Navigating the Talent Crisis: Recruiting and Retaining Talent in a New World.
The pandemic changed the way we work and the acceleration in flexibility and hybrid working has changed the demands of the workforce, which has employers racing to adapt in order to secure the best talent.
The pandemic resulted in The Great Resignation. There are a number of reasons why people have decided to quit their jobs including increased desire for work-life balance, wages vs the rising cost of living and ultimately wanting to work for companies that offer better remote working / flexible working policies.
In their recent Global Workforce Hopes and Fears Survey 2022, PwC found that one in five workers globally plan to quit in 2022. Unsurprisingly, it states pay as the main factor in people wanting to change jobs, with 71% citing it as a key reason.
However, if someone has decided to leave, money is no longer enough to get them to stay. How do you compete for the top talent? And, how do you hold onto employees in the new world?
Today’s multi-generational workforce all have different priorities. In the post pandemic world of work they’re more likely to look for flexibility, shared values and wellbeing when choosing a new job. In a recruitment landscape like this, attracting and retaining talent can be tough.
ManpowerGroup’s Employment Outlook Survey showed 69% of employers reported difficulty filling roles.
4zero are here to help you navigate the pitfalls and prepare for the challenges around retaining and recruiting staff to stay ahead in this race for talent. Here are our top tips on how to retain and attract top talent:
- Recognise that retention starts at recruitment
This may be the very beginning of the process but identifying what aspects of culture and strategy you want to emphasise, and then seeking those out in your candidates, is extremely important in retaining your hires for the long term. Look at the hiring process as the long game and take steps to do it right, from the very start. Also, try to identify candidates who will stay the course. Their CV is key for this. Look at how long they’ve stayed at jobs previously. If someone has had 10 jobs in 12 years it could be quite difficult to retain them.
- Know your mission and values
Identify the most important skills and values for your company. Then fill positions around those needs instead of just hiring one employee to replace another.
Attracting top talent is done by communicating what we all want in a new job — clarity about what our mission is, to work with others who share the conviction that what the company is doing matters and to know that new experiences and career options abound. Find ways to authentically express these things through video, robust career pages and personal communications from senior leaders. - Stacey Browning, Paycor
- Be Flexible
The traditional office model is no longer as attractive as it might have been once upon a time. Candidates want more emphasis on work-life balance than ever before so ensuring you cater for that is essential to retain and attract new talent. The pandemic demonstrated that long-term remote work is possible. Providing increased flexibility for work hours and location of work helps to increase employee satisfaction in the new world of working.
- Put your employees first
It is fair to say that employee expectations are changing, so when you show that you truly care for them, they’ll care for each other and for your clients. It’s more than offering amazing benefits, it’s about fostering a workplace that thrives on trust and respect.
- Be prepared for the inevitable.
Turnover. It’s going to happen one way or another, so it’s important to be prepared that you may lose the top talent you try so hard to retain. Succession planning is key. Have a strong, but more importantly positive, presence. Be visible in the industry and become the employer of choice.
At 4zero, we believe that mission and value alignment are essential for successfully recruiting and retaining talent. When employees feel connected to your mission and your values, they feel inspired to contribute their best efforts. We are pioneering a new approach to sourcing talent that focuses on identifying and aligning value drivers overlooked by traditional methods.
By aligning people and companies based on shared values and drivers, we leverage the power of purpose and engagement to help companies hire better, create phenomenal cultures, be more profitable and become stronger businesses.
Your employees can only be aligned with your mission and values if they have a defined purpose that provides meaning to their work.
No one is better placed to deliver this than 4zero.
Call us today on US: +1(929) 566 2860 / UK: +44 208 089 8300 or email us at firstname.lastname@example.org