There’s a storm coming. High-quality talent is in short supply, and companies that can offer something “better” are coming to take your best employees. As such, it’s up to you to shore up what your company offers so you won’t have to watch all the top talent you’ve managed to hang on to wash out to sea.
Hurricane Conditions: The Job Market
How the pandemic has paved the way for this storm is three-fold.
• People have been hesitant to leave their jobs during the pandemic, when the world has felt so unstable. Employees who have wanted to advance their careers have been waiting it out. With vaccines rolling out and the world opening up, a wave of job changes is on the horizon.
• The pandemic caused a major slow down to most sectors of the economy. During this downtime, many organizations focused their efforts on planning and development. Post-pandemic, they will rebound strong, and that means accelerating their hiring plans.
• Location is no longer a limit for employees or employers. Remote work is a new norm, and employees who felt limited by their geographic location now have more options to work for companies across the globe. Pre-pandemic, you were largely competing with companies in your local area for talent. Now, you’re competing with the world.
Battening Down The Hatches: How To Keep The Talent You Already Have
People stay or leave a job for many reasons, two of which are money and managers. Getting these two right is the most powerful risk mitigator when you’re looking to retain your current employees.
Make sure you’re paying competitively, especially now, because the job-seekers at your organization are acutely aware of what they could bring home in other, similar positions. A round of raises and bonuses right now could help shore up your leaky hull. Review your salaries ruthlessly and raise them if necessary. If not paid fairly and equitably, employees have a hard time seeing past this to the total value their company has to offer as an employer.
But money is only part of the equation. You’ve heard it said that “people don’t leave jobs, they leave managers.” No amount of money will keep an employee working for a sub-par manager forever.
Now’s the time to “skill up” your managers. Invest in their success and ensure they are trained to lead and retain employees with empathy, agility, and an understanding of managing remote workers. And get them ready for the next generation of workers — the recent grads who are craving stability, meaning and purpose in their work. Delivering on a purposeful employment experience will be increasingly critical as we exit these tough times.
Always Be Attracting Talent, Internally And Externally
What are the highest-caliber job seekers looking for today? Aside from pay, I have found from my experience in HR that employees are looking for four things in addition to a competitive salary.
If you want your company to weather the upcoming hiring storm with most of your ship intact, plus bring in the best talent in the market, focus on strengthening these four areas.
1. Ramp up DEI initiatives. Diversity, equity and inclusion are on everyone’s minds these days, from saturating social media to making headlines on a daily basis. These values are top of mind for talent when evaluating organizations.
Start by putting together a committee to assess where you are now. Then create a strategy to increase your DEI initiatives. Some easy ideas you can implement include more inclusive hiring practices, working with diverse vendors, and supporting DEI organizations. Remember to communicate your DEI work not only internally but on your company website and social media, as well, and clearly demonstrate the action you’re taking.
2. Commit to employee wellbeing. Make sure your team has enough time off in the form of vacation and sick days, maternity leave, mental health days, and a flexible schedule. Show your commitment to employee wellness with mental health training, EAP programs, and by bringing in outside vendors like yoga teachers or massage therapists. Model wellbeing from the top and allow employees to feel empowered to look after themselves.
3. Invest in corporate social responsibility. The best talent wants to connect their personal values with those of their employers. How can your business give back to your community? Create a CSR plan that lays out what causes you’ll support, how you’ll support them, and then spread the word. CSR initiatives make great press for consumers and potential employees, alike.
4. Explore employee development. Employees don’t just want a paycheck. They want to grow. Take action toward supporting the growth of your employees through training and coaching programs, inter-departmental mentoring, and learning and development stipends for courses taken outside the office. Don’t forget to tell the success stories from within your organization, too. The analyst who became a project manager and is now a VP is real, living proof that employees don’t have to leave your organization to advance their careers.
Storm Preparation Is Key
Your people are looking elsewhere, and job seekers are looking at you. Employees and potential hires want proof that you care about your employees. They’re researching and comparing. Follow these strategies, and you’ll be equipped to navigate the tough job of keeping your best people from jumping ship, while gaining new high-caliber crew members in the process.