The year 2023, like so many in recent years, may bring unprecedented changes to the job market. According to a new report from iCIMS, one in three workers plans to look for a new job in 2023. In comparison, another third hope to stay in their current roles.
So, what does all of this mean for employers? How can you recruit top talent while retaining current employees? Luckily, since this is just a prediction so far, there's still a lot that hiring managers and company leaders can do to both find and retain employees well past the start of the new year.
Here are more details about the latest report from iCIMS and some strategies that you can implement at your company to optimize your recruiting and retaining efforts.
Consider the work environment
Think about the types of workplace environments that you offer to your employees. The iCIMS 2023 Workforce Report shows that, while 63% of those surveyed consider the environment they work in a highly important factor in whether to accept a job, those respondents tend to differ in their preferred work environment. 48% of those who responded said that their preference is full-time in-person work, while 17% prefer hybrid and 15% hope for fully remote positions.
Since workers can vary so much in their preferred environment, it may benefit employers, when possible, to offer flexible arrangements. For instance, you could offer employees access to a fixed office space during regular business hours while also giving them the ability to choose remote or hybrid work. This may help minimize the chance of employees switching jobs in search of an environment that better matches their lifestyles.
Provide training opportunities
Offer or improve your company's internal training programs or initiatives. An astonishing 78% of those responding to the iCIMS survey said that internal training is one of their top considerations when deciding whether to accept a job offer or stay with their current role.
While training opportunities can take place in any work environment, it's important to note that almost 60% of respondents think they can get more developmental opportunities with an in-person job, and almost half of the respondents thought they had a better chance of getting promoted if they worked in person rather than remotely. Company leaders can use these insights to make sure that both digital and in-person training programs give employees the same chances to hone their abilities.
Assess employee turnover
Evaluate your unwanted employee churn and see if you can find any patterns as to why those individuals left your organization. You might be able to gather this information during exit interviews, although some employers find it easier to hire an impartial third party to contact people after they've left the company. Understanding why these employees left your business in the first place can give you a better idea of how to minimize the chance of others leaving for similar reasons.
Optimize diversity and inclusion initiatives
While many organizations have made great strides in their diversity, equality, and inclusion (DEI) efforts, there may still be ways in which employers could improve these. Nearly two-thirds of those surveyed say that their organization's DEI programs are effective but not frequently promoted or used.
If you're looking for ways to foster your company's diversity and inclusion initiative, here are some ideas to help get you started:
- Volunteer your pronouns when meeting new recruits and include them in your email signature.
- Regularly evaluate DEI metrics and share them with employees to promote transparency about what areas you could use their help to improve.
- Foster an allyship program.
- Acknowledge holidays celebrated by those of diverse cultures.
- Evaluate your recruitment or promotion processes for unconscious bias.
Recruit internally
Perhaps one of the best tactics that employers can use to retain employees is to recruit and promote internally. Since many workers value internal development opportunities as one of their top considerations when deciding whether to stay at their current organization, giving these employees regular chances for internal advancement may increase their likelihood of staying. Internal recruitment and promotion efforts can also demonstrate to your employees that you care about them as individuals rather than just workers.
Offer competitive wages
Conduct competitor analysis to see if your organization is offering competitive salaries. According to the iCIMS report, almost 80% of respondents don't feel professionally or financially secure, and 21% shared that the current economy is prompting them to feel anxious about their job security, which negatively affects their mental health. While employers can't change economic conditions or how employees might feel about them, they can make sure that their wages remain competitive across all employee departments.
Boost health efforts
Another strategy that you can use to help your employees combat economic uncertainty is to improve or promote mental and physical health initiatives. Depending on your current health offerings and the needs of your workers, this might entail reminding employees regularly about their PTO options, holding company-wide meditation or mindfulness sessions, or expanding health care insurance options.
Talk to current employees
Don't be afraid to talk to your current employees about what they appreciate about the company and what improvements they'd like to see. Ultimately, your current workers may be able to give you the most personalized advice on what strategies you can use to improve recruitment and retention processes. You can solicit these suggestions in a variety of ways, such as through in-person meetings or anonymous surveys.
"Since many workers value internal development opportunities as one of their top considerations when deciding whether to stay at their current organization, giving these employees regular chances for internal advancement may increase their likelihood of staying."
Understand your target candidates
When it comes to finding new employees through external means, make sure that you understand your target job candidates. Use recruiting processes and language that speaks to their needs and preferences. For instance, some target candidates might feel most interested in learning about the specific job duties they'll perform, while others may want more information about company culture and values.
There are several strategies that you can use to gather information on your target candidate. For example, you can offer surveys to prospective candidates about their application experiences to assess what parts resonated well for them compared to the aspects they felt were lacking. Additionally, consider using heat maps or other data metrics or visualizations to observe how job candidates interact with your recruiting web pages.
Encourage work-life balance
Some of the statistics from the iCIMS report suggest that workers often prioritize other things in their life more than their jobs. 42% of respondents said that work isn't their top priority, and 63% shared that they work to live rather than the other way around. Providing employees with enough opportunities for work-life balance can help them feel more supported and satisfied with their jobs. This could include:
- Expanding flexible work options, such as letting employees choose their shift hours
- Providing different time off options for things like medical leave, sick days, and vacation
- Encouraging employees to talk with their supervisor if they're feeling overwhelmed or burned out
- Providing workers with opportunities to socialize with their colleagues in more relaxed settings, such as through online trivia games or at happy hour events
Develop a referral program
One more way to improve your recruiting efforts is to create or bolster a referral program. Existing employees already have a good understanding of their company culture and what types of people their organization might look for, so hiring managers who use existing employees to refer job candidates may learn that these employees do a great job of finding top talent.
A referral program gives your existing employees a formalized way of presenting their job candidate recommendations to hiring managers. Most referral programs offer some sort of incentive to the referring employee, such as a pay bonus if the referred worker gets hired or stays with the company for a certain amount of days.
Although the iCIMS report predicts a mass workplace exodus, there are plenty of strategies you can use to encourage your current talent to stay at your organization.
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