Modern businesses face a common threat – finding and retaining top talent. To compound this problem further, it has never been more challenging to find the right candidates for vacancies as skills gaps have become much more common. But what do employers need to know to ensure they are meeting headcounts with the right candidates, and what factors contribute to a successful recruitment strategy in competitive industries?
Creating an Employee-First Focus
Employees are the lifeblood of any organization. Sourcing the retaining the right people for the correct positions can help a business thrive – while neglecting an employee-first focus can quickly ruin a business. Fortunately, finding the right balance is more accessible than most business owners think. This article will look at five characteristics that an employer can focus on to be the best version of themselves and draw in the best talent available.
1. Fair Pay and Advancement
For an employee to work hard, they have to feel like they are getting a fair exchange. For most industries, this means that paying competitive wages and offering clear advancement opportunities will be extremely important for sourcing and retaining top talent. However, it is crucial to understand that fair pay is only one piece of the puzzle.
Retailers nationwide have started increasing the starting wages their employees can achieve. For instance, Target recently announced that they would start new employees anywhere between $13 to $15 hourly – also sweetening the pot with a $200 recognition bonus for the potential for COVID exposure. But they didn't stop there. They also launched a reskilling program to help their employees advance their careers internally.
2. A Great Company Culture
Company culture has become extremely important in recent years, although it was seemingly a non-factor over a decade ago. Modern businesses have to nurture a welcoming and inclusive environment to attract new talent and make them feel comfortable enough to stay long term. In fact, nearly one-third of all employee turnover can be attributed to poor company culture.
According to most experts, companies that foster a learning-oriented approach to company culture tend to be more successful. Chipotle has demonstrated the power of this approach by investing in its employees and encouraging them to make the world a better place. While this strays from the standard practice of generating as much profit as possible, it does create a work environment that people want to be a part of long-term.
3. Enhanced Rewards Packages
Modern employees often look beyond just a base salary to determine if a company is a right fit for their goals. In truth, any company can promise a candidate money; however, it is usually the fringe benefits that make the most impact on their decision to sign on. In addition to standard benefits like healthcare and PTO, other needs must be thought of, including mental health, educational options, or childcare.
One example of a great employee rewards program is the "Your Tomorrow" program offered by Waste Management. Under this program, employees have access to fully funded programs that span education and upskilling. By providing the ability to achieve an undergraduate degree, the company can build their employee's skills internally.
4. Community Involvement
Many of the employees that work within an organization will also be a part of the local community. For this reason, it only makes sense that they would want to partner with employers that are making a difference in their local areas. This is a focus that much of the younger workforce is drawn to, including millennials and Gen Z.
During the pandemic, many businesses shifted to ensure their communities and the nation had the equipment needed to remain safe. One example of this was HanesBrand's decision to shift from producing apparel to creating cotton face masks approved by the FDA for use when N95 masks were scarce. This focus on community involvement helped employees feel like they were part of something greater.
5. Commitment to Sustainability
The growing, younger workforce has carried the torch regarding sustainability. However, this trend is becoming increasingly more important to employees and the consumers that interact with a business. A willingness to adopt sustainable business practices and commit to protecting the earth is no longer an option for companies that want to thrive.
Cisco Systems, Inc., a company well known for its hardware equipment, has made sustainability a priority and has seen significant benefits. Currently, the company receives around 83% of its energy from renewable sources and has made significant investments that have allowed them to become more eco-friendly and energy-efficient.
Ready to Build Your Workforce?
If you are interested in learning more about performance based staffing or the unique ways that Certified Source can help you improve your workforce, our team of recruiting specialists would love to hear from you. Our team works hard to ensure that candidates' values align with those of our employer clients to provide the best fit from day one. To get started, find your nearest office or contact us today to learn what is possible.
We look forward to helping you build your workforce and continue to impact your headcount goals and retainment programs positively!