According to Forbes, there’s a resignation Tsunami about to hit UK shores so you need to make sure you’re a great employer if you want to hold onto your best talent or looking to hire the best talent!
When employers talk about the talent shortage in 2021, they typically point to the factors out of their control: such as the Pandemic, the economic recovery and the growing talent shortage across industries. In some ways, they’re not wrong. But in my experience, employers have more control over hiring and retaining talent than they may think.
Taking charge requires addressing high turnover rates and factors inside companies that drive the turnover factors. Many employers are struggling with skill shortages not just because it’s hard to hire, but because of the rate at which they have to rehire. A recent poll by Monster Job Board lists the percentage of middle-income professionals looking for new positions as high as 95%. Yes, that’s right – 95% are looking!
The Pandemic has changed how many of us view work/home and life in general. People are looking for positions that better fit their goals and lifestyles and, what’s more, they know they’re attainable. While employers are scrambling to respond with flexible hours, hybrid working options and competitive salaries, they’re also missing the point. Benefits and salaries are a start — but in my experience, they’re never the real reason people will leave you for a competitor, they’re not enough to keep an unhappy employee, and they’re not enough to attract the best talent either!
There’s a serious skill shortage out there and if you are hiring, then you will know this! But what that means is, it’s a seller’s talent market right now, and the message is clear: Salary matters. Perks matter. But they’re not the whole picture. They’re rarely the reason employees leave, they are rarely the reason people will choose to work with you, and they’re also not a strong enough motivation to stay. New employees join businesses where the Purpose or Mission of a company is clear, their values align to the values of the company, where they have a clear idea of their career progression and when they have been “wowed” by the recruitment process. Employees are motivated to leave when they feel unheard or powerless, or when there is a lack of opportunity for career advancement. These are all outcomes that can be changed by you as the Employer and it comes down to how you hire, how you manage your teams, how you promote talent and how you involve your teams in decisions/share information and take feedback from your employees.
So before rolling out a flashy benefits package to attract new workers, get back to the right basics of how you hire and the management of new employees when they join you.
- Take a real hard look at your recruitment process – what’s your success rate in hiring via the recruitment process? How many people accept offers from you when made? What do people think who have bene through your recruitment process – was it too long, did they want to join you/not want to join you and if so, why didn’t they join you?
- Hire for attitude and motivation and alignment with values. Don’t just focus on skills and experience, so much of this can be taught! A candidate with the right degree and background but who does not share the company’s sense of purpose, or values and approach to their work, is less likely to succeed. Even if delaying a hire means having a tough conversation with a client or your team who are under pressure to deliver, they will respect you for the decision in the long run. Better a delay then hiring the person won’t fit with the team or the clients!
- Creating an inclusive workplace means more than just hiring from different backgrounds. It means putting processes in place for Equality, Diversity and Inclusion.
- Focus on empowering your employees. Many organisations still see career development as an add-on that’s separate from day-to-day work. Developing talent internally is a way of creating a shared purpose between employees and companies. Assess whether there are opportunities for internal promotions, getting people ready for future roles you may need is a great way to make people feel valued and recognised.
- Talk to your employees —and I mean talk to them on a regular basis to understand how they are feeling about things. If you really listen, you’ll get to know when people are unhappy. It’s too late to be offering them incentives to stay when they are heading out the door!
Hiring the best talent at the moment isn’t easy, and reducing attrition levels is tough, but this is something that we are highly experienced in achieving. If you want to be a great employer, and make sure you can attract and importantly, retain the best people, you need to be a great employer!
Want to know how to create a Disruptive Recruitment Strategy that means you can attract the best talent to work for you and not your competitors? Then come along to our Masterclass on Friday 18th March from 10am – 4pm, aimed at helping you and your business if you are looking to recruit this year. Its just £145 per person for our clients and £199 for non-clients which includes lunch. In this Masterclass, you will come away with your action plan to tackle what is undoubtedly the most difficult recruitment market in over 20 years and enable you to attract the best talent out there!