Organisations around the globe are still struggling to recruit, train and retain top talent. Due to the enormous shift post-pandemic, companies are reviewing old and new retention strategies (Katy George, Oct 2022 Harvard Business Review) in the hope to secure their people.
Traditionally, promotions and compensation worked. But during the pandemic, employees that saw or underwent major changes to work – had a chance to reflect, think about what is important to them and re-evaluate their needs. In fact, purpose and culture are two key factors that most of the workforce today consider to be the driving force to take up a role or leave one.
Research has found correlations between purpose, engagement, and earnings. If the employees start feeling bored or saturated in the current role, or if the workplace itself has a toxic work culture; they’ll leave. Simple.
Here are some strategies employers are using:
Increased use of skills and competency-based hiring: For example, rather than ant mid-management level job that needs a relevant degree or certain number of years’ experience, hiring managers can test their qualities and skillset required for that role. This will give a chance to potential candidates that lack a particular credential but might be a good fit for the role (Katy George, 2022 Harvard Business Review)
Focusing on adding value to employee growth: With skills becoming obsolete so quicky in todays’ world, employees are slowly shifting from climbing the corporate ladder mentality and taking ownership of their own career path. Employers need to do provide more development opportunities so that they can contribute to the employees’ career growth.
The 5-day work week gradually evaporating: Research has found that with increased technological advancements and analysing the increased efficiency the standard 5-day work week will no longer be considered a requirement from most of the companies. Many organisations are currently experimenting and results from a recent UK experiment shows that it’s not only viable, but that it’s quite desirable (Karen Mangia, Sep 2022 Authority Magazine)
Culture fit and inclusivity: Many organisations have pledged to increase diversity. Studies find that companies with increased diversity i.e., percentage of women, ethnic minorities etc had an above average profitability (Dixon-Fyle S et al. 2022 McKinsey & Company). Hiring people who fit the existing company culture does not promote diversity, rather ensuring the culture
With that said, adopting some of these strategies may be difficult to do depending on the business itself. However, if you’re struggling to attract or retain staff, then one, two or all of these may be an option worth considering.
Written by Jerrin Francis, Recruitment Consultant