Navigating recruitment and retention is a bit like sailing: you need the right crew and strategies to weather both storms and sunny days. In this blog, we take a look at how you can create a smart recruitment strategy that focuses on keeping your hard-won employees long-term, no matter if the economy is booming or taking a hit. Stick around till the end to learn more and get the inside scoop in our deep dive webinar.
The path of an employee at a company starts way before they first walk through the door; it begins with the hiring process. This means recruiters have a big job: not only do they need to find the right people, but they also need to think about how their actions in these early stages can influence engagement and long-term retention. By telling the right story and aligning expectations from the start, recruiters help build a stable and thriving team.
Before we can fix a problem, we need to understand it. According to research from Gallup, inadequate pay/benefits, a lack of advancement opportunities, issues with a supervisor/manager, and unrealistic job expectations were all major reasons for employees leaving their jobs in 2022.
Whilst recruiters cannot account for the behaviour of managers or dictate company benefits, knowing these reasons can help us build a recruitment strategy that ensures new hires know what they're getting into, see a future with us, and feel valued from day one.
In an economic high, there are usually plenty of job opportunities to go around, making it crucial to sell prospective employees on the benefits of joining your company. Your recruitment strategy here is about crafting an appealing narrative that resonates with candidates, ensuring they see a long and fulfilling career path within your organization.
1. Highlight growth opportunities
In times of economic prosperity, emphasize the potential for personal and professional growth within your company. Candidates are more likely to be attracted to roles that offer clear pathways for advancement.
2. Cultural fit and vision alignment
Ensure that the recruitment process assesses not only the technical skills of candidates but also their alignment with the company's culture and long-term vision. This alignment is crucial for ensuring that employees feel connected and committed to the organization and therefore stick around for the long haul.
3. Competitive Compensation and Benefits
While not the sole factor, competitive compensation and benefits tailored to the needs and preferences of the workforce can significantly enhance retention, particularly in a thriving economy where options are plentiful.
During an economic downturn, stability and security become top priorities for candidates. In times like this, an organization's recruitment strategy needs to highlight its resilience and the supportive nature of its leadership. By focusing on a compelling employer value proposition that goes beyond financial incentives, you can attract candidates looking for a safe harbour and a supportive environment for personal and professional growth.
1. Emphasize job security and stability
During economic lows, job security becomes a primary concern for many candidates. Highlighting your company’s stability and long-term plans can make positions more attractive. Employees are also likely to remember this in the future, which builds good faith and strengthens their connection to the organization.
2. Focus on the Employer Value Proposition (EVP)
Whilst you may not be able to deliver sky-high salaries during an economic dip, there are other ways to showcase your commitment to employees. Refine and communicate a compelling EVP that goes beyond monetary compensation, focusing on aspects such as work-life balance, community impact, and professional development opportunities.
3. Showcase your competitive advantage
Give your employees the feeling that they'll be working for a ‘winner’ that can weather a storm. Showing product leadership, industry traction and insights from the management team can help here.
4. Adaptive and supportive leadership
Promote the presence of adaptive leadership within the organization, capable of navigating challenges while supporting employee growth and well-being. This reassures potential candidates of a supportive environment, even in uncertain times.
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The takeaway |
The key to effective recruitment and retention lies in a company's ability to adapt its recruitment strategy to a fluctuating economic climate. Whether the market is experiencing a high with abundant opportunities or facing the challenges of a downturn, understanding the needs and priorities of potential employees is crucial.
During a high, focusing on growth opportunities, cultural alignment, and competitive benefits can attract top talent looking for a rewarding career path. In less stable periods, emphasizing job security, a strong employer value proposition, and supportive leadership can reassure candidates seeking stability and a supportive work environment.
Want a deeper dive into recruiting for retention? Watch our on-demand webinar for a closer look at the best ways to hire and hold onto great employees in any economic climate.
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