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The Great Resignation. The great abandonment. The Great Disturbance.
Whatever people are calling the mass exodus of workers nationwide, the point is clear and the complaints about the lack of talent are deafening.
But all is not lost. The talent is there. Hiring managers and their recruiting partners just need to tap into new ways to find it.
Before starting a job search, it is best to take a step back to think about what job seekers expect from their employer. After all, the workplace has changed, and so have workers’ priorities.
As Korn Ferry notes in its Future of Work trends 2022 report, power has shifted from organizations to individuals.
Salary remains a key factor
Salary is always a primary consideration for new hires – they want stability and to be paid what they think they are worth. As such, companies should consider starting candidates near the top of the pay scale rather than at the bottom.
Many employers heeded this advice: In 2021, employee wages and salaries increased by 4.5%, according to the US Bureau of Labor Statistics.
Companies looking for a competitive edge should benchmark their annual salaries against the competition and consider sweetening the deal with perks like a signing bonus, tuition assistance, and creative new benefits such as emergency savings accounts.
Related: Why Young Professionals Don’t Negotiate Their Salary (And Why They Should)
A goal-oriented culture
But salary aside, candidates are looking for goal-oriented work, wondering “What’s the point?” and “Why am I doing this?”
Specifically, knowledge workers expect the organizations that employ them to be a force for good for them, the workforce, and the world. This is particularly important for workers aged 45 and under, according to research by management consulting firm Blue Beyond Consulting and human resources research firm Future Workplace. In fact, more than half (52%) of knowledge workers said they would quit their job if their employer’s values didn’t match their own.
Reinvent other advantages
Employees want to work for an organization they believe in and whose values match their own. They also want to know that their business will take care of their well-being. This includes not only their physical health, but also their emotional, financial, social and professional well-being.
Employees want to spread their wings and take on new tasks in a new position. They want to work for a company that embraces lifelong learning and is willing to invest in their upskilling and retraining. And they want to know that there is a clear career path that includes opportunities for advancement.
Fairness and equity are also becoming defining issues for employees, not only with respect to race and gender, but also inclusiveness and flexible work options.
Related: We Need Inclusive Leaders More Than Ever
A hybrid work environment
Along with more benefits, more candidates are opting for a hybrid or remote work environment. That’s not to say the office isn’t here to stay — it is — but so is hybrid working.
Today, less than a third of knowledge workers work in the office every day, according to research by Future Forum. And – good news – 83% of employers said the shift to remote working was a success. The same research found that those who work from home are 35-40% more productive than their counterparts in the office.
As the work-from-home model began to catch on, 70% of companies surveyed in a 2021 Mercer study began embracing this change by planning to adopt a hybrid workplace. This number is steadily increasing based on data from other research studies.
Related: What the hybrid workplace will look like in the future
Hiring in a new environment
Workers’ mindsets about their jobs and their employers have changed, and hiring managers also need to think differently about how they source top talent.
Gone are the days of posting jobs on job boards and praying for the perfect candidate to show up. Instead, companies should look for creative ways to unearth “passive” candidates who, at first glance, may not be looking to change jobs, but would consider a good opportunity. They need to communicate often and with transparency to bring new recruits to the finish line. And they need to keep in touch with the “silver medalists” who were interviewed but not selected for a certain position, but who could be placed in another area of the company.
This is the new workstation. Companies with a clear mission, a values-driven culture and a revamped salary and benefits package, as well as the ability to hire differently, will undoubtedly be the best when it comes to attracting top talent. and retain existing employees.