As the United States approaches full employment, with the millennial generation a major component of the current workforce, the war for talent continues. In this issue of Astronology®, we will explore a few factors impacting the war for talent, as well as a few suggestions to help bolster an organization’s efforts at attracting, retaining, and growing talent in a tight labor market.
There are various factors to consider with respect to why talent moves. With an increasing full employment market developing here in the United States, employees are finding it easier to leave their current employers for work elsewhere. George Bradt suggests in an article with Forbes online that when employees feel that they are underemployed, or even underperforming, they will leave before they are fired. Disappointing decisions with respect to restructuring and cutbacks in benefits also have played a role in employees leaving. Bradt highlights that the millennial generation in particular has been exposed to such disappointing decisions and, as a result, are more inclined to search for new opportunities. A third, growing factor to consider is the burgeoning self-employment movement including the gig economy.
To combat the concerns raised by these factors, the following are suggested:
- Competitive Pay: Ensuring you are paying within the market for specific jobs will make it easier to attract and retain talent.
- Job Perks: Such perks do not have to be elaborate. Designing a flexible schedule option has become a popular perk. In a survey conducted of millennials by MetLife, 43% of respondents said they’d switch jobs if it gave them more flexible hours.
- Meaningful Story: 60% of the millennials surveyed by MetLife also mentioned that “a sense of purpose” was part of the reason they work for their current employers. To attract talent that are seeking a sense of purpose, organizations will have to craft a more meaningful story of themselves.
- Encourage Innovation: To further appease talent desiring to work with a sense of purpose, creating a culture of innovation will give employees room to grow and give meaningful contributions.
- While Hiring, Be Inclusive: Instead of just involving a specific department when hiring, include other organizational members in the hiring of new staff. These employees can help vet and close candidates. This process also sends the message to potential employees that they will be exposed to a network of colleagues in various departments when working at the organization.
Do you have any further suggestions to include on our list? Please share your thoughts with us in our comments section below!