Money can’t buy happiness: What top talent cares about more than salary
What do businesses need to bring to the table to attract the right talent to achieve success in today's market?
From devastating unemployment to a post-pandemic worker shortage, hiring trends have seen unprecedented fluctuation over the last fifteen months. With the waters calming, companies now see the horizon, revealing both tremendous growth opportunities and a highly selective workforce. So, what do businesses need to bring to the table to attract the right talent to achieve success?
Focus first on culture
Over this past year, the overlap between work and life was constant and inescapable. Logistical concerns around getting to daycare drop-off in time to make a morning meeting at the office became quaint memories as challenges scaled almost overnight. Working parents struggled to meet professional obligations while managing remote schooling for their kids. The health and safety of loved ones consumed mental and emotional energy, leaving very little for meetings and deadlines. Coworkers were forced to deal with each other as more than just colleagues while their common humanity was laid bare over computer screens.
Related: Remote workers report experiencing lost promotions, burnout and desire to change jobs
Now, employees want to move forward carrying lessons learned about non-negotiable priorities and the importance of support. They’ve learned to appreciate companies that intentionally create a family-like work environment. A recent study shows that when employers develop deeper relationships with their employees, there is a 23% increase in the number of workers reporting better mental health and a 17% increase in better physical health. Overall, employers that support their staff more holistically realize a 21% increase in high performers.
Even a small company without deep financial resources can get creative and institute a pizza day or a happy hour. Many business leaders across the United States found ways to stick by their employees, delivering meals to their homes or doing simple things to lift them up. No matter someone’s role at a company, when they see that their hiring manager or senior leadership cares about them and their family, it goes a long way. It comes down to the mindset that, yes, leaders have a business to run, but they can also be human.
Take a good look at benefits
Employees should always earn a fair wage, that’s a given. But employers of choice need to look at ways to enhance benefits too. Talking about PTO, maternity or paternity leave, or other policies that consider an employee’s family is highly appreciated.
Progressive companies are also finding new ways to address employee apprehension brought on by last year’s volatility. By instituting signing bonuses, contract agreements or retention bonuses, hiring managers can ease some of the “last in, first out” fears of being a new hire. Education reimbursement can take many forms as well. Supporting an employee who is pursuing an advanced degree is a tremendous benefit; as is something beneficial for all, like offering a language class such as Spanish, which can be helpful in a bilingual society.
Hire for skill over title
Databases and search terms don’t lead to finding the agile talent businesses need today. Subject matter experts focused entirely on one particular area of business—marketing, operations, product development, for example – are of limited use, meaning agility is king. By targeting agile workers, then filling in any skill gaps with training and support, companies can hire the best talent for today’s rapidly changing marketplace.
From the other side of the table, candidates need to understand this skill-based hiring practice to see where they fit into an organization. To that end, companies should review and revamp interview processes to make sure candidates understand, from their first interaction, the need they’d be filling and the benefits that would come with the position. There’s only one chance for a first impression and it’s very difficult to make up for one that doesn’t hit the mark.
Have a vax plan
The most important factor around the issue of COVID-19 vaccinations is communication. Starting with job descriptions, companies need to be clear on their viewpoint; are vaccines mandatory? Are they voluntary? In either case, once a hire comes on board, an employer’s responsibility is to help facilitate.
These are different times, and today’s approach to recruiting and retaining top talent may not be as direct or straightforward as it once was. But the extra thought and effort put into the process will pay off for both employer and employee, future-proofing a synchronous match for both.
Walter Sabrin is senior vice president of recruiting services at Vensure HR.
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