Between employees reevaluating what they want from their current positions and the number of those eligible for retirement, it seems everyone is taking a hard look at their options. Add that to a market with more job openings being reported than employees to fill those positions, and it’s led to a shortage in staffing for many companies.
While talk about moving forward through the pandemic continues to surface, we know there will be many shifts with what that might look like. The decisions a new hire may need to make between offers in this competitive market could come down to more than just the bottom-line on your offer. Here’s a list of five things your company could do now to stand out in your search for new employees:
- Create a consistent message. In a world where Yelp, Google, and Glassdoor are at our fingertips, your reputation management is more important than ever. Make sure you are monitoring what others are sharing about your company, and encourage employees with positive feedback to engage in the platforms. In addition, share some behind-the-scenes posts on social media that also show what it’s like to work with your company.
- Define your company culture and safety protocols. Navigating constant changes over the past year, it’s become more important than ever to be clear with potential new hires about what it will be like to join your team. This can make your company more appealing – making their decision to accept your offer over a competitor easier. Your company culture is made up of many spoken and unspoken norms and boundaries. The clearer you can be with current and new hires about what is expected, the better. Additionally, people have their own levels of concern with returning to the office safely – so communicating safety protocols upfront can also help people with their decisions ahead of time. Managing expectations can save your company time and money in the long run.
- Reevaluate industry standards and compensation trends. Many companies, including Amazon and McDonald's, are reporting increases in pay and bonuses for new employees. Compensation trends are changing, and what worked pre-pandemic may be irrelevant now. Do your research and adjust if you need to in order to stay competitive. Adjusting benefits is another way you can do this. With creative programs like tuition reimbursement, or adding on services you may already have access to, like providing identity security through programs like Credit Guard, you can give people a variety of benefits that add value to their normal salary without dramatic cost increases.
- Provide flexibility. According to Stanford News, 42 percent of the U.S. labor force is now working from home full-time, with an additional 33 percent at home - not working. More specifically, nearly 3 million women have dropped out of the workforce over the past year, hitting a 33-year low for women. With such a large sector of the workforce at home, people are reevaluating what they are looking for in a company, including better work-life balance. Allowing people to flex-time, work from home (at least partially) and giving PTO as an incentive for performance are some of the ways to meet the need for flexibility. “Our best estimate is that 25-30% of the workforce will be working from home multiple days a week by the end of 2021,” said Kate Lister, President of Global Workplace Analytics. “A typical employer can save about $11,000/year for every person who works remotely half time.” Essentially making this a win-win for you and your employees.
- Contribute to the community. Younger generations are more community and mission focused than retiring baby boomers. Developing company volunteer incentive programs or other ways to give back to the community can help give new employees the opportunity to be a part of something bigger - which has been proven to increase job satisfaction rates.
What are some of the ways that you are engaging with new prospects to remain competitive in this market?