Home › Talent Acquisition, Executive Search, Employment & Employee Retention › THE RECRUITING & RETENTION PERFECT STORM, PART 3

THE RECRUITING & RETENTION PERFECT STORM, PART 3

Posted on September 27, 2021 by Trinity HR

In Part 1, we looked at several aspects of this perfect storm, including:

  • The unfavorable to employers imbalance between talent supply and demand
  • The pent up desire by employees to move to a new position
  • The cost of replacement of departing employees

In Part 2, we looked at other aspects, such as

  • The major causes of employees leaving
  • Employee expectations of their employers
  • Actions which organizations can take to improve employee satisfaction and thus retention

Now in Part 3, we will look at:

  • The specifics of what potential candidates will ask at the onset on being contacted
  • Achieving greater success in acquiring the employees you need

We all know the current labor-job market is horrific for employers and great for employees —11,100,000 vacant jobs in the U.S.

  • The media often zeroes in on certain segments of the market being so bad for employers, especially those with service-related workers such as restaurants and bars.
  • The reality is that this out of balance demand – supply is applicable for all types and levels of positions — from entry level ones to office workers to skilled professionals to management positions all the way to the C-suite positions.

In my lengthy HR career, this is by far the worse imbalance of which I’ve been a part.

In Trinity’s interaction with its clients and with potential candidates with whom we engage, here is the list of what the vast majority of candidates are expecting (often, “demanding” may be more accurate) in order to consider making a move. The typical sequence of their questions is as shown.

  • 1)  Remote work
    • If not 5 days per week, at least 3 days
  • 2) A pay increase of 15%
    • The rule of thumb of 10% no longer applies.
    • Often accompanied with a pay review within 6 months as an expectation
  • 3) A commitment to how the hiring company will develop them professionally
    • Remember what I’ve written and said before: “Loyalty by the new work force is to their career, not to any one employer.”
  • 4) The answer to their share of health care costs?
  • 5) The answer to how much paid time off?

Without the answer to these 5 aspects of the position being “positive” ones in the eyes of the prospective candidate, they will decline interest the vast majority of times.

  • By the way, if the answer to the first question is not “positive”, it is highly unlikely they will even be willing to talk further.
  • The same thing is true if the answer is “positive”, but the next answer is not.

SIX WAYS TO ACHIEVE GREATER SUCCESS IN MEETING YOUR STAFFING NEEDS:

1) Recognize your need to engage an HR firm that has highly skilled search professionals (not a staffing agency) that will conduct deep dives into the potential pool of candidates.

Yes, this is a self-serving statement, but more importantly it is a true statement.

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EVEN IF YOU DISREGARD WAY 1), PLEASE DO NOT FAIL TO READ THE OTHER 5 WAYS.
  • In a normal market, you may have been successful in finding good individuals on your own. However, in this market that is not likely to be true.
  • In this market, even those who are talent search professionals have to work extra hard and devote an inordinate amount of time to find talent.

2) Evaluate your work policy as it relates to being on site or working remotely.

  • In responding to COVID, many organizations have already found that many positions can indeed effectively work remotely. Obviously, you need to make a position by position determination.

Clearly, no one knows with certainty what the new, post-COVID work environment will be. However, it is highly likely that some form of a hybrid will come to be the prevailing combination of on site and remote work for many employees.

3) Ensure you have up to date market data as to the compensation for positions you need to fill—differentiating in terms of base pay versus incentive pay.

  • Pay levels (including bonuses) are changing rapidly as companies respond to this market.

CAUTION: Be mindful of the impact of the pay for new hires on current employees — especially when you have positions with multiple incumbents.

4) Assess your approach to professional development of employees and opportunities for career advancement.

  • With today’s technology, you have options on how to do so in a cost-effective manner.

Remember what I’ve written and said before: “Loyalty by the new work force is to their career, not to any one employer.”

5) Review your health care benefits, especially: A) the % cost split between you and employees and B) what the total cost

Your benefits consultant/broker of record should be able to provide you with how you compare to the geographic market you are in.
At this time of year, that firm should have reviewed or be reviewing 2022 renewals with you. So this is an ideal time to do this review.

6) Examine your paid time off policy to determine its competitiveness with those organizations with which you are vying for the same talent.

Keep in mind for some positions you are competing with organizations not producing the same products nor providing the same services as you.

Author: Salvatore LoDico, CEO
The HR Godfather™

For more information about how Trinity can help you with recruiting and retention (or any other people-related matter):

YOU HAVE HR CHALLENGES … TRINITY HAS SOLUTIONS

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention