6 Winning Tips for Attracting and Retaining Talented Employees During America’s Labor Shortage

6 Winning Tips for Attracting and Retaining Talented Employees During America’s Labor Shortage

Attracting and retaining talented employees is never easy, but especially not in today’s market. Labor shortages abound, and companies are struggling to stay competitive. Still, The Great Resignation allows the most creative employers to stand out from the crowd and put themselves at the forefront of hiring.

Here are 6 innovative ways to attract talent – and keep it – even in today’s difficult hiring market.

Tip 1: Prioritize Flexible Work

Since the pandemic, employees – and many employers – were forced to adopt and understand the importance of flexible work. Now, the lack of it can be a major reason why candidates won’t consider working for your organization.

According to Zenefits, 73% of employees stated that flexible work boosted their satisfaction at work. Employee satisfaction is essential to attracting and retaining talented employees in today’s market, so you’ll want to make it a priority.

Further, 77% of employees said that flexible work opportunities are a “major consideration” when deciding on future job opportunities. If you don’t already implement some type of flexible working arrangements for your employees, it’s time to start.

You don’t need to go entirely remote, but offering hybrid work and the opportunity to show up and leave when’s most convenient is helpful. Flexible work is proven to have the following benefits:

  • Reduced cost for employers
  • Boosted employee morale
  • Increased employee productivity
  • Better productivity 

If you still aren’t sold, check out our detailed article on the benefits of flexible work.

Tip 2: Build Learning Programs

You need to emphasize continued learning opportunities at your organization to aid in attracting and retaining talented employees. Employees who feel they’ll be unable to achieve their career goals while working for you are 12 times more likely to consider quitting; that figure is around 30 times more likely for new employees.

An SHRM survey found that out of 600 employees, 83% found career advancement important or very important, but only 20% said they were happy with how their employers handled it. If your company can create learning programs and provide career advancement opportunities, you’ll be ahead of your competitors.

Note that learning opportunities differ from training ones. Learning focuses on advancing the learner as a whole, even beyond their time at your company. This should focus on helping employees achieve their career goals through classes, guest speakers, educational stipends, mentorship programs, and more.

On your list of creative ways to attract employees, prioritize employee growth and education. Learning should encourage individuality and freedom within your employees.

Tip 3: Recognize (and Reward) Employees

When attracting and retaining talented employees, companies often focus on the “attracting” half more than the “retaining” half. Avoiding talent shortages means adopting an “always be recruiting mindset” within your company. Here’s what that means.

Always be recruiting means recognizing and rewarding your employees. When someone does an excellent job, praise them. Build up your current employees and seek to fill open positions.

One survey found that employees who have been recognized for their work are 63% more likely to remain in their current position within the next 3-6 months. Another study found that recognition and rewards are the second most important factor (69%) that keeps people with their current employers.

Build a culture that never neglects to recognize and reward a job well done. Some ideas for this include:

  • Gift cards 
  • Free lunch
  • Sweet treats
  • Some extra time off
  • Achievement trophy (this can be put on display)

Tip 4: Offer Robust Benefits

If you’re wondering how to attract employees with benefits, this is the section for you.

LinkedIn found companies that scored high for benefits and compensation saw 56% lower attrition rates. Further, 92% of workers believe benefits are an “important contributor” to job satisfaction. Offering more than the legally required benefits will help you with attracting and retaining talented employees.

Here are some benefits you can offer that go beyond those that are legally required:

  1. Life insurance
  2. Stock options
  3. Maternal and paternal leave
  4. Retirement plans
  5. Company off-sites
  6. Massage/personal care days
  7. Vacation bonuses
  8. Paid volunteer work

Consider which unique employee benefits options your company can offer to sweeten the pot. 

Tip 5: Provide Actionable Feedback

You can continue attracting and retaining talented employees by prioritizing a growth mindset. Offering learning opportunities is a large part of this, but providing feedback is equally important.

Regular feedback helps employees learn from their mistakes and hone their skills. Feedback should be comprised of constructive criticism that allows employees to take action based on what was conveyed. When managers see opportunities for improvement, promptly bring those to an employee’s attention.

The importance of feedback includes:

  • Avoiding major mistakes
  • Stronger workplace relationships
  • Personal and professional growth
  • Better employee engagement (which improves quality of work, collaboration, communication, loyalty, and more)

When it comes to delivering feedback, remember to be specific, never blame or judge, and encourage all levels of employees to provide downward and upward feedback.

Tip 6: Work With a Talented Search Firm

All of the above tips will help, but attracting and retaining talented employees in today’s market is no easy task. If you’re spending a lot of internal resources trying to keep positions filled and are slipping behind, it’s time to outsource.

Outsourcing can be of particular importance when looking to fill senior leadership positions. These positions are extra costly when they sit empty and even more costly when the wrong person is hired. Working with an executive search firm helps your company find top-level talent that will be an excellent match.

Jennings Executive would love to get to know you and your hiring needs. We have an extensive network of contacts and a team of leading experts who will help find the best senior leadership talent in your industry. Learn more today!

We hope these 6 tips help you on your journey towards attracting and retaining talented employees. Jennings Executive would be happy to hear from you if you still need guidance!

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