Low unemployment and new employee expectations continue to fuel a tight labor market that has many hiring managers feeling frustrated over rising wages and talent shortages. Despite signs that the economy may be slowing, there are still plenty of great jobs to go around. In the U.S. alone, there are approximately five million more jobs than workers to fill them, or nearly two jobs for every employee.
The reality of today’s economy is that people with transferable skills can largely work for anyone, from anywhere. Whereas competition used to be confined to a single city, market, or industry, employers are now competing across all industries and geographies. With so much demand, it’s important to approach your recruiting and retention efforts strategically.
At MRINetwork, we work very closely with our clients and candidates to present the realities of the market, and develop proactive solutions to help you succeed. Read on for tips to improve your recruiting and retention results, and contact an MRI firm today for specialized insights and solutions tailored to your business.Â
Evolve Your Mindset
From the pandemic to the Great Resignation, Quiet Quitting, and Quick Quitting, employers face new challenges every day. When talent is scarce, there are a number of levers that you can pull to make your workplace more attractive. The first step is a willingness to change.
Adopting a fresh perspective and examining your workplace and hiring experience from the candidate perspective can help you to succeed and retain employees long term. Be proactive in your hiring and constantly scan the horizon for new trends and factors to consider. While it may be tempting to revert to old thinking or old rules, you can expand your talent pool significantly by simply innovating your approach.
Understand & Deliver What Employees Want
Employees today seek competitive compensation, enhanced well-being, the opportunity to do meaningful work, and increased stability. These areas should serve as fundamentals in your recruiting and retention strategies.
Compensation. There’s no doubt that wages are rising and pay raises for job hoppers are enticing to employees who are seeking rapid advancement. With this in mind, you’ll want to structure your compensation to reflect current market and economic conditions, while avoiding “outlier” wages and benefits that will cause you to cut ties with employees should your business experience a downswing.
If your current employees are below market, acknowledge that fact and be proactive in bringing their compensation and benefits up. If this simply isn’t feasible right now, look to other incentives such as more time off, hybrid working arrangements, or opportunities to build new skills and rewarding work experiences.
A Strong Hiring Brand. Candidates want to see that you prioritize their well-being, and that they will enjoy working at your company. Be sure to craft a compelling hiring brand to set yourself apart from your competition. More than window dressing, your hiring brand should be an honest reflection of what you stand for as a company, your value proposition, culture, and team.Â
A Great Place to Work. For current employees and new recruits, consider what people want, and why people quit. “Quiet quitting” often stems from feeling undervalued or a desire to mitigate work stress. “Quick quitting,” on the other hand, is a way to earn more money, build new skills and experiences quickly, and build extensive networks through job hopping. How can your organization deliver on these goals? Consider every aspect of your recruiting and employee experience to create an environment that’s truly a great place to work.
Improve Your Results with MRINetwork
At MRI, we have the global perspectives and industry expertise to help you compete in challenging markets. Contact an MRI firm today to enhance your value proposition and attract high-impact leaders and teams.Â