Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of how to recruit top talent in a world full of uncertainty. Read on to ways to attract top talent despite a surge in turnovers, how to create an employee-centric culture that people crave, how to build a remote-friendly recruitment and retention strategy and why waiting to hire could hinder your recruiting efforts.
Attracting & Recruiting Top Talent in a Fluctuating Job Market
If last year taught us anything, it’s that we’re living in a world where job candidates have the leg up. Last year alone, more than 38 million Americans quit their jobs. Why? Is it because of a toxic work environment? Bad boss? Low pay? All of the above and then some. Workers crave a job that is not only fulfilling but that aligns with their values. Forget unlimited PTO and Taco Tuesdays – if you want to find the best talent in an employee-dominated market, take a lesson or two from these tips:
Create an authentic work environment. Let your workers be themselves at work and not just at home. You spend more time at work than you do at home during the week, so why foster a culture that stifles your employees?
Cultivate continual learning. If you’re only focused on hiring those with fancy degrees, then you’re doing your business a disservice. The truth is, the desire to learn outweighs any educational merits. In fact, 80 percent of people planning to switch jobs post-pandemic said it’s because they’re worried about career advancement.
Foster a culture centered around mentorship. You should value your employees based on how they impact others. Mentorship breeds long-term success.
To explore how to attract top talent despite the Great Resignation, read the full article on Inc.com.
Working in Unprecedented Times: The War on Talent
The job market and today’s workforce will never return to pre-pandemic times. And why should it? Workers are opening their eyes to the changing times and if your company wants to thrive, they need to take notice. Here are a few ways to hire top talent, retain that same talent and watch them flourish in their careers:
Nip burnout in the bud. Dr. Laura Hamill, co-founder and former chief science advisor at Limeade, touches on this issue: “… burnout levels reached an all-time high. There was a societal breakdown when it came to the ecosystem of work, home and well-being. People reached their limits.” Managers need to act fast and look after their employees.
Utilize education offerings. In a world that is rapidly transforming, it’s vital for companies to provide upskilling and training to their employees. A worker that feels that they’re valued, learning and growing are more inclined to remain with your organization.
Get creative with add-on incentives. People are demanding more, which means businesses need to up the ante – sign-on bonuses, college tuition assistance, increasing retirement fund matching contributions, etc.
Foster a culture of appreciation. Make thankfulness, appreciation and social recognition a regular practice within your team.
Don’t rule with an iron fist. Empathy is not just a buzzword, it’s a business strategy that boosts a company’s bottom line.
Provide mentorship and coaching. If you want your employees to succeed in their position, you need to find ways to deliver constructive advice and guidance based on their needs.
Offer flexible work arrangements. The pandemic showed us that remote work is possible and can be done with the right tools, resources and management team.
Brand your recruitment process. Employers need to brand themselves as a great place to work. In fact, brand recognition was a top priority for companies.
Conduct stay interviews. Check-in with each member of your team – how are they doing? Actively listen to what your employees are saying.
To learn more about how to hire and retain top talent, head over to Forbes.com to read the full article.
Crafting a Remote-Friendly Recruitment and Retention Strategy
If Covid would have stayed for a few a weeks and then made a disappearing act, we wouldn’t be dreading a return to the office. But it didn’t turn out that way. And after two years of dealing with the ongoing effects of the pandemic, employees are speaking up. In fact, a salary guide survey from Robert Half showed that 34 percent of workers would quit a company that didn’t allow remote work. But the war on talent isn’t about remote work, it’s about how to retain remote workers in an employee-dominated market. Companies do not have the upper hand now, employees do. So how do you hire top remote workers?
Utilize a broad range of resources
Offer perks and benefits.
Learn how to evaluate remote working skill sets.
Accelerate the hiring process.
But once you hire them into your fold, how do you keep them from switching to a competitor?
Give them equal access to training resources.
Ensure that performance reviews and promotions are standardized across your team,
Make social recognition the norm.
To dive deeper into how to build a remote-friendly recruitment policy, read the full article on CPAPracticeAdvisor.com.
Don’t Wait Too Long to Extend an Offer When Recruiting Top Talent
It’s been three months since you’ve started the process of interviewing candidates for a specific position, and you’re ready to make an offer. But wait. Your ideal candidate already accepted another offer from another company two months ago. It’s an ongoing challenge that has been expedited thanks to the pandemic. Businesses are having to act fast in order to secure top talent before their competitors snap them up. So what can you do to make faster hiring decisions?
Consider staffing alternatives to fill gaps. It’s more cost-efficient to fill roles quickly than to have them empty.
Be open to updating the hiring process. Identify where your sourcing, screening and decision-making process can be condensed.
Get faster at hiring short-term support. Find a staffing partner you trust.
Ensure hiring team prioritizes scheduling. Form a hiring team to speed up the hiring process.
Hire for skills over experience. Do they have 5+ years of experience? No. But do they have a proven track record of doing the job? Yes. Great, hire them.
Streamlining your recruitment process enables you to snap up top talent before another business does. Learn how to make faster hiring decisions by reading the full article on AdWeek.com.
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