The talent pool has never been bigger, but it has also never been more unpredictable. Attracting new talent has become more difficult, and retaining it even more so. According to researchers, 31% of new hires leave their job within the first 6 months, and 68% of those do so within the first 3 months. With all the competition out there, it has become a real struggle for companies to attain new employees.
There has been a seismic shift in the last few years in how people perceive not only their jobs but life in general, and with millennials joining the workforce, it has become more obvious that traditional jobs and career paths just aren’t enough. Employees feel the need for more freedom and better development opportunities and are becoming more eager to risk everything in pursuit of a better work life balance. The question is, what should you do? How do you attract these job seekers and convince them that you are the best choice for them?
What are you looking for? Who are you? What do I have to offer? Everything starts with your ad for a job opening. You can advertise it on your website, or any other websites, platforms and such. Besides listing all the important and necessary job requirements, skills, experience and a list of responsibilities provide information about the company’s values and goals and give a glimpse into the culture. This is the first step when catching someone’s eye. It should be a short, descriptive and compelling story about the job and your company. You may or may not include salary info, although many job seekers want to know this information. The other thing people value a lot is the opportunity for advancement, so why not include that as well?
Once you’ve attracted them and got them to the interview, it’s not only their job to impress you, but also your job to impress them. Informing them in more detail about the company’s culture, values and goals will give you both a better sense of alignment. Only 25% feel connected to their company’s values, which can create a big gap between them and the company. This is the time where you discuss salary matters but also all the other benefits that distinguish you as a job provider from your competitors. Work-life balance has become one of the top priorities amongst job seekers besides money. Mental health, health and pension insurance, paid leave, flexible hours, and development opportunities are also all various benefits you could offer in different combinations to meet your candidates' needs and make sure that you are giving them enough reason for them to choose you.
The faster and smoother your onboarding process is, the faster and more productive the transition will be. You want to make them feel safe and comfortable from the start because the first few months matter the most. It is your job to convince them that they’ve made the right decision and that there is no need to look any further. The more positive the onboarding process is, the more likely they will stay in your company. Around 87% of HR considers retention one of its top priorities, and starting off strong will only give you an advantage.
Millennials are also bolder when it comes to taking risks. Changing a job and seeking out opportunities after just a few years is becoming a standard. For a company, that is a huge problem, because their replacement can cost up to 2 annual salaries, and not to mention all the time and effort you have to put into training them until they can pick up where the previous employee left off. So what can one company offer that will be so compelling? When money is no longer the #1 reason, advancement opportunities can mean a lot. Yes, in many cases this does mean a raise, but it’s more about the advancement itself and the status it comes along with. Various training and development opportunities within a company are interesting for employees, because they have the opportunity to improve and/or expand their skillset.
Even if you’ve done everything by the book, and provided the best opportunities, for some, the grass will always be greener on the other side. Managing human resources is a complex job and has become even more difficult with everything that’s been going around. It’s time to go back to your talent strategy and see if it needs some adjustments, and update your Employee Value Proposition. Don’t forget to collect feedback from your employees continuously so that you can take action in time if possible and when needed. Other than that, you might just need luck in times such as these!