employer cringe, it’s those that were heard across the nation in record numbers last year: I quit. More than 47 million employees voluntarily left their jobs in 2021, in what has been dubbed The Great Resignation. That compares with 36 million in 2020 and 42 million in 2019, which, until 2021, had been considered the tightest labor market on record.
The reasons so many people left their jobs varied from COVID-related safety concerns (not wanting to return to a workplace without full vaccination requirements or not wanting to comply with vaccine requirements themselves) and childcare challenges, to the desire for better opportunities, pay and working conditions. Retirement rates rose in 2021 as well, contributing to a labor market where demand for talent continues to outstrip supply.
Employers have found they need to step up their attraction and retention game in this competitive market. Strategies that worked just a couple of years ago may not be enough to ensure a strong, steady and reliable workforce. Following are some strategies that are working for many employers. Each of them focuses on creating a better candidate/employee experience that may help your business better compete for talent and then encourage that talent to stay.
Offer a competitive compensation package
As competition for workers heats up, many companies are opening their wallets a bit wider. Signing bonuses, higher wages, better benefits and other financial incentives can be an effective way to attract more interest to a position. With so many available jobs, candidates are setting their sights — and expectations — high. Business leaders are scrutinizing their budgets to see how they might reallocate dollars to take a stronger competitive stance toward attracting talent.
Allow flexible schedules
When Gallup polled 9,000 workers who were working remotely at least some of the time last summer, 91% of them said they hoped they would be able to continue working from home after the pandemic. Another recent survey, conducted by Morning Consult on behalf of Bloomberg News, revealed that 39% of workers would consider quitting if their employers didn’t offer remote work opportunities. That figure rose to 49% among millennials and Gen Z.
These numbers illustrate the need for employers to consider more flexible work arrangements than in the past. The shift to work-from-home and hybrid models is real, as employees and employers recognize their benefits. Companies focused on attracting and retaining top talent are mastering the management of remote teams and finding ways to make flexible schedules work for the long term.
Tout development opportunities
Whether working in an office or at home, people want to grow in their capabilities and careers. You can help by having a strong development program in place, whether that means providing continuing education courses, reimbursing college costs, matching employees with mentors or connecting them with networks that align with their professional goals. Letting candidates know that these opportunities are available to them can go a long way in making a job offer more appealing; they are also critical to retaining employees who are already in place.
Revamp your onboarding process
It’s smart to assess your onboarding process regularly to make sure new hires are getting all of the information, resources and guidance they need to be comfortable and productive in their jobs. These evaluations are even more important when employees are working from home either all or part of the time. With limited physical interaction, managers need to be more intentional about checking in with new employees, asking how things are going and listening as employees express any concerns or needs.
Having a buddy system in place for new employees can be beneficial, too. SHRM, the Society for Human Resource Management, says that pairing a new employee with an established one can accelerate the productivity of the new team member and enhance their job satisfaction. That’s a step in the right direction toward retaining that talent.
Appreciate, recognize and support employees
The pandemic was a stark reminder to employers that employees are whole human beings, with personal lives and responsibilities in addition to jobs. It was also a shared moment of tragedy and uncertainty that put varying levels of emotional strain on people. It’s not surprising that many employers are increasing their focus on employees’ mental health not just as a retention strategy but as the right thing to do. People who feel positive, strong and confident about themselves and their workplace roles enjoy their work more and contribute at higher levels of performance.
Here are some steps you can take to support your team’s mental well-being:
- Communicate with compassion and frequency to ensure every team member feels connected and understands expectations, especially if you’ve put new policies into place related to office hours or working from home
- Reduce work-related stress by setting clear expectations about workloads and how work should be prioritized
- Make sure employees are aware of the mental health resources available to them and encourage them to use them
- Celebrate individual and collective achievements to restore momentum toward achieving goals and working as a team
Attracting and retaining employees may be more challenging in the current labor market, but with the right strategies in place, you can strengthen your team and offer a rewarding work experience that makes them want to stay.
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.
Posted: March 16, 2022