During 2021’s Great Resignation, a record number of Americans quit their jobs, impacting every sector and level of talent, and leading to fierce competition to recruit and retain employees. As of March 2022, there were still 11.5 million job openings, and the competition for talent remains intense.
 
Now that 90% of organizations are trying to fill open positions, hiring managers are facing difficult searches to recruit talent, while simultaneously focusing on retention.
 
Industry thought-leader Molly Brennan, founding partner at executive search firm Koya Partners (part of Diversified Search Group), recommends four critical actions to help recruitment and retention efforts:
 

1. Determine “the why”. A recent McKinsey report showed a disconnect between why employers think their employees are leaving and why people actually leave. Employers cited compensation, work-life balance, and poor health, while employees said they didn’t feel valued by their organizations or managers, or they didn’t feel a sense of belonging at work. Employees are hungry for connections and relationships, wanting meaning and purpose in their work. Managers should utilize conversations with employees, anonymous polls, exit interviews, etc. to better understand (and resolve) these issues.

 

1. Recognize it’s not just about money. Compensation is important, but it’s not the main reason people quit. While employees should be paid competitively and equitably, they should also be given opportunities for advancement, collaboration, and satisfaction at work. Delivering this ideal work environment will help you retain employees and attract talented prospects.

 

1. Give people what they want. Conduct employee surveys to determine employees’ needs, wants, and values. For instance, more than 1.5 million mothers haven’t returned to work because they don’t have childcare, and 20% of employees said childcare benefits are their top priority. A recent poll showed that people want more paid time off, mental health resources, better health insurance, and financial wellness training. By meeting these expectations with forward-thinking benefits packages, you’ll differentiate yourself from the competition.

 

1. Foster a healthy culture. Employees care about relationships, connectivity, and belonging, so strengthen culture and connections on your team. Create a culture where health, inclusivity, support, collaboration, and balance are emphasized and prioritized. Consider how you start and end meetings, how you collaborate and celebrate. Protect time and reduce stress by blocking off “no-meeting days”.  Even small changes can make a real difference when it comes to culture, helping employees feel more connected to each other and the organization.

Molly can provide more tips on this topic, and I’d be happy to set up an interview. Or she can provide a bylined article if you’d prefer. Any interest?