Financial
Feb 10, 2022

Top Tips To Help You Hire And Retain Talent In a Tough Market

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“The Great Resignation” seems to be here to stay. U.S. Bureau of Labor Statistics announced that 4.5 million Americans, or 3% of the entire workforce, quit their jobs in November 2021. Over the year, at least 1 in 4 workers quit. Knowing this, it’s no surprise 2022 is shaping up to be one of the most challenging years in history for employers.

All industries face increased pressure to make meaningful changes to help recruit and retain top talent. So, if you’re a hiring manager, what do you do? Standing in a crowded field of employers with a long list of roles to fill may require creativity and resourcefulness, as well as a bit of reflection. Here are vital tips to keep you ahead of the pack.

FOCUS ON THE CANDIDATE EXPERIENCE

The war for talent is real, and if you truly want to bring the best and brightest into your organization, you have to work for it. Top talent demands great experience in the hiring process. From interviewing to HR paperwork and onboarding, consider the logistics involved in hiring and how that may impact the time required for each. In this competitive market, you must move quickly! Candidates are interviewing with several employers at the same time.

RELAX CANDIDATE REQUIREMENTS

It’s important to be realistic about what you want from your new hire. Many organizations and hiring managers make the mistake of idealizing the perfect candidate. However, someone who has every imaginable qualification on a laundry list of duties is unrealistic. Instead, be open-minded to candidates who bring different but similar skills to the role. Many companies are even removing degree requirements or other non-essential skills to attract a more diverse talent pool. Some are looking internally, too. Nearly 41% of executives report they are filling jobs with an existing staff that lack job skills but have the potential to learn and grow, according to Catapult’s 2022 National Business Trends Survey.

OFFER FLEXIBLE WORK OPTIONS

Technology has alleviated the need for five-day-a-week, face-to-face interaction. Companies that offer little flexibility in remote work will continue struggling to attract and retain talent. Candidates and current employees will choose the company with more workplace flexibility, forcing companies to change or drastically increase the compensation package. Some form of flexibility is becoming less of a perk and more of an expectation in 2022. A December 2021 Catapult Survey found that nearly 60% of employers plan to work a hybrid model long term.

HAVE A TOTAL REWARDS STRATEGY

Employees decide on companies. for many reasons, and while salary is key, it isn’t the only factor. Make sure you’re focusing on Total Rewards. In addition to the basics like healthcare and PTO, consider the needs of your workforce like mental health support, childcare and educational opportunities. The COVID pandemic has led many companies to expand benefits to provide tools to help employees work remotely, mental health resources and training to help managers support employees’ well-being.

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