With unemployment at 3.8 percent and the number of unemployed people at 6.3 million based upon the U.S. Department of Labor Statistics, and with an increase of 678,000 nonfarm jobs in February, the ability to hire talent continues to be a significant challenge.
What can firms do to attract employees in this market?
There are a number of things that companies can do:
1) Compensation- Must pay at or above market to attract candidates. It is essential that you know what the market is and that you are competitive.
2) Flexibility with working arrangements- With a number of firms requiring their employees to go back to a 5 day work week, they are losing a significant amount of people. We are still recommending a “hybrid” approach to transitioning your employees back to the office.
3) Value and purpose- today many employees want to believe that the company that they work for will value their contribution and that their company is doing something good for society.
4) Growth potential-candidates are looking for more challenges and a career path vs staying in one role for a long time.
5) Quality of life-today employees are looking for companies that care about their well being. Providing a strong benefit plan with increased PTO (paid time off), gym memberships, 401-K with a match and remote working conditions.
These are just some of the things that employers can do to retain and or attract candidates in this very challenging hiring market.
If you would like to know more about how to hire and retain employees, feel free to contact Michael F. Rosenblatt, President of The Quest Organization: michael@questorg.com
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