The United States labor economy continues to rebound from the COVID-19 unemployment peak of 23.1 million people in April of 2020. However, the limited supply and increased demand for diverse and capable employees has resulted in 72% of employers experiencing difficulties finding skilled candidates, and 56% of U.S. businesses offering signing bonuses to business school hires.
It then becomes the responsibility of HR departments, leadership teams, and innovative thinkers to develop an enticing environment to attract and retain top professional talent. As a growing organization ourselves, we’ve put together the top five ways we’ve overcome the recruitment drought, and developed a team that allows us to provide exceptional service to our clients.
1. Competitive Salary
While prospective new employees typically don’t come right out and say they want, need, or demand more money and better benefits, it’s what they want. And it’s what employers need to expect to provide if they want to acquire key resources to help grow their businesses. While John or Jane Doe provide services to their employers in exchange for compensation, firms that avoid proper “labor investment” sacrifice expertise and experience when it comes to more “cost-effective” hires. Spend money to make money is a common adage for several reasons.
2. Flexible Work Arrangement
If 2020 taught us anything, it’s that a fully distributed, flexible work model can be productive. It’s conservatively estimated that 22% of the US workforce (roughly 36.2 million people) will be fully remote by 20253. Understanding that this is no longer a pandemic-induced necessity, but an anticipated way of professional life, employers who empower their employees to work in an environment that allows for individualized work experiences can result in positive growth. Hybrid models are typically the middleground for many organizations, where there is a predetermined allocation of in-office days, which allows for the interpersonal communication to continue when necessary, without hindering the flexibility and fluidity some employees require.
3. Growth Opportunities
With compensation and work-from-home opportunities serving as larger tangible perks, potential intangible benefits are what may seal the deal for your prospective hires. By garnering a better understanding of who your employees are, what they’re interested in pursuing, and what their individual levels of comfortability are when it comes to where they work, employers can better leverage skill sets and passions to improve everyday performance while simultaneously motivating teams to strive for better.
4. Strong Culture
Well compensated employees are happier employees. And well insured employees are healthier employees. Happy, healthy employees lead to positive work cultures. What’s one statistic that signifies the importance of culture? 46% of new hires quit or are terminated within their first 18 months of employment. We’ve all seen it: someone new joins a team and there’s instantly tension or a lack of chemistry with longer-tenured employees. By providing new employees with clear, purposeful responsibilities, as well as a proper trajectory (see the previous section), teams can become more engaged, connected, and growth-centric. So much so, that companies with a strong culture showcase a 13.9% turnover rate, compared to the 48.4% turnover rate associated with weaker cultures4. Something as simple as providing a company-focused mission, vision, and value document to new and prospective hires can help all parties align on the tasks at hand—that, and more competitive salaries and benefits, of course.
5. Great Benefits
What’s one last benefit that entices prospective hires? Benefits. While all employers are required to comply with workers’ compensation requirements, Federal Family and Medical Leave, etc., they are not required to provide retirement plans, health plans, dental or vision plans, life insurance plans, or PTO. Companies that acknowledge and over-invest in these offerings typically succeed in developing and onboarding their desired workforce. Due to the nature of traditional benefits, however, many benefits plans offered to employees are commoditized.
What if there was a way to provide tailor-fit coverage, while simultaneously providing better benefits for less money? YourWay Frontier, powered by OneBridge Benefits, is that product. By following the two simple steps noted below, coupled with OneBridge administering and guiding the process, you can easily modernize your coverage.
Take the first step today and contact Ben Indelicato, the Frontier implementation specialist, to learn more about how we can provide a benefit offering that allows you to win the war for talent.