With the Great Resignation shifting the balance of power to employees, companies need to rethink their strategies in order to attract and retain great talent in a very tight labor market.
The power shift and the effects of remote work during the pandemic have changed employees’ priorities. The candidate in front of you now is different from the one you had in 2020. Your employees’ expectations of you are different from what they were in 2020.
Here’s a list of the best ways to recruit and maintain great talent to help you navigate this period of the Great Resignation (and beyond):
According to Lever’s 2022 Great Resignation: The State of Internal Mobility and Employee Retention Report, 41% of the employees surveyed who expressed their desire to stay at their company would ask for a role change this year in hopes of having more flexibility and work-life balance. In fact, 31% would be willing to take a pay cut so they could move into a different role.
Employees prioritize flexibility now more than ever, from flexible work arrangements to moving roles internally within an organization. Those who are offered flexible work options are less likely to leave their company. If you want to attract and retain great talent, provide flexible work options such as a hybrid work model and remote work opportunities.
If you are offering mobility within your company, drive awareness of open internal positions and make sure that there are open conversations between the management and their direct reports around desired career paths. This can make a huge difference in retaining top talent. Even if someone switches over to a new department, they’re still on your team working toward the company goals.
For Millennials and Gen-Zs who are now ruling the workforce, career flexibility may be the deciding factor in their choice to stay at their company this year. It also affects their decision in choosing which company to work for. In a Bankrate survey, 60% of Millennials chose flexibility options as their top priority.