Never in our history has the labor market had so many open jobs, and employers have never experienced such a hard time filling them. Some workers have left the workforce and still haven’t returned. Some never will. Those who are returning are much choosier about the kind of work they’re willing to do, how they expect to be rewarded, and what they’re willing to sacrifice from their personal life.
At the same time, low unemployment rates mean workers are now more inclined to seek new opportunities if they aren’t getting what they are looking for. All this is keeping employers on their toes when it comes to competing for and retaining high-performing talent.
Let’s consider some recruitment strategies to make your business stand out:
As a first step, ask your employees—both people you’ve been able to retain over the longer term and newer hires—what they like about your company and what keeps them working there. Questions to ask might include, “What brought you here, and what will keep/is keeping you here?”
This will give you clarity on what elements of your culture and benefits are essential from your employees’ own perspective.
Another key strategy for attracting and retaining workers is to offer flexibility in where and when they work and the frequency of how they get paid:
Some organizations are getting creative about paid time off (PTO) options, like giving employees more freedom around which public holidays or days of celebration they take off to align with their personal or religious beliefs.
Another recruitment strategy involves allowing employees to determine their own start and finish times, with the caveat that they’re available when needed.
Payroll flexibility in the form of Earned Wage Access (EWA) allows people to access wages they’ve already earned but not yet been paid. This particularly appeals to hourly workers who work from paycheck to paycheck and often find themselves short on cash when unexpected expenses arise.
When communicating your benefits package, highlight the unique skills development opportunities that set your organization apart. These might include immediate growth opportunities new hires can access, like in-house digital learning platforms. Another emerging trend is to set out concrete plans for employees taking on entry-level or junior positions to progress to more complex and higher-paying roles via an upskilling program.
Around a third of candidates today receive four or more offers during their job search, making it vital for organizations to secure their attention and commitment early in the hiring process.
Making information easy to find is a crucial element of today’s recruitment strategies. More than half (51%) of candidates say a job posting that’s too long or poorly written would deter them from applying. But that’s not your only target; you also need to be sure you’re highlighting the right type of information. Most job postings focus on the requirements necessary to do the job, such as desired skills, role responsibilities, and start dates. But today’s job applicants expect other key job attributes like work flexibility, growth opportunities, and fair and transparent compensation.
We’re living in an age where technology can help unlock more engaging work for employees at all levels. So, instead of simply rehiring people into the same roles that come with the same responsibilities they’ve had for years, look for ways to apply technology to the more mundane, repetitive, or physical aspects of the work to make it simpler and more enjoyable.
Payactiv is the partner of choice for companies seeking to attract great people and help them participate fully in work and life. Our EWA solution and suite of financial wellness benefits and benefits cost you nothing but deliver immense value to your employees.
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