4 Ways Employers Can Succeed in Talent Acquisition and Retention
With workers hesitant to go back into the labor pool or demanding higher wages and benefits, the talent shortage and persistent hiring difficulties are at their worst levels in 15 years, plaguing nearly seven in 10 employers.1
Whether it’s blue- or white-collar positions, the coronavirus pandemic has laid bare how dependent organizations are on their people. As a result, job seekers can look for positions that fit their lifestyles and meet their salary and benefits expectations, rather than working at jobs and organizations that may seem “good enough.”
In response, employers should rethink their recruiting and retention strategies — not just policies on remote working or work-life balance but reconsider their overall approach.
Here are four keys to recruiting and retention success in light of COVID-19:
- Flexibility on the remote workplace
Even as some employers would like to get workers back into offices, 83% believe remote work has been successful.2 Some employees excel working from home and may want to continue that arrangement. However, that may be the opposite of leadership’s desire to return to an office culture.
Compromise and flexibility are needed, because employees may look for other opportunities if, against their wishes, they’re forced to return to the office. So when management requires workers to come into an office, they need to communicate a sound business reason for doing so. Employers may want to reconsider mandates and give work-from-home options, even if it’s for one or two days a week.
2. Compensation management is essential
Compensation management, especially for smaller employers, can be an afterthought. However, it’s important to stay current on compensation in order to improve recruiting and retention.
Doing so can be a difficult task. For instance, asking candidates about their salary history is banned in 21 states and another 21 local jurisdictions.3 Compliance with local, state and federal laws on compensation is time-consuming and may make employers shy away from undertaking a compensation management strategy.
However, not having the right information on compensation trends can hamper an employers’ ability to attract and keep talent. In this era of talent shortages, compensation management is no longer optional.
3. Turn to Total Rewards
Organizations that think money is everything in recruitment and retention are likely to be unsuccessful. Instead, presenting compensation in terms of a holistic rewards program is more likely to attract and retain talent.
Presenting compensation and benefits in a total rewards package has become an essential strategy to keep up. Candidates want to know what’s behind the job beyond salary, health benefits and vacation days: They want to know how an employer will foster their professional growth. Total rewards packages should be evaluated and refined to attract the best candidates and improve retention.
4. Make intangibles part of the value proposition
Often, an organization’s culture can be the deciding factor when a candidate decides to accept a job offer. Intangible benefits can make an employer worth joining and are reflected in the organizations’ value proposition.
It pays to survey your workforce to ensure that culture and intangibles are reflected in an organization’s value proposition. That allows leadership to see how well they are positioning themselves to job candidates as well as current employees.
