If you have been reading the news, you’ve likely read about the “Great Resignation.” Aka the phenomenon that’s happening in today’s workforce as a reflection of our Global Pandemic. COVID-19 has given people the time and space to reflect on what they really want and need in a job, benefitting some companies greatly while leaving others to struggle with a declining workforce.
In an average year, the voluntary leave rate at a company is about 15%. Still, a study from Microsoft’s “2021 Work Trend Index” found that 40% of professionals are quietly considering leaving their jobs. This means if you’re a company with jobs to fill, you are most certainly not alone! The “Great Resignation’s” ripple effect is causing one of the tightest job markets we’ve seen in decades, which is why it’s critical to evaluate your company’s sales pitch and marketing strategy before you begin recruiting new talent.
It’s easy to do this exercise when it comes to your clients, but it is often overlooked when selling future employees on the prospect of working with you. We coach our clients through this process daily because having compelling selling points can make or break a talented candidate’s interest in your company.
Think about it, if your Recruiter had a candidate on the phone right now, what could they say about your company that would make your ideal candidate genuinely excited to interview with you?
Money Isn’t Everything
The classic scenario is an employee leaves their company for an opportunity with a higher salary, but it’s becoming more nuanced than that. In this new age, many employees have gotten a taste of working from home and flexing their schedules. We’re finding most candidates don’t want to give that up, especially now that they’ve discovered they can still achieve their objectives in the comfort of their own home. Finding a way to offer flexibility for your employees and developing that into your employer branding will be key to attracting and keeping great talent. We’re finding that compensation is important, but it isn’t everything in this new era.
A Culture of Self-Care
Conversations around mental health and self-care are also growing within benefits discourse. Companies are starting to offer company-wide mental health days and stipends towards gym memberships, therapy, or continuing education endeavors. Businesses are beginning to invest in more than just the up-front offer. Companies may be surprised at the number of candidates turning down opportunities with bigger salaries for prospects with a diverse range of benefits.
Trust and Growth
Smaller businesses may not have the financial capacity to invest in the biggest trend benefits, but that doesn’t mean your culture can’t still reflect a core set of values. Work/life balance is becoming prized more than ever, so what can you do as a company to show your employees and potential candidates that you trust them to do a great job, even if they are not in the office? How can your company encourage growth in your employees’ careers and in personal development? We’re finding that companies tackling these big questions are winning the race to draw the highest-caliber candidates.
As Recruiters, it’s our job to sell your company as a top place to work and know the latest trends in the marketplace. At NW Recruiting Partners, we form a symbiotic relationship and true partnership with our clients. To attract the best of the best when it comes to talent, we’ll need to bring culture, values, and benefits to the table that make your company a compelling sell in this competitive market. At the end of the day, if you remember that old Bonnie Raitt classic, are you giving your recruiting partner something to talk about?