The workforce is changing. Teams are gradually becoming more diverse, digital and global—changes which demand new rules not only for how companies attract talent, but also for talent retention and management.
Businesses of all sizes have had to adapt to these changes, many of which were triggered by the pandemic. But the differences associated with talent have proven particularly challenging. Employees have more influence than ever on the work environment, along with expectations about how it should be. They’re also more likely to change jobs in search of new challenges that provide benefits beyond salary.
That’s why companies must look for new ways to cater to employees during all stages of the employment lifecycle, taking steps to secure their commitment and loyalty long term. Because the loss of talent comes with an economic cost, but above all, it’s contagious.
New models for talent retention and aquistion
Up until a few years ago, attracting talent depended solely on the image or perception of a company and its value proposition. However, in this new era where talent is increasingly critical and selective, companies are understanding that attracting the right candidates also depends on external elements such as feedback on the hiring experience or the opinions of colleagues.
These are elements that change the rules of the game in relation to the strategies used previously. Now companies are required to take action. Below are some examples of how to do that.
1. Create an employee value proposition that adapts to new talent
An employee value proposition is a set of values, rewards or benefits that the company promises to provide to its employees in relation to the way they work and the environment they work in. All this in exchange for their abilities, experiences and skills. An EVP includes everything from workplace design to the development of programs offered to employees, its corporate culture and broader aspects such as inclusion and sustainability.
Employees will consider your EVP seriously, so unlike the traditional value proposition that includes benefits and salary, companies must offer something they can identify with. When you create and communicate your EVP, keep in mind that potential employees need to see themselves reflected in it, that it is necessary to create an impact in the minds of your candidates, and that it must continue to improve even after the hiring process, with suggestions and feedback from employees welcome.
2. Review and renew your talent acquisition strategies
The battle for talent has always existed, but today it is more intense than ever which is why standing out against the crowd is crucial.
- Establish a connection between the candidate and the employee
What’s more candid than an employee’s testimony about their hiring experience and overall experience at the company? Using these testimonials, especially from new hires, companies have a good chance of reaching out to candidates on a more personal level.
Another change in the recruitment strategy that you can integrate is the search for candidates through a referral program of the employees themselves. Both processes increase the quantity and quality of hires and favor retention rates.
- Get noticed as a company
Today’s talent is more engaged than ever, so companies must be aware of the new expectations of workers and adapt to them in order to be more attractive. Some proposals that will make your company stand out are flexibility, development opportunities, transparency about the values and mission of the company, an inclusive culture and the use of innovative technology.
- Take advantage of virtual experiences
Speaking of technology, the changes caused by the pandemic forced many companies to carry out their selection processes virtually. Although for some this method may have limitations compared to traditional processes, it should be noted that it also offers advantages in terms of process acceleration and resource savings
Companies can also offer their candidates an online experience that conveys the values of the organization. In general, this requires a combination of good technology, clear communication and personalization. It can be achieved by using technological tools such as video conferencing platforms and by providing candidates with clear information, timetables, requirements and expectations. But also, treating each candidate individually and personally, and providing feedback after each stage of the process.
3. Talent retention: attracting candidates doesn’t end with hiring
Companies should know that, when attracting candidates, the process doesn’t end when the candidate signs the contract and becomes part of the workforce. For talent retention purposes, it is vital to offer a good onboarding experience, which according to studies, can improve the loyalty of new employees by up to 82% and their productivity by up to 70%.
Communicating data such as responsibilities, their role in the company and the first actions they must take are great differentiators to provide a good onboarding process. Companies that achieve this are able to improve the commitment and motivation of their employees from day one.
4. Increase two-way conversations
Maintaining consistent communication with employees helps remind them why they were attracted to the company in the first place and shows them that their growth and development is still a priority.
For professionals, feedback on their performance is essential to improve and keep them engaged with the organization. But it is not enough just to have a conversation, it should also be a valuable one.
In this sense, employers must help professionals identify their objectives to offer them opportunities for growth and development that adapt to the organization. They should offer constructive criticism and reward achievements, assign tasks and projects that give employees some autonomy and take into account their suggestions, opinions and ideas.
5. Create a link between well-being and performance
On the list of priorities when choosing a job, well-being has risen dramatically since the pandemic. Levels of stress and anxiety in the workplace are especially high among millennials and Gen Z, with 4 in 10 people having felt overwhelmed due to the environment and demands on their jobs, according to a survey conducted by Deloitte.
Providing resources that improve employee well-being is crucial to ensuring that workers feel comfortable within the organization and fostering their retention. You can achieve this through training in skills such as empathy, leadership and communication.
6. Prioritize the professional development of employees
The expectations of employees have increased in relation to their professional development. This, in addition to the skills currently required of them which are constantly changing, has highlighted the need for companies to provide opportunities for learning and continued growth.
In this regard, companies should consider two important points. First, that employees expect development opportunities, regardless of how long they decide to stay with the company. Second, that traditional learning methods are being replaced by methodologies that use technology as the main tool to create and distribute content.
Training that employs practical methodologies and is adapted to the new digital reality is incredibly valuable when it comes to improving the learning experience of employees. Examples include microlearning, gamified learning and social learning, which although not new, has become more relevant than ever thanks to internal social networks and training platforms that allow for interactions between teams.
In conlusion, human resources managers must understand that this new era of work demands changes in talent retention and acquisition strategies. These new approaches should apply to each and every stage of the employee lifecycle, offer opportunities for professional development, and evolve in line with feedback and communication.