What Talent Wants – Tips to Recruit & Retain

What Talent Wants: Tips to Recruit and Retain

By SUSAN HANOLD

With the current market, employers are faced with some tough talent decisions. It is now a job switchers’ market, which means employees are likely to make more money by switching companies. Job switchers have been the winners in the pandemic labor market. So, what can employers do to attract and retain top talent?

Prioritize work

It is a good business practice to be laser-focused on critical tasks to maintain business continuity and keep operations running smoothly. Take a step back to determine what are mission-critical tasks and which tasks can be put on pause or automated. As you re-evaluate tasks, this is a good time to re-evaluate your talent. This is the time to allow talent to move around to other teams and departments to allow them the chance to leverage new skills or move away from a department that might not be as productive during this market. This can be as simple as talking to your team members in weekly one-on-ones to build focus and motivate and inspire them to reach their goals. Next, consider where the work needs to get done. Is it necessary to be in an office? Is it necessary to be in the same city as it has always been done? Is remote a possibility?

Focus on current talent

There is also opportunity now to see how employees are coping with changing work schedules, routines, and the overall work environment. Take time to focus on mental wellness and reducing the chance of burnout. As employers are navigating the uncertainties of defining where to work and how much flexibility to allow or encourage, their decisions will affect the day-to-day experiences and overall wellbeing of their employees. When employers listen to employees about what is going well and how they are doing, employees are likely to be more resilient and more engaged. The virtual water coolers now have a solid place in the social networks of companies as a place to welcome new employees, reduce isolation and build that social connection.

Focus too on building a culture of recruiters and ambassadors of talent. Recruiting does not have to be looking for talent outside of the company but rather taking advantage of the talent you already have. Is someone looking for a change? Are they anxious to take on new responsibilities? Help them explore those possibilities.

Forbes shared that a study by SoFi reveals that due to the onset of Covid-19, 59% of people feel it is more important now than ever that their employers offer financial wellness benefits.

Evaluate your hiring incentives and benefits

When it comes to perks and benefits for jobs today, one of the commonly asked questions from candidates to a recruiter is, “Is this job virtual?” The number of job postings that offer “virtual or work from anywhere” options has increased. Bloomberg recently stated that Americans are willing to take a pay cut to never go back to the office. Hiring incentives such as referral payments and appreciation bonuses are heating up the debate as to whether these short-term solutions will impact the market longer term. Forbes shared that a study by SoFi reveals that due to the onset of Covid-19, 59% of people feel it is more important now than ever that their employers offer financial wellness benefits. Financial wellness can be another differentiator when attracting talent. Financial wellness is a top priority for employees, and they increasingly welcome the role of their employer in providing tools to help them better manage their finances.

Provide skill development

The “how” to learn new skills is evolving. There is an increase in online learning and the use of video. Invest in the technology to put your company ahead on retention and upskilling your talent. Ensure technology allows employees a customizable experience and takes into consideration their individual preferences. When economic changes require businesses to adapt quickly to new market trends, being able to identify and prioritize the skills most essential to keeping business functioning can help your company thrive.

Focusing on your talent matters and can save you time and money down the road. Tips such as providing your employees the training when and where they need it, evaluating your overall hiring process, and prioritizing work will all enhance your retention strategy.

Dr. Susan Hanold