Change is a byproduct of our needs and goals shifting.
That’s true in our personal lives, and it applies to the ebbs and flows of the labor market.
Just look at how the employment landscape evolved in the wake of COVID-19. People either left roles voluntarily or involuntarily in high numbers, the former segment doing so for various reasons. According to a Pew Research Center survey, the top reasons Americans left their jobs in 2021 included low salaries, a lack of professional growth prospects, or not feeling valued. Those who left one job for another did so because their new companies better address those issues and offer more work-life balance and flexibility.
As candidates continue to pursue opportunities that align with their current stations in life, the job market will change accordingly. In particular, in these two areas:
Recruiting
Companies are picking from a global talent pool with no shortage of options. Candidate outreach and hiring should aim to be as quick and seamless as possible, with an eye toward creating a positive and engaging experience.
Look for exciting, potentially profitable employee amenities to highlight during the recruiting process. Several firms now offer referral incentives and signing bonuses to encourage potential employees. Employers are also veering from the norm in terms of work hours, scheduling, arrangements, and even their candidate outreach strategy.
We engage potential associates through Able, a software that brings candidate outreach and other aspects of the recruiting process to mobile devices. Candidate communication and onboarding paperwork can be done via mobile and on the recruit’s own terms.
Platforms like Able show that it’s not enough that the workplace atmosphere is friendly and responsive. It’s critical for recruiting in the present and the future to make it as quick and easy as possible for candidates to connect with job opportunities.
Retention
Recruiting can be a potentially complex and costly process. And just as finding and attracting top talent looks different in tighter job markets, effectively improving employee engagement is just as critical.
Companies must improve their employee retention strategies to stave off attrition in a competitive labor market. In any good employee retention strategy, the first step is to hire the right people who fit the culture and are likely to stay. Then, strong leadership is essential — today’s employees are looking for mentors they can admire, learn from, and emulate.
Employees are more likely to stay when they like their boss, have the tools they need to succeed, and work in an environment where they are recognized and valued. Encouraging your employees to share input and provide feedback creates buy-in and is essential for retention. Employees are also more likely to stay with their current employer if they are given opportunities to improve and feel empowered to make decisions rather than being micromanaged. Regardless, feeling valued is one of the most important reasons individuals stay.
As the job market continues to shift, companies’ recruiting and retention focuses must also evolve. They’ll need to embrace flexibility while providing better compensation and benefits. They’ll also need to encourage a workplace environment that lets employees build experience and new skills, grow in their careers, and feel supported and respected.
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