After 25 years of filling positions, we experience, firsthand, the trends and cycles in hiring weighed against candidate demands and expectations. Astute candidates are aware of the talent shortage we are facing in the industry. Many reach out to us with a desire to broaden their experience, better balance their time or, in some cases, to simply get big raises.
While there are a variety of reasons that employees are seeking a career transition, top five that we have been hearing on a consistent basis are: more money; advancement opportunities; greater flexibility; purpose of work; and workplace diversity/inclusion.
So, what’s the best way to retain talent and prevent more of your people from walking out the door? Following are five ways to accomplish that objective:
1
Offer competitive compensation
Compensation shows how much a company values an employee and rewards for performance. Ensure that your company is competitive in incentives, benefits and base compensation.
2
Support career development
Everyone wants to work for a company that promotes from within. Invest in leadership development to build inclusive leaders and, whenever possible, seriously consider “growing your own” by providing mentors to help coach and lead your employees.
3
Promote work-life balance/flexibility
With the talent shortage still prevalent years following the pandemic, and companies having to tighten their belts as a result of the dip in sales and profits, we are increasingly hearing more reports of burnout. Despite any perceived short-term gains, the churn-and-grind approach is not sustainable over the long haul. Allow employees to have a voice in how they accomplish mutually agreed upon goals. Trust them to get their work done when and even where they do it.
4
Define purpose of work
Roughly 65% of those who participated in a Garnter Research report stated that the pandemic made them rethink the place work should have in their lives, while 56% of employees reported wanting to contribute more to society. Employees, especially Millennials, are less likely to leave when they have purpose and are making a difference.
5
Promote diversity and inclusion
Clients and employees want to work with companies who have people with similarities to themselves, who understand their culture and does not discriminate in any way. In today’s environment, it’s important to have a sincere commitment to inclusivity.
Marilyn McSweeney is the president of The McSweeney Group, a firm specializing in recruiting and contract staffing.
