RECRUIT AND KEEP THE TALENT YOUR ORGANISATION NEEDS TO THRIVE
Despite the economic devastation brought on by the 2020 pandemic – an event which caused unemployment to spike to 16% in May 2020 – the competition for top talent will be fierce as we move further beyond the crisis.
According to a report from Monster, 82% of employers in the United States plan to hire in 2021, “including 37% who plan to re-hire backfill jobs and 35% who plan on hiring for net new jobs”.
With that as a backdrop, finding and retaining highly qualified workers will continue to be a key challenge for the foreseeable future — intensified by an ever-widening skills gap. As the report notes, “a third of U.S. employers say the skills gap has increased compared to last year, and 80 percent of employers say they have difficulty filling openings due to skills gaps, as opposed to a year ago”.
Here are four ways HR leaders can attract and retain the top talent their organisations need to thrive.
“The war for talent … empower[s] the best employees to choose their workplace based on more subjective criteria than money or security.” ERIC MOSLEY & DEREK IRVINE “MAKING WORK HUMAN”
ONE: Create and nourish a culture of recognition
In the competition to attract and keep skilled workers, a culture of recognition can be a dramatic game changer. Such a culture empowers and engages employees, making them feel like the work they do has purpose and meaning. But how do you shape and fortify a culture that will make employees eager to work at your organisation – and even more eager to stay?
“Compensation is a factor, but it’s not necessarily the deciding factor. Recognition, appreciation, gratitude, a culture of learning, and a culture of investment are much more important.” JOHN BALDINO PRESIDENT, HUMARESO
The short answer? Employee recognition. A comprehensive, values-based employee recognition programme – built on worldclass technology such as Workhuman’s Social Recognition® platform – amplifies recognition and broadcasts it throughout your company. Recognition forges a workplace environment that fosters appreciation, empowers individuals, strengthens relationships and provides a clear purpose aligned with achievable goals.
That’s the kind of culture that will help you build your brand and help you attract — and retain — the world-class talent your organisation needs to thrive.
Workhuman® research finds 2x lower turnover for employees recognised 7-10 times annually.
And in the first year, recognised new hires leave 3x times less than unrecognised new hires.
TWO: Make DE&I your organisational DNA
There’s a strong business case for diversity, equity, and inclusion (DE&I) – including its profound and very real power to attract the best talent and build high-performing teams.
Because let’s face it, knowing that an organisation is fully committed to DE&I is a key consideration for many – if not most – of the candidates you’ll be recruiting in the near future and beyond. That’s especially true for the millennial and Generation Z employees who will dominate the workforce in the coming years.
“Diversity, inclusion, and belonging align organizational culture with the need to hire and retain the best talent. They make companies attractive to more people.” ERIC MOSLEY & DEREK IRVINE “MAKING WORK HUMAN”
“It’s more apparent than ever that organizations don’t exist within a vacuum. They are part of a much broader solution change, an ecosystem.” BRITTANY J. HARRIS VP, LEARNING & INNOVATION, THE WINTERS GROUP
And while DE&I is a top priority for leaders at companies looking to attract and keep the right talent, progress has been slow. That’s why – for those organisations looking to compete for the very best candidates – it’s time to double down on their commitment to DE&I initiatives.
THREE: Make continuous feedback a cornerstone of your culture
A Brandon Hall study found organisations that embrace a culture of feedback and coaching realise a significant improvement in employee retention rates. At companies where managers discuss growth opportunities with employees, the impact on retention was dramatic – 41% saw an increase in employee retention, versus just 18% in companies where managers fail to discuss growth opportunities.
By promoting a continuous performance management model — facilitated with solutions such as Workhuman’s Conversations® — HR leaders can evolve a dynamic organisational culture that celebrates peer coaching and feedback and lets every employee support, mentor, and reward others. Such a culture helps align employees with company values – while boosting employee engagement.
80% of employees who received feedback report a more positive experience – versus 41% for those who did not. IBM/Workhuman, The Employee Experience Index
“The way we approach performance management needs to change. The links between performance, recognition, engagement and retention are strong, and all are essential to achieving successful business outcomes.” MERVYN DINNEN 3 WAYS TO BEGIN IMPROVING PERFORMANCE MANAGEMENT
Cultivating an environment in which open, honest, two-way feedback is embraced and nurtured is one of the most effective ways to create a workplace culture that attracts top candidates – and compels them to stay.
FOUR: Elevate a culture of celebration
Imagine a culture that celebrates the career milestones, life events, and group achievements of your employees. A culture that promotes community, connection and belonging among your work family.
Now imagine the impact such a culture – a culture of celebration – can have on your efforts to attract and keep the kind of world-class talent your company will need in the years to come.
“The best places to work provide people with life satisfaction, as opposed to job satisfaction alone.” MICHAEL O’MALLEY, PH.D. HARVARD BUSINESS REVIEW
The need to belong has always been part of the human condition. And by building a culture of celebration – a culture where people feel they participate and belong – you’ll be creating an environment of greater social support and affective commitment, increasing your employees’ desire to join and grow with your organisation. The innovative solutions of the Workhuman Cloud® can help your organisation create a culture of celebration. One that future employees will want to be a part of. And one in which your current employees want to stay.
Belonging – feeling part of a team, group or organisation – is one of five dimensions that positively impacts employee retention: 44% versus 21%. The Employee Experience Index
Forward-thinking HR leaders know: Now is the time to think about the lessons you have learned in the past year. Let them inform and guide you as you create an organisation that humans will want to work for. And one where they’ll want to stay.
We can help. Every step of the way.
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