Download Our eGuide: How to Attract Top Talent
Download this guide to learn five strategies to attract top talent and improve your hiring process.
Finding and hiring people is hard. Leveraging the right hiring and retention strategies to find the right fit for your company and the role is even harder. And now with the shifting job market, it’s even more difficult to compete for the talent you need. Because it’s not only hiring people that’s challenging — it’s retaining them too.
80% of employers hiring primarily industry and manual service employees are having a hard time finding qualified workers. And it’s estimated that up to 40% of people want to change jobs this year — that could translate to one in four actually doing so.
Workers are ready for a change. As we move on from pandemic life, many are reflecting on their current employment situation. While not everyone will decide to work or change roles, many will look closely at their current job situation. As an employer, you will have to make some changes to hire and keep employees. Doing nothing or letting things return to normal isn’t an option.
The biggest reason you should be more focused on your hiring and retention efforts is that they have a direct impact on how successful your business is.
The cost of a bad hire or the loss of a good employee is steep. The U.S. Department of Labor estimates turnover can cost an organization up to 30% of an employee’s total compensation, including salary and benefits. So every employee you keep has a significant impact on your bottom line.
More than direct costs, the loss of an employee or bad hire could cost you in other ways. Your team’s productivity and teamwork could be temporarily damaged. And you might even lose future profits if the situation resulted in a negative interaction with your clients or customers.
Your hiring and retention strategies impact the whole organization. Your culture is out of balance when your employee hiring or retention is ineffective. The culture and camaraderie you’ve worked hard to build and instill among your employees can quickly crumble when a vital employee leaves or a bad apple joins. And when more than one critical team member leaves in a short period it can lead to long-term disconnection and low morale among your remaining employees.
Before you can improve your hiring and retention strategies, you have to determine what your unique challenges are. Though every organization is facing a labor shortage, some will be more impacted than others if there are other underlying factors making it difficult to hire and retain.
For your employee retention strategy, recognize the top reasons that employees leave: salary and benefits, leadership, lack of flexibility, and lack of career advancement are the top four. Does your HR have plans in place to address each of these areas? If not — start there.
When it comes to hiring, evaluate every step of your hiring and onboarding process to identify potential problems. For example, carefully analyze how you:
Assess when you typically lose candidates in the process — that will be a clear indication of where your problem is. The salary, healthcare, and other benefits you provide also significantly impact how interested candidates will be in your open roles. So don’t forget to factor these in and identify ways you can improve them.
To help you further, we’ve put together a comprehensive guide that outlines five effective strategies you can start implementing today to attract top talent. These strategies are designed to help you meet candidates where, when, and in a way that is most likely to attract them to apply and interview with your company. Download the guide here.