Winning the war on talent takes a two-fold approach: hiring and retaining valuable employees.
By now, employers in every industry all around the world, are well aware of the Great Resignation – the catchy name given to the fact that people are leaving their jobs at the highest rate in 20 years.
Some also like to call this phenomenon a Talent Shortage. However, that seems to be a clever way of shifting responsibility from an organization to the labor force. Sure, talented employees might be hard to come by, but that doesn’t mean they aren’t out there. More than likely, it means they don’t feel as though their expectations align with a job posting.
Job seekers have higher expectations from employers for a few reasons.
One, because the pandemic shifted their priorities – people have seen that working from home provides a healthier work-life balance, and they aren’t willing to give it up.
Two, because inflation has decreased the value of a hard-earned dollar – job seekers want to maintain or improve their lifestyle, especially if they are highly sought-after skills and experience.
And three, because many people are no longer willing to compromise their mental or physical health for a job – working in a healthy and respectful environment is becoming non-negotiable.
How to Find, Hire, and Retain Top Talent
Organizations can find, hire, and retain top talent by meeting job seekers’ expectations. Here are a few strategies for doing so:
1. Focus on providing a healthy work-life balance
Stress and burnout are two major reasons employees seek new positions. Some organizations express that their remote work options make them more flexible, but then they expect remote employees to be glued to their home desk from 8 to 5, Monday-Friday.
Employers would do well to offer a truly flexible work schedule that allows employees to get their work done and accomplish important personal tasks. There’s no singular way to accomplish this, so it will be important to gather employee feedback and find a solution that works for everyone.
2. Provide growth opportunities
In the past, many organizations assumed that a yearly bonus and salary adjustment to account for inflation was enough to keep employees satisfied. While their assumptions may have been true in many cases, things are different today. Employees not only want to develop their skills and rise up in their careers, but they want the opportunity to make an income that allows for more personal freedom.
Organizations can meet this need by investing in leadership, offering mentoring programs, and providing networking opportunities.
3. Actively work to be a more diverse and inclusive organization
Becoming a more diverse and inclusive organization can’t be accomplished in a single Powerpoint presentation or even monthly meetings. It takes around-the-clock accountability and active problem-solving.
It also takes an understanding that certain people, like women and people of color, are often more vulnerable than their white male counterparts. Therefore, white males may perceive their working environment to be perfectly fine while a woman of color is uncomfortable.
Hire from a diverse slate of candidates, take human resources claims seriously, and fix any biased processes.