The Great Resignation movement has made the war on talent a full-blown competition. You need to win… let’s strategize!
Here are three easy ways to attract and retain talent. The obvious attractors are great pay, benefits, work-life balance, and collaborative and engaging culture.
Businesses that focus on three relevant and timely initiatives are most likely to attract and retain talent today.
Connect People to Purpose
In 2025 75% of the workforce will be of the Millennial generation and younger. Future generations will be shaping the workforce in new ways. A McKinsey study (https://www.mckinsey.com/business-functions/organization/our-insights/help-your-employees-find-purpose-or-watch-them-leave) reveals workers are far more driven by a sense of purpose than they were pre-pandemic. In fact, 70% say what they do at work actually defines their sense of purpose. Younger generations want to be part of a company doing great things for society, the environment and each other. They want to stand with a company that stands up to greater purpose.
The purpose is driven by a company mission, vision, and values, but also the employee experience – which is directly within the control of the management team.
If you’re concerned those in your organization aren’t connecting their work to the purpose you intend, start the conversation. Try out different activities that can universally appeal to your team. Get your team’s input on what they want to do; if it was their idea, they will be more engaged.
Younger generations are additionally looking for “experiences”. Create those selfie-worthy moments of team building such as toy drives, charity fundraisers, cooking classes, art classes, horse racing, floral/ plant arrangements, golf, spa day or beach clean-up.
Most common reason for job change is not feeling valued. Simple moments of gratitude can go a long way with your team and coworkers.
Prioritize Diversity
There has never been a bigger push on DEI initiatives in the workplace than now.
That’s a good thing for many reasons, and leaders who strive for diverse teams have come to understand that it’s just good for business.
Wondering why diversity is key? Diverse teams make better decisions 87% if the time (vs. 58% by all male teams *Study by Worth magazine). Imagine the long-term impacts of better decision-making accuracy from your diverse leadership team.
First, having a working environment with employees of different backgrounds, skills, experiences, and knowledge means that there will be an increase in innovative and creative ideas. This can have a huge impact on the business in the long run, as new ways of strategic thinking take hold within the company.
Also, today’s workers value diversity in their employers. Candidates who see that your company welcomes people from all backgrounds are more likely to feel good about the business and accept your job offer.
Gen-Zers and younger millennials have been known to decline a better-paying job offer in favor of a lower compensated position at a company with better diversity and culture.
Create a Culture of Career Growth
No one takes a job anticipating they’ll stay in one role forever.
Company leaders who invest in developing their teams, providing opportunities for them to learn new skills, and creating clear career paths have a strong retention advantage.
LinkedIn’s [Global Talent Trends 2020 report](https://www.linkedin.com/business/talent/blog/talent-management/why-internal-mobility-needs-to-be-part-of-your-talent-strategy) highlighted how important internal mobility is, with 81% of talent professionals agreeing that it helps improve retention and 69% stating that existing employees stepping into a new role drives productivity. A similar LinkedIn report the following year revealed over half of Learning and Development leaders believe talent development and succession planning is a greater priority than it was pre-COVID.
The average time people stay in a job is shrinking and is now under two years. If there is nowhere to go from that position, turnover will be high. Conversely, if there are upward mobility options to move entry level talent to higher management positions with management training programs that provide additional titles such as senior, lead, and junior manager, talent is being engaged longer term. Tap your team for growth and you will create a culture of opportunity.
Now, this all sounds great, but your Executives might ask- “How does this impact my bottom line?”. Fair question, right? Cost reductions in hiring can easily be gained. Savings in wages can be easily measured. But the gain of happiness can only be felt!
Need help hiring, engaging and attracting talent? We LOVE this stuff and we are here to help. Reach out to us at Agency 8 Recruiting and Staffing to help you find and unite with successful talent.