As the economy wavers and talent attraction remains an issue, organizations face numerous challenges in 2023. These include:
- Increased competition for top talent in certain industries making it more challenging for companies to find the best candidates for their open positions.
- The ongoing economic uncertainty caused by the pandemic is causing many companies to be cautious about hiring.
- Whether you agree or disagree with pay transparency, it looks like it’s here to stay. Pay disclosure laws vary. Some require employers to provide the minimum and maximum pay, or a pay range, for a given position upon the request of a job applicant. Others mandate this information be provided without requiring candidates to ask first. The most recent laws require employers to include this information in all relevant job postings.
Are you prepared to attract and retain talent?
Here are eight strategies to maximize your organization’s talent attraction and retention success.
- Focus on the candidate experience: 75 percent of candidates say their experience during the hiring process influenced their decision to accept or not accept a job offer. As candidates become more selective and scarcer, employers must streamline their hiring process and create an exceptional onboarding experience. Some ways to focus on the candidate experience include communicating clearly and frequently and being transparent.
- Build a culture of internal mobility and growth: 76 percent of employees are looking for opportunities to expand their careers. Internal mobility refers to the ability of employees to move within a company to different roles or positions. This can include promotions, transfers, or lateral moves and opportunities for employees to develop new skills and advance their careers within the organization. Growth refers to the progress and development of an individual or organization over time. Internal mobility can be an important factor in the growth and development of employees and your company as a whole.
- Recruit for potential: When hiring, 79 percent of companies now look for skills. Focus on skills over experience and degrees by:
- Revising job postings
- Emphasizing transferable skills
- Prioritizing skills over tenue
- Incorporating skills assessment
- Using behavior-based interview questions
- Offering on-the-job training
- Being open to flexible hiring options
- Promote pay transparency and fair compensation practices: Roughly 1 in 20 workers will quit if they find out they are making less than their coworkers. Transparent and fair compensation practices will help increase employee trust and engagement and help attract and retain top talent. Promote transparency in job postings, share pay data with employees, and conduct regular pay audits. ‘
Related: Pay Transparency on Job Postings
- Differentiate through perks and personalized benefits: 70 percent of all large employers plan to improve benefit offerings for 2023. Extra rewards and incentives, like flexible work arrangements and tuition reimbursement, on top of salary and non-wage compensation, are considered perks. Employees can take advantage of the benefits that matter most to them with personalized benefits instead of relying on a standard, one-size-fits-all package that is the same for every employee. Some examples of offerings in a more diverse and expanded package might include fertility support and pet insurance.
- Recognize and reward employees: 42 percent of employees consider rewards and recognition program opportunities when seeking employment. Employee recognition programs are intangible, non-financial, and behavior-based and include social recognition/shoutouts and professional development opportunities. Rewards are tangible, consumed, and have economic value, including stock options and summer hours.
- Hold stay interviews: 52 percent of voluntarily exiting employees say their manager or organization could have done something to prevent them from leaving their job. Learning what keeps an employee at your company and areas of improvement offers many benefits, including reduced turnover and improved manager-employee relationships. Conducting stay interviews assists in identifying areas needing change, understanding what an employee is seeking in their role, and improving employee engagement.
Related blog from Aleron Group partner Broadleaf: The Importance of Stay Interviews to Retain Talent
- Nurture your candidate pipeline: When building a talent pipeline, you are sourcing candidates to fill positions within your company that are not even open yet. Candidate nurturing is the act of relationship building to keep people in your talent pipeline engaged so they will be available to fill future positions at your company. Ways to do this include providing personalized outreach and engaging in referrals.
Download a copy of our free E-Book today for more information on maximizing your organization’s talent attraction and retention success.