TECH, BUSINESS AND CAREER INSIGHTS

The New Formula for Acquiring and Preserving Talent

By: TSP Blog | @TSProckstars

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Hiring and preserving talent is of top priority to almost every single company as many compete for employees in a tight economy, particularly when there are those individuals who are staying on unemployment benefits and choosing to not return to the workforce.

This talent war is unlike any we’ve seen before. Previously, there was a shortage of skilled labor; however, this new shortage is calling for anyone who’s willing to work. Some of the biggest employers — Amazon, McDonald’s and Uber — are opening up tens of thousands of jobs as the economy picks back up post-pandemic. In fact, McDonald’s will hire 10,000 people within the next three months and Amazon is offering a $1,000 sign-on bonus for drivers.

There are many ways to wage this war, but first and foremost is to recognize what talent you can preserve at your organization. Employee retention is worth the time and investment, and those who are focusing on it are seeing a payoff. According to the Society for Human Resource Management (SHRM), there are multiple organizational benefits to this, such as increased performance, better quality of work and higher productivity.

However, how to go about preserving talent — and ultimately finding new talent — is becoming increasingly more difficult. Since the pandemic, benefits and perks are playing a huge part in new hires and keeping employees happy, engaged, and healthy. To add more complexity, 1:3 workers don’t want to work for a company that requires them to work in person full-time. Many candidates now won’t accept a job unless it is remote or has a good amount of flexibility.

Offering flexible work schedules, opportunities to work remotely and other generous policies will go a long way in helping employees feel valued, while also acquiring the talent your company wants.

It’s clear that focusing on listening to the needs and wants of the workforce — both current and prospects — organizations have a better chance of preserving and retaining talented employees who are committed to the company and want to contribute to the organization’s overall success. In order to be a top-choice employer that people want to work for, consider the following tips that are needed in this post-pandemic world of hybrid work.

GO DIRECTLY TO THE APPLICANTS
Employers need to be actively seeking out employees they want to hire through networking platforms, such as LinkedIn. For hourly workers, employers can create mobile recruiting stations and set up in popular spots in local communities. The key is to go to them versus waiting for the candidates to come to you. The days of solely relying on a job board are over.

RECOGNIZE NON-FINANCIAL REWARDS
The pandemic caused major shifts in workplace behaviors and an increased awareness of mental health benefits. Employers must now demonstrate more sensitivity towards employees who struggle with health issues and offer mental health days or other benefits, such as therapy covered by insurance. As employers, we must care for employees both mentally and physically.

PROVIDE CHILDCARE
Childcare has always been a struggle for many during the pandemic — especially for working moms. Particularly while working from home and attempting homeschool, it proved to be unmanageable for many and unsustainable long-term. Parents want and need a separate space for work and home, and providing child care or partially covering some of the cost as a benefit will go a long way.

CHANGE UP MEETING TIMES
It’s critical to generate a more manageable work schedule for employees. Create quiet days, where there are no Monday morning or Friday afternoon meetings. Instead, try to incorporate meetings and calls more evenly throughout the week. This creates a healthier and less stressful work-life balance.

OVER-COMMUNICATE
If we learned anything during the pandemic, it was that constant communication is key. Workers want to feel in the know — companies must have a strong internal communications strategy. Keeping employees engaged and implementing strategies to encourage the use of communications tools will ensure collaboration.

OFFER FLEXIBILITY
Giving the option to take Fridays at home or work from home a few times a month unfortunately won’t cut it in this market. Employers must offer flexibility that makes employees feel like they have more freedom to choose. It’s time to shift from thinking about what yields productivity, to how we can offer an alternative so our employees can be their most successful.

With all this in mind, be sure to position yourself to choose candidates who are both a good fit for the job and the organization. If you follow these steps and create a flexible and welcoming work environment, you’ll see a payoff. You’ll not only be rewarded with great employees, but also those who are loyal and will contribute to the organization’s goals.

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