5 strategies you should adopt to attract talent in this labor market

The best word to describe today’s labor market would be, ‘turbulent.’ Many factors such as the rocketing costs of living, Covid layoffs, labor shortage, career shifts, and quiet quitting have employers all over America struggling to retain talent. The biggest contributing factor to the current labor market trend is the Great Resignation when 47 million workers left their employees in search of better working conditions in 2021. The employees were demanding improved salaries, better work-life balance, career advancement opportunities, and work flexibility. It is safe to assume that these demands will prevail for a while in the labor market.

As an employer, you are probably getting ready for the hiring season in January. If you fail to provide the needs of the new candidates and your existing employees, you will struggle to attract and retain talent. Here are some things you can try:

1. Address the compensation concerns of workers

Higher pay will always be a reason that employees leave you for other opportunities. During the Great Resignation, many workers quit to make career shifts and find jobs that paid better. Although wage inflation has you battling to meet the standards you set in the past years, you can craft well-thought-out compensation packages to appeal to your employees. Don’t limit compensation to a paycheck. There are other perks you can offer that will cost you next to nothing, such as enabling flexible working hours or establishing a pet-friendly policy.

2. Adopt a remote-friendly work culture

Workers all over the globe got accustomed to remote working during the pandemic years. Remote working has given employees a lot of benefits such as improved productivity, better work-life balance, and cost savings. Did you know that employers who give their employees the option to work from home observed absenteeism reduced by 56%? Since many job seekers are looking exclusively for remote positions, you will have a better chance of attracting talent by providing location flexibility.

3. Make career advancement opportunities available

Gone are the days when employees were happy to remain in the same position forever. Young workers today are looking for upward mobility. Clearly defining the career advancement possibilities within the organization will help you attract and retain the right talent. The possibility of a better position will have your workers performing better and achieving targets with extra motivation.

4. Develop the company culture

Don’t just focus on the talent when you hire new members. Search for the right candidates who make great cultural fits for your organization. When you create a positive work culture, your employees will be more engaged and productive. The word will get out that yours is a great place to work, and you will have less trouble attracting good talent.

5. Keep the hiring steady

If your staffing needs keep fluctuating throughout the new year, it will affect your business. You don’t want to be short-staffed three months into 2023 and end up burning out your best workers. If you do that, you will be creating a cycle of employees quitting due to burnout and creating more vacancies. Always continually recruit new talent throughout the year.