The tidal wave of resignations in the wake of the pandemic has been deemed "The Great Resignation" and employers are feeling the symptoms.
Businesses across America are struggling to retain talent and keep up with daily procedures as a record of 4.5 million Americans quit their jobs in November. This quit rate is only expected to increase with 55% of American workers planning to quit or find a new job in the next 12 months. The pressure is on for employers, but it's important not to lose hope.
Hiring for employee retention is one of the best strategies to combat high turnover rates. There are still so many viable, qualified candidates out there and with an actionable plan to pique their interest in the long-term, your business can create a company culture that promotes loyalty.
Here are some tips for navigating the hiring process during The Great Resignation to secure talent that will stick around for the long haul.
Hire From The Inside Out
The first step to combatting the tide of resignations is to be proactive about your hiring process by starting with the inside of your business. With data showing that current employees have potential plans to move on, you may be facing resignation letters soon. It is always harder to find skilled talent at an understaffed organization that is stretched thin, so start your recruiting process before it's too late.
Begin by setting aside some time for senior leaders to speak with your employees and hear them out. Employee experience should be at the forefront of your mind when it comes to retention rates and it is always best to learn how you can do better for your employees from your employees. During these conversations take some notes on what you are doing well so you can highlight these perks in job descriptions and develop plans for areas that need work.
Maybe it's time to reassess the annual salary offerings, health care benefits, and other perks like employee recognition, year-end bonuses, or a hybrid work model. Skilled talent will look for this information in the job description so consider how you measure up to competitors and incentivize loyalty with an unbeatable offer.
Read more: Job Descriptions That Attract Top Talent
This is also a great time to gauge where your current employees stand and who may be halfway out the door so you can plan for job openings. Value the employees who stay and take advantage of their professional networks. Your current employees may know skilled professionals that are in the midst of a job search and these connections make strong job candidates because they already have a good knowledge of your workplace culture from a business insider’s referal.
Prioritize Diversity and Inclusion
One of the best ways to hire for retention is to look at an industry leader's approach to culture. Insider Inc. was number one for hiring and retention of tech companies with 10,000 employees or more and they attribute their success to a focus on career opportunities for underrepresented candidates. Through a focus on partnerships with organizations like Women In Tech and Girls Who Code, a dedication to hiring women and people of color, and a commitment to creating an environment of diversity and inclusion, Fast Company reports Insider Inc. had an attrition rate of more than 50% lower than the national average.
These efforts are proven to increase overall job satisfaction for a decreased turnover rate while simultaneously appealing to a labor market of Gen Z workers who value diversity and inclusion.
Ask the Right Questions
Another great way to hire for retention is to ask candidates the right questions during interviews. In a candidate-centric hiring market, most candidates know what they want and they have a good amount of power. With this being said, the hiring manager also has the power to ask questions to reveal how interested and committed they are to a potential job offer at your company.
Ask the job seeker why they want to work for your business and ask them what they are looking for in their next opportunity. If the candidate reveals that they value a work-life balance with flexible work options, but your company plans to return to the office full-time in a month, then that candidate won't be a great fit. Similarly, if a candidate states that they are focused on career growth opportunities and plan to return to school part-time, then they may not have the capacity to stay with your company long-term if there isn't a growth plan.
Use these interviews to gauge a candidate's qualifications, motivation, and abilities as usual, but by putting an extra focus on their long-term plans you will find a successful candidate who plans to stick around.
Read more: Top Qualities And Characteristics To Look For In Your Next Hire
Recruit Talent With A Staffing Agency
During an internal labor shortage, your business may be struggling to stay afloat, and making time for the hiring process is just another to-do that feels unmanageable. While it might feel better to compromise your hiring process by making an offer to the first person to apply in a rush to fill the position, this short-term solution will only come back to bite you in high attrition later on.
Staffing agencies will take the pressure off of you during the hiring process so you can focus on running your business. Recruiting agencies also have access to vast networks of top talent and they know how to interview with a focus on retention. Many staffing agencies also offer replacement guarantees if the new hire decides to move on in the first 12 months.
Read more: How Do Staffing Agencies Work?
The value of a staffing agency is unprecedented during this Great Resignation and your business can improve retention by taking advantage of the support. firstPRO offers Recruitment Services in Accounting & Finance, Information Technology, and Supply Chain, Engineering, & Logistics.