In 2021, people started to think about how they work, were forced to leave work to look after children, were burnt out, retired early, or looked for a new role in a job-rich market, triggering The Great Resignation. In the US, on average, 4 million people left their jobs each month, more than half a million more than the average for 2019. In the UK the rate of job-to-job moves stood at a record high of 3.2%.
While The Great Resignation has started to slow in 2023, the cost of living crisis is leading some to look for higher salaries and better company benefits. With this in mind, how do businesses make smart hiring decisions and retain staff in a post-pandemic world of uncertainty and rising costs?
At Market Talent, we speak to employers and candidates everyday, and from seeing both sides, we have gained an insight into how to recruit and retain staff in 2023 and beyond.
Build an exceptional company culture
Company culture isn’t after-work socials, office bake-offs, and beer fridges in the office. It’s about shared values, attitudes, behaviors and the experience employees have at work. It’s developed from how founders make decisions, the business mission, how people communicate, work style, work volume, and the treatment of employees.
An exceptional company culture keeps employees engaged and dedicated to the business mission and values, helping to recruit and retain talent. Everyone in the business, including candidates interviewing for a position, should understand and feel part of the business mission.
Embrace flexibility with remote and hybrid options
The order to work from home in 2020 changed the way businesses operated. Initially, people set up temporary desks from dining room tables, but over time employees enjoyed the benefits of remote working.
In a post-pandemic world, offering hybrid options has become a driving factor in staff remaining at or joining a new company. Almost 1 in 3 workers say that flexible working encourages them to stay in their job, and 1 in 5 of workers who want to quit do so because their employer makes them come into the office when they can work remotely.
Remote and hybrid working also benefits businesses as it opens up a wider talent pool. Though, businesses must include flexible and remote workers and provide access to necessary collaboration technology and tools.
Reevaluate company benefits
While a free gym membership is nice-to-have, candidates and existing employees are looking for more. Health and well-being benefits are increasingly popular in 2023, as are financial bonuses in the wake of the cost of living crisis.
Taking a closer look at company benefits and even asking employees their preferred benefits, can help founders to attract new employees and keep current ones too.
Clear career progression
With 19% of the UK workforce planning to look for a new job in the next year with a higher salary or better benefits, employees should always know progression opportunities and what is needed to achieve a promotion and salary increase.
Through clear progression plans, training and development, employees feel more motivated and engaged, and employers retain staff.
Attract and retain the best talent in 2023
Employees are the business’s greatest asset, and hiring the best and retaining the best should be a priority. Founders can find top talent using recruitment agencies or their own means using job boards. Recruiters are excellent communicators, have a vast network, and have exceptional headhunting techniques, helping businesses to find talent.
When it comes to creating an attractive workplace environment for people to join and stay, embracing the hybrid work model, introducing new and relevant benefits, communicating and engaging employees with company culture, and clearly showcasing the paths to progression, can all help businesses to attract and keep their best talent.