Attracting and retaining a great workforce has always been challenging. The pandemic made the job market more competitive, with many companies losing employees during the “Great Resignation.” Workers re-evaluated their priorities and began looking for opportunities that provided better compensation and a stronger cultural fit. Businesses must step up their game to remain competitive. Here are some top tips for attracting and retaining talent.
Offer the right benefits
Offering competitive benefits and perks has always been vital in a competitive hiring marketplace. Where in the past, a good compensation package only included paid time off, health insurance, and retirement savings, today, that combination is just table stakes. When competing with so many other organizations for the best new hires, offering additional benefits in your compensation package can help you win the best new employees. The pandemic caused a shift in what workers consider important benefits, and we’re seeing more employees asking for benefits that focus on their overall health and wellness.
Four popular additional benefits are:
- Mental health – 76% of workers consider mental health benefits to be vital when evaluating new job opportunities. Organizations that offer more comprehensive access to mental health benefits as part of their health insurance are more likely to attract top talent and have healthier, more productive employees.
- Telehealth – The ability to conduct medical visits with your doctor remotely via phone or video continues to be a desirable option for many workers. Organizations that offer access to telehealth services as a benefit option see employees more likely to make and keep wellness appointments with their doctors, leading to better overall health and fewer sick days.
- Stress management – Stress is one of the top reasons for absenteeism. Implementing programs that support your employees’ ability to manage stress, such as mindfulness and meditation programs, leads to happier and more productive employees.
- Financial wellness – Retirement savings remains a crucial benefit for workers. But employees also want programs and policies that help support their overall financial health, such as additional savings offerings or programs that help them better understand their finances and financial planning.
Employco can help you put together a competitive package of benefits and perks that help you attract top talent without impacting your bottom line.
Have a strong company culture
Employees want to work for organizations that share the same values. Company culture has a direct effect on employee engagement and productivity. Companies that build a strong company culture and then hire workers who fit that culture are more successful at retaining employees. Organizations need to define and prioritize their values and mission clearly, from having well-defined goals and policies to implementing activities and programs that support overall morale and make employees’ work days more enjoyable. Employco helps organizations implement strategies and policies that help build strong company cultures and support employee engagement.
Involve current employees in the recruiting process
Job candidates want to understand what it will be like to work for your organization. One of the most effective ways is to involve your current employees in the hiring process. Doing so gives candidates a better understanding of the company culture and what it would be like to work there. Whether providing incentives to employees for referring great talent or asking them to participate in the interview process, incorporating current employees helps them feel involved and offers valuable input on whether a candidate is a right fit for the position and the organization. Employees should be involved in the recruiting process, but working with a recruitment expert, like Employco, can help your organization streamline its recruiting process.
At Employco, we help organizations implement the right policies, processes, and benefits to attract and retain top talent and help your company grow. Contact us for additional strategies and support throughout your recruitment and retention activities.