A changing labor market requires companies to view job candidates and current employees differently. While most marketing efforts are spent on attracting and retaining external customers (those who buy products or services), this is quickly changing.
Since the pandemic and the Great Resignation, companies have recognized the importance of internal customers (e.g., job candidates, employees, and vendor partners) and the high value of these essential stakeholders. Senior leaders are now re-evaluating what their workforce expects from workers and how they attract and retain key talent. Additionally, organizations are increasingly aware of the rising costs associated with low morale, decreased employee engagement, and high turnover. On the other hand, top-performing companies with low turnover rates have four times higher profits on average. (1)
How does an organization stand out in a crowd and attract top performers when the job market is rapidly evolving? Here are some suggestions to enhance your recruiting, onboarding, and retention programs.
- CREATE AN ACCURATE REPRESENTATION OF THE EMPLOYER’S BRAND
Authenticity and genuineness are here to stay. It’s no longer just about employers selecting qualified candidates and having one-sided conversations with job applicants. Job seekers are investigating and doing due diligence about potential employers long before an application takes place. Sincerity is necessary because job seekers will find information about your company, even if leadership isn’t aware that it exists or fails to recognize internal issues. Job seekers will identify issues such as whether the position is chronically available, whether the organization or management has a culture issue and the positives and negatives of the company. Job seekers will also investigate subjects like harassment, inclusivity, social good, and the company’s impact on the community.
PRO TIP: To attract top talent, consider creating a marketing channel for job seekers and treat them as a target audience. Consider a job seeker’s journey through your company’s hiring and onboarding process. What can you provide to help them on their job-hunting quest? At what stage in their journey will you offer assistance? What kind of content will it be, and how will it be delivered? If asked, how will you supply proof of its authenticity? How can you be transparent about your employer branding?
- OFFER COMPETITIVE COMPENSATION & BENEFITS
Consider what will attract qualified and talented candidates. Be prepared to pay more for in-demand jobs such as sales professionals. Learn to quickly identify top performers to avoid losing out on highly qualified candidates due to hiring delays.
PRO TIP: Studies show that 89% of salespeople leave their jobs due to poor compensation. And 64% of job seekers state that a significant increase in income or benefits is significant. (2, 3) Not disclosing a salary and benefits package is common, especially since the Great Resignation. Your organization may do this to consider new workers and those with advanced experience looking for the right fit; desire more room for negotiation with the right candidate, or avoid revealing information to the competition. These are all valid reasons. To help streamline your vetting process, request candidates to do more than list their salary and benefit requirements. Consider asking what other factors are also important such as job flexibility, a hybrid work model, agile time-off structure, etc. Get to know them before you interview them by digging a bit deeper. Ask them questions:
- What kind of work environment do they work best in, thrive at, etc.?
- What kind of work are they best at doing and why?
- Describe what they would like to be doing on an average day/average week.
- What motivates them the most (only pick one) and why? Money, learning, career advancement, work-life harmony, recognition?
- Outside of work, what do they do for enjoyment? Who do they spend it with (e.g., family, friends, volunteering, etc.)?
- What hours, days of the week, etc., do they consider themselves to be most productive, and why?
- Do they find that they often work more hours than they report? For example: Do they spend time on the road away from family, work on projects that encompass long hours, etc.?
- Would they find value in social initiatives such as paid days to volunteer for activities at their child’s school, a community event, a favorite charity, during a fundraiser, etc.?
- INCLUDE FINANCIAL, EMOTIONAL & WELL-BEING BENEFITS
Since the pandemic, financial, emotional health, and well-being are now as important as physical health to employees. A benefits package should consider financial guidance on personal finances, mental/emotional health, holistic employee leave strategy, and social impact.
- Personal Finance Guidance
80% of employees desire support and guidance from their employers on personal finances, not only for retirement and financial education but also for digital budgeting, financial planning, and access to financial advisors. (4) - Social Impact
75% of workers indicate they expect their employer and business to be a force for good in society. And 96% of employees who volunteer say their workplace culture is positive. (5, 6)
- Awareness of Special Employee Issues
The pandemic brought to light many issues that workers have been struggling with for some time. Many employees are working parents and function as caregivers for their aging parents. At the same time, workers may juggle schools or homeschooling with changing health and safety needs. In addition to all the juggling, employees are also experiencing an income diminished by inflation. Employers need to be sensitive to these issues. (7) - Mental Health and Wellness
Employees are raising the stakes on mental health and wellness. A startling 47% of employees who disclosed a mental health issue in the workplace have experienced a negative consequence. 62% of job seekers identified well-being benefits as a critical factor in deciding whether to apply to a specific organization. Over half of employees indicate their organization doesn’t offer adequate mental health support. (8, 9, 10)
In describing leadership, 80% of employees indicate that senior leadership’s awareness of the importance of leave management has been raised significantly due to the number of employees needing extended leave due to COVID-19. This awareness was because employers were ill or needed to care for a sick family member. (11)
Employees who are part of a corporate culture that values support and social impact causes report 70% better well-being. (10)
- REMOVE OBSTACLES THAT HINDER HIRING & RETENTION
- Work Anywhere
28% of workers would take a pay cut for the opportunity to work remotely. A majority (88%) of highly engaged employees say they have the flexibility to choose where they want to work in the office, depending on the tasks they need to do. 83% of workers prefer a hybrid work model. 63% of high-growth companies have already adopted a “productivity anywhere” workforce model. (12, 13, 14)Employers in the US that offer and support remote work environments experience 25% lower turnover rates. Nine out of ten workers prefer remote work. 60% of workers have seen increased productivity while working remotely from home. (15, 16, 17)
A survey reported that remote workers experienced: (18)
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- Fewer interruptions (68%)
- More focused time (63%)
- Quieter work environment (68%)
- More comfortable workplace (66%)
- Avoiding office politics (55%)
- Role Changes
21% of employees don’t feel they can openly discuss moving to another role or department with their manager, while 67% of employees would leave their jobs if their company didn’t allow internal mobility. (19,20)
- Tools Needed for Success
Whether it’s technology, software, peer networking, peer mentoring with top performers, or coaching with a manager, employees need tools for success. They require ongoing learning, pathways to advance careers, an acknowledgment that what they do matters, and appreciation for their work. Companies should consider how to help employees become more efficient and productive. Organizations should also factor in more than time and productivity when evaluating workers’ performance. (Read here for some suggestions.) And finally, every company should consider how every aspect, whether software, technology, and human touchpoint, can enhance individual employee experiences.
- STRENGTHEN WORK-LIFE HARMONY
American workers are overworked and seek job autonomy, and desire work-life harmony. Nearly 2/3 of job seekers state that work-life harmony and personal well-being are essential. Ironically, roughly 2/3 of full-time employees report feeling burned out by their jobs. (21, 23)
41% of Employees will ask for a role change desiring more flexibility and work-life balance. (22) 83% of American workers would favor a four-day workweek. Employees want their schedules to be consistent so they don’t have to be available 24/7/365. Employees (76%) claim they would be more loyal to their current employer if flexible work options were offered. (24, 25, 26)
Discover more inspiring ideas for exciting experiences that boost morale and engage your people. Contact Gavel International for details.
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SOURCES:
- https://www.lessonly.com/blog/keeping-morale-high-turnover-high/
- https://www.forrester.com/blogs/itsturnovertimeforsales/
- https://www.gallup.com/workplace/389807/top-things-employees-next-job.aspx
- https://www.brightplan.com/
- https://www.prnewswire.com/news-releases/the-great-resignation-a-majority-of-employees-would-quit-their-job–and-only-1-in-4-workers-would-accept-one–if-company-values-do-not-align-with-personal-values-301404919.html
- https://blog.cybergrants.com/celebrate-national-volunteer-week-201604.html
- https://www.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/married-to-the-job-no-more-craving-flexibility-parents-are-quitting-to-get-it
- https://www.limeade.com/company/newsroom/limeade-releases-2020-employee-care-report-uncovering-hidden-causes-of-workforce-turnover/
- https://www.forbes.com/sites/jeannemeister/2021/12/16/the-future-of-work-offering-employee-well-being-benefits-can-stem-the-great-resignation/
- 10th Annual Workplace Benefits Study, Guardian, 2022, Mind, Body, Wallet
- 10th Annual Workplace Benefits Study, Guardian, 2021, Inflection Point: How COVID-19 is reshaping the employee benefits paradigm
- https://www.flexjobs.com/blog/post/2018-annual-survey-finds-workers-more-productive-at-home/
- https://info.steelcase.com/global-employee-engagement-workplace-comparison#key-finding-2
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