Here’s A Simple Trick To Attract And Retain Employees

Understanding employee needs in today's job market

The latest numbers from the U.S. Bureau of Labor Statistics show that businesses in the United States added 690,000 jobs in August, while the unemployment rate remained relatively low at 3.8%. At the same time, job openings are up after months of decline. What do these numbers tell us about the economy? The stats have been unpredictable over the past few quarters demonstrating that the one thing we do know is that it is very normal to be confused about the job market right now.

For organizations developing and recruiting talent, this means paying close attention to what employees actually want and aligning offers to meet those needs. In industries such as marketing, creative, and tech where the demand for specialized skills is high, it can be incredibly difficult to replace top-performing talent. As such, employers need to prioritize making sure that those core employees are rewarded and don’t burn out. 

A recent survey conducted by 24 Seven of more than 2,100 professionals in the marketing, creative, tech, fashion, beauty, and retail sectors looked at the salary ranges of more than 170 positions in these industries and gave insight into what resonates with employees – and what doesn’t. Nearly half of the survey’s respondents highlighted financial compensation as their top priority, while 59% said they are staying with their current employer for the next year solely because of the uncertain economy. The packages that companies offer also hold significant weight. 

An overwhelming majority (78%) say that the benefits and perks a company offers influence whether or not they pursue a job there. The good news is that employers are taking action to meet those demands. A vast majority of respondents (84%) said their company was taking steps to make compensation packages more competitive to win over talent, and 74% reported receiving a raise in 2022 – up 14% from the previous year.

Employee sentiment is a key indicator of an organization’s culture and has a direct impact on productivity, engagement, loyalty and, ultimately, retention. More good news shows that workers are emotionally invested in their jobs, with 81% reporting that they feel productive. That said, many also feel that issues related to hefty workloads, deadlines, and poor work-life balance are not addressed by management. In fact, only 55% of workers agree that their employer has made reducing employee stress a priority.

There are ways for employers to address this. Yes, compensation and health benefits are important, but offering other tangible perks and benefits such as flexible work arrangements, training and mentorship opportunities, paid time off, and parental leave and childcare subsidies are other ways to show employees that the organization is investing in them. Other best practices include: 
 

• Consistently provide open and honest communication: An environment where employees feel comfortable speaking up about their goals, motivations and challenges will help ensure they voice concerns before they turn into larger problems (or a costly retention issue). And more importantly, act on this information when you can – meaning before the employee starts to explore the job market.
• Clearly define job roles and responsibilities: If employees are consistently going beyond what is necessary, consider if a title change or salary increase is warranted. 
• Prioritize work-life balance: Managers should take an active role in establishing workplace boundaries and ensuring that hours and schedules set by employees are honored. Upper management should also demonstrate that they too have firm boundaries between work and personal life. 

It’s a confusing time to try and understand the many nuances of our current economy and its impact on today’s job market, but one fact is crystal clear: retaining and attracting top talent requires listening to their needs and responding quickly and transparently.

Anthony Donnarumma is the Chief Executive Officer of 24 Seven Inc., the leader in specialized creative talent recruitment for global brands and rising companies. Combining a passion for strategic operations, sharp financial acumen, and a genuine commitment to leading successful teams, Anthony has helped grow and shape the business since joining in 2007. As the CEO, Anthony guides both the firm and their clients through the changing nature of the modern workforce and the digital transformation required to keep up with it.