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We know now is a tough time to attract and retain a talented team. In early June 2021, the U.S. Chamber of Commerce reported 8.1 million job openings and about half as many available workers. Wow! So if you're struggling to hire and retain talent, you're not alone.
Here are 5 tips to attract and retain talented staff, even during a nationwide worker shortage.
1. Look for pitfalls within your current recruiting strategy, and actually make improvements
According to Harvard Business Review (HBR), "a successful recruiting strategy starts with acknowledging that you won’t solve your current hiring challenges by applying the solutions of the past. This is the time to revisit your previous underlying assumptions, stress-testing them one by one."
Having a few friends or colleagues take a look at your current recruitment strategy (without divulging company secrets) is a helpful tip we recommend to all employers. They see pitfalls that you cannot.
2. Applicant tracking is key to attracting and hiring the right employee
According to Recruiterbox.com, the average HR team spends 30.5 hours and $756.50 to $1,176.50 during the hiring process for one position alone. That includes posting the job, reviewing applicants, prescreening candidates, and prepping for interviews.
As an employer, it's a good idea to utilize applicant tracking systems that allow you to choose the right employee with the most efficient amount of time and effort.
3. Make it easier for employees who commute
According to HBR research, "a 1% increase in distance is associated to a 4.4% decrease in commuting flows across U.S. counties. One practical implication of this for hiring managers is that if you are able to recruit from a county that is 10% closer to you, you will find 44% more people who are already commuting to your location. In other words, obsessing about attracting local talent pays off."
They suggest that, as an employer, cutting down on the number of days employees commute to work could be helpful in attracting and retaining talented staff. For example, for your full-time employees, offering a four-day work week with ten-hour days could be viewed as an incentive to stay on your team.
4. Adjust your salaries to the cost of living
According to Harvard Business Review, "Since 2020 alone, real average hourly earnings have decreased by more than 3%. One organization we worked with had been offering their service representatives the same salary of $30,000 annually for the last 20 years."
Adjusting your salaries to the current cost of living is an excellent place to start. Cost of living has increased, so shouldn't salaries increase too? If your wages aren't in line with the cost of living, turnover is likely. Your staff will continue to look for employers who will pay them the appropriate amount.
5. Flexibility is key to retention
According to a Robert Half survey of 1,000 U.S. workers, 34%, about 1 in 3 professionals, say that they will look for a new job if they are required to return to the office full time, and 49% preferred a hybrid approach of remote and in-office work. It's important to listen to your employees' wants and needs in order to retain them.
As an employer, it's a good idea to utilize timekeeping and attendance solutions that allow you to efficiently manage from afar.
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