Layoffs are rising. But that creates a big opportunity for companies that think long term to recruit and retain top talent.
Star employees are up for grabs. Caitlin Duffy, director of HR practice for consulting firm Gartner, said annual employee turnover in the U.S. has jumped nearly 20% from pre-pandemic numbers.
Some of these employees got caught in layoffs. But there are other reasons for higher turnover. Some employees, for instance, want to work for companies dedicated to a hybrid of office and remote work.
Now's the time to grab some of these top employees. And holding on to top workers will also help you later. But offering a competitive salary and benefits isn't the way to win them over, or to keep your best workers happy.
Offer Flexible Work Schedules To Recruit And Retain Talent
Millions of workers now expect workplace flexibility. This would have been unthinkable just a few years ago, said Richard Wahlquist, CEO of the American Staffing Association.
Nearly 40% of U.S. adults said flexible work hours would be among their most important factors in looking for a new job, a recent ASA survey found. One out of four cited the ability to work remotely.
"Employers competing for talent can gain an advantage by working with current and potential employees to find the schedule that works best for them as well as the company," he said.
Rethink And Update Job Descriptions
When posting a job, focus more on the skills actually needed than ones that sound impressive. Think less about degrees or other potential disqualifiers that may not be germane to the position, Wahlquist says.
It all starts with writing an updated job description. It's not a cookie-cutter process where you can simply cut-and-paste an old listing. Top job candidates see right through that. "In the midst of a historic skills shortage, employers can't afford to rely on job postings that were written years ago," he said.
Review current job openings for your company before posting them, Wahlquist advises. Ask yourself if you're asking for traits that will attract top employees. Does a position really need a four-year college degree, or would certifications in certain skills and life experiences be more beneficial for the role?
Invest In Job Training For Employees To Recruit And Retain Talent
In nearly every sector of the economy, employers are suffering when they don't mesh employees' skills with the positions they hold or want, Wahlquist says.
"Workers' skill sets aren't matching up with the types of jobs employers need to fill, and we have too many workers on the sidelines," he said. "Many of those individuals need some help with upskilling and reskilling. Job training programs put employers at a competitive advantage."
Wahlquist cites an ASA study where 39% of U.S. adults say their current employer is helping them gain the skills needed to do their job better. Meanwhile, 80% of employed U.S. adults say an employer's training offerings are an important factor in accepting a new job.
Make Employee Well-Being A Top Priority
It's been an employees' job market for so long that employee wellness is no longer a "nice-to-have — it's an expectation," said Jalie Cohen, group global head of talent for recruitment giant the Adecco Group.
Candidates often put their health and happiness above all else, Cohen said.
"Employers must create a space — both physically and virtually — that emphasizes mental and physical health and embraces flexibility to enable better work and life balance," Cohen said.
Building effective environments for workers, though, is often foreign to many firms. That's why you might need to get help or risk losing top employees.
"When potential talent is looking for a job, a company's commitment to employee well-being will continue to be a major differentiator," Cohen said.
Prioritize Rested Employees
Hybrid work is a must for many employees. But ironically it's also creating challenges, including burnout. The average employee is working more than nine extra, unpaid hours of overtime per week, Duffy says.
Spotting this and getting ahead of it before top employees burn out and quit is important for leaders. That means seeing when employees are overwhelmed. You may need to help them manage workloads and encourage vacations and time off.
"This means proactively helping employees maintain their emotional resilience and performance rather than offering rest as a recovery solution after both have plummeted," Duffy said.
