Strategies to Attract and Retain Top Talent in a Competitive Hiring Market
In a previous article, 4 Unique Strategies to Maximize Employee Happiness, we discussed several perks that companies are offering in an effort to increase employee satisfaction, and thus retention. With the recent news that the US currently has a record 7.1 Million job openings, now may be a good time to revisit the topic. In this article, we’ll provide you with some more unique strategies that companies are utilizing to attract and retain top talent in a competitive hiring market.
Provide Opportunities to Give Back
Employers may be under the impression that money is the ultimate motivator for all employees. However, while money may be important, it’s not all that matters. Above and beyond their day to day tasks, many employees want to feel like they’re contributing to the greater good. It’s for that reason that a growing number of companies are providing their employees with opportunities to give back. These initiatives can take shape in many forms. Some employers host annual food and toy drives. Others double as team-building events focused around volunteer work. Some employers even offer their employees days or weeks away from the office to volunteer. Whatever you feel is practical for your organization, providing those opportunities will appeal to many current and prospective employees.
Relax the Dress Code
While there are some areas of business where a strict dress code is appropriate, there are many others where the regulations could certainly be relaxed. While we’re not advocating for an anything-goes policy, we live in a time when some of the largest, and most profitable companies in the country have transitioned to a casual office place. The formal, stuffy rules of the eighties are a turn off to current and prospective employees in today’s environment. Allowing employees to don more casual attire allows them to feel more comfortable and creative while at work and could help your company attract a larger pool of talent.
Flexible Work Hours
In terms of benefits, a study conducted by Fractl revealed that 88% of respondents would consider opting for a lower paying job with flexible work hours over a higher paying opportunity with strict hours. This was especially true among millennials and parents, with nearly 8 out of 10 ranking the benefit as their #1 most important factor when considering a job. Progressive companies are beginning to catch on and utilize flexible work hours are a way to attract and retain employees. Netflix has been an early adopter of this approach, doing away with strict hours requirements and entrusting employees to utilize their best judgement when taking time off as they need as long as their responsibilities are met. While it may not be practical to go to that extreme in your company, offering some form of flexibility will go a long way in making you stand out to current and potential employees.
Arranging child care for your little ones is not only nerve-wracking, but expensive as well. According to Slate.com, “the average cost of enrolling a child age 4 or younger full-time at a child care center in America is $9,589 a year, which is higher than the average cost of in-state college tuition.” That financial burden is bound to increase stress in employee’s lives. In order to reduce that stress and make employees more comfortable in the workplace, some companies are beginning to offer child care benefits to their employees. These benefits range from partial reimbursement, backup care for last-minute needs, priority slots as local child care centers, or even on-site child care facilities. Introducing some form of child care benefits to your employees is a sure fire way to keep those with children satisfied.