A candidate's experience from the moment they apply for a position all the way to when they accept or decline an offer is essential for acquiring and retaining talent.
A positive candidate experience influences how well a company attracts and retains employees by improving job satisfaction, morale, and employee retention rates.
In contrast, a negative candidate experience decreases engagement and leads to lower productivity.
Attracting top talent is hard enough. But retaining top talent?
That's a whole other story!
The majority of companies struggle with this issue, and it's a huge problem because the cost to replace a lost employee goes way beyond the cost of hiring them originally.
However, there are innovative employee retention strategies that'll help you maintain a positive candidate experience for all your future hires.
Here are some tips on how to overcome this challenge from today.
Why Employees Have an Edge in the Current Job Market?
Recruiters Are Hungry for Skillful Employees in an Employee’s Market
Employers across numerous industries find themselves hungry for top talent, yet find it difficult to fill skilled roles due to a number of factors.
These factors include competition in the job industry, the high cost of hiring, talent shortages in various roles, and the impact of what has been dubbed the Great Resignation, wherein employees are leaving their jobs in droves.
In response to this growing issue, companies are re-evaluating how they're engaging with candidates and are shifting their strategies to attract and retain top talent.
According to JobSage, there were more available jobs in August 2021 than at any other point in U.S. history.
The fact that talent isn’t attracted by mere job openings alone is indicative of a major shift in employees’ priorities for finding new career opportunities.
The onboarding process has become a critical component in attracting and retaining talent, especially with the widespread concern of talent shortages.
In today's job market, employees need to prove their value to employers, but employers need to prove their ethics and commitment to their employees.
In the tech sector, for example, many companies are trying to diversify their ranks, not only to show their commitment to social values but to increase their talent pool.
As companies diversify their talent pool, so does the overall job market favor the employee's ability to pick and choose their next employer.
The current job market is no longer a matter of employees competing for positions, but companies competing to simultaneously attract top talent and fill diversity quotas.
A company's social values in turn reflect on its employees, and working for a company that is known to have unethical practices may in fact prove to be detrimental to the employee's social life.
Numerous tech companies have landed themselves in hot water in recent years, due to CEOs making social media comments or company policies deemed insensitive in today's world. This has resulted in companies not only being boycotted or branded as morally bankrupt but also in losing top talent to competitors.
The Cost of Turnover in Today’s Business Sectors
The cost of replacing employees doesn't just have a short-term impact on a company's finances, but a long-term impact on the company's ability to remain agile in the marketplace.
Losing top talent to competitors has a severely detrimental impact on the company's ability to stay ahead in the market.
Consider the talent shortage in the coding and developer candidate pool, and you can understand how losing skillful coders to companies with better pay and more opportunities can have a long-term impact on a company's ability to remain competitive.
It's not just about the money though, as a company's reputation is also a huge factor that affects the ability to hire skilled employees. An employer's reputation is considered to be the most critical asset a company can invest in.
Social media plays a huge part in today's job market, as employees can quickly and easily blow the whistle on unethical employers, leave negative company reviews, and bring a company's name into disrepute.
How the Great Resignation Has Impacted the Job Market?
The Great Resignation is not going away, and employees feel more empowered than ever to take their pick of employment opportunities because employment opportunities are a two-way street.
Top employees have the ability to move to an employer that can provide the best opportunity for growth and where they can be supported with the top-notch work culture.
The risk is worth the reward.
Employers coming from past generations may see this paradigm shift in the job market as being due to lazy, entitled millennials, but it goes much deeper into the heart of social values between generations.
While previous generations were sold on the American Dream of marrying young, buying a home with a white picket fence, and starting a family, the concept of the Nuclear Family has been eroded over time.
Millennials are no longer concerned with the American Dream and settling down young and raising a family, and instead are more interested in establishing their own personal brand and redefining the world to reflect contemporary values.
Many employer practices in the past have been deemed unethical today, and millennials are not afraid to strike out on their own and start their own online business or pursue full-time employment on their own terms.
An untold number of employees have heard from bosses that "a monkey could do your job", and millennials are calling the bluff.
Millennials demand a safe working environment and believe the world will be a better place if they work for an employer with the right values and work environment.
The businesses that will succeed in the future will be those that provide workers with a comfortable working environment, while still adhering to a fair pay structure and employment policies that support workers' personal values.
5 Innovative Employee Retention Strategies to Keep Your Employees Satisfied & Motivated
1. Create a Positive Environment for Growth
It's not enough to simply hire great talent, you need to develop them as employees.
A company with a clear focus on developing and nurturing talent will not only attract and retain top talent but will also have a reputation as a company that attracts and retains top talent.
Creating a positive environment for growth means creating an environment that fosters employee motivation and development.
Most employees today feel undervalued, underappreciated, and left with little room to grow.
In order to overcome these challenges, companies must create an environment that gives employees room to develop, allows for their voice to be heard, and provides them with the tools to succeed.
2. Offer Flexible Working Hours
Work-life balance is of critical importance to employees today, as employees no longer feel compelled to work tedious hours to bring home a paycheck.
These days, employees no longer want to be forced to put in long hours and deal with the stress of work-life balance. The rise of remote work has allowed employees to choose where they want to work, and in doing so, allows them to work from wherever they want.
This flexibility not only increases employee satisfaction but also leads to more efficient and productive workflows and higher employee retention.
3. Make Them Feel Valued by Providing Regular Feedback
In numerous employee surveys, it's been shown that millennial employees want recognition, encouragement, and validation.
While they can accept constructive criticism on how to perform better, they also want to be praised when they do something right.
Make sure to hold hybrid meetings, plan educative webinars, and use other strategies to engage team members.
To give employees the validation they need, companies must provide regular feedback. Feedback provides employees with the opportunity to learn and grow. Feedback can be as simple as "Great job on that presentation", "Your Excel skills are amazing!", or as complex as "Your next project should include more numbers."
Feedback allows employees to keep their skills sharp, which ultimately leads to increased productivity and higher employee retention.
4. Give Them Tools to Perform the Best They Can
Investing in the best tools for workflow efficiency and productivity is an investment in your employees' abilities to deliver results.
Whether it's a top-rated CRM platform for your marketing department or an HR suite that makes it easy to manage payroll and benefits, these tools should be readily available for employees to use.
By providing your employees with the tools they need to perform at their best, you are also stimulating growth in your bottom line. As employees are able to manage tasks more efficiently, they are able to be more productive and handle larger volumes of work, without becoming overwhelmed.
5. Educate Them on How the Business Runs
When employees feel like they are simply working for a paycheck, they will put in the minimal effort required to get by.
However, by involving employees in the business's goals, you are giving them the motivation to grow as an employee.
When employees feel like they are a part of the company's direction and not wheels in a cog, they are more inspired to bring ideas to the table that can positively impact the company's growth.
Team meetings should be more than just a time to hear updates from the top. Employees should be encouraged to bring their own ideas to the table.
By empowering your employees to take charge of their own personal development, you are building their confidence and ability to take on new challenges, as well as making them feel like valued team members.
Let us know in the comments below, what are some of the innovative employee retention strategies you're implementing at your organization.