According to the World Economic Forum, an estimated 97 million new jobs will be created by 2023. And although this presents a significant opportunity for employers, recruitment trends have changed significantly. Between the coronavirus pandemic and diversity, equity, and inclusion movements, employers must adapt if they want to stay competitive. Today, business leaders can gain an edge by deploying modern-day strategies to help attract, hire, and retain employees. Below are just four strategies that can help you improve the effectiveness of your hiring and retention strategy in an increasingly competitive environment.
Strengthen your brand as an employer
Maintaining a strong brand image in the public domain is essential to attracting and retaining employees, especially on commonly used social media platforms like LinkedIn. According to research from Glassdoor, 86% of candidates review company profiles before applying for a job. Furthermore, employer branding allows you to control your narrative publicly and stand out from the competition while also helping you save on hiring costs. Lastly, C-Suite leaders believe a strong brand leads to higher employee engagement, productivity, and retention.
Offer work flexibility
By offering remote work flexibility, employers put themselves in a better position to attract top talent since they open the candidate pool to more locations. Remote work flexibility also saves employees between $2,500 and $4,000 per year on expenses such as commuting. It generally leads to happier and more productive employees. On the employer side, they can save more than $11,000 per employee on average, since they do not need as much office space. Turnover costs generally decrease as a result.
Provide learning and development opportunities
71% of employees would consider leaving their employer for another one that provides learning and development opportunities. The candidate market is becoming more competitive, with a shortage of talent and a growing skills gap. Many organizations have upped their investments in learning and development to help employees build new skills. With career pivots becoming a new standard, learning and development opportunities have allowed employees to switch roles and responsibilities internally, leading to higher retention.
Embrace diversity
Today, more than three out of 4 people state that they consider the diversity and inclusion of a company when considering new roles. And while 78% of HR professionals say that diversity in the workplace impacts how they hire, only 25% of organizations set gender targets when creating their hiring strategy. For those organizations that have prioritized diversity, they have seen 19% higher revenue when compared to those that have below-average diversity levels.
With the way we work changing, employers need to take a people-first approach. That means prioritizing mental health, strong work-life balance, and learning and development opportunities.
Sources:
https://www.greenhouse.io/blog/why-you-should-invest-in-your-employer-brand
https://www.instride.com/insights/talent-acquisition-recruitment-statistics/
https://www.apollotechnical.com/statistics-on-remote-workers/