Small Changes Can Yield Big Results in the War for Talent

With the market for talent still going strong, the post-pandemic workforce is on the move and leaders are feeling the pressure. In the latest YPO Global Pulse report, 67% of global chief executives cite hiring as a top concern and recent surveys of workers confirm that they should be concerned about recruiting and retaining staff. In the Deloitte Global 2021 Millennial and Gen Z Survey, 36% of Millennials and 53% of GenZ respondents expect to leave their positions after a tenure of only 2 years. The 2022 EY Work Reimagined Survey noted a similar trend with 43% of respondents reporting that they are likely to make a change within the next year. Employees are reconfiguring their careers to align more with their values or using shortages for higher-paying positions. Others are seeking more work-life balance and roles that are more predictable and stable. Despite restless employees, leaders can take steps to mitigate turnover and improve employee engagement.

As founder and CEO of Betts, a leading nationwide recruiting technology and services firm, Carolyn Betts Fleming knows what employees want. She explains that the top-down structure of companies will no longer work in today’s world; leaders need to listen to the needs of their candidates and respond accordingly. Top talent wants flexibility in their work, to be well-compensated and streamlined hiring processes. “The companies that have shifted focus to meet the needs of the talent market are building really strong, engaged teams. If you’re not doing this, you won’t be able to compete and will suffer on the talent front,” explains Betts.

A positive employee experience begins before they’re hired, according to Jobsity CEO and founder Andres Garzon. In the current talent-driven environment, job descriptions need to be adjusted to broaden the pool of well-qualified candidates and this means reconsidering requirements and rethinking skills. Employees want to thrive as part of an effective team and not be brought in to fill out a talent roster based on seniority. It starts with the definition of a “senior role,” says Garzon, “In my experience, too often companies will request employees with five to eight years of experience when in reality, much of the job can and should be handled by a staffer with two or three years of experience.” If you have the correct mix of talent on a team, experience can quickly be leveled up. It’s the overall dynamic that creates a positive employee experience eventually and increases the tenure of talent at a company.

In addition to hiring, retaining talent is also an obstacle in a competitive market, especially for technology firms like Paragus Strategic I.T. based in Hadley, Massachusetts. When CEO Delcie Bean lost 20% of his staff due to turnover during the pandemic, he relied on input from his employees to increase retention. Competitive compensation was an issue when markets like Silicon Valley were offering lucrative salaries and attractive benefits packages, but Bean was able to adjust compensation models to align with his employees’ needs. For instance, he changed the company’s employee ownership program to be more attractive. He also took advantage of a provision of the CARES Act allowing learning and development funds to be applied to employees’ student debts. The shift in funds also came with added tax benefits for both employees and the company. Bean continues to look for innovative solutions to attract and keep top talent. He says, “My hope is that ultimately, once employees settle into working for us, we’ll be able to attract and hold onto the best talent by offering something that has nothing to do with money or benefit but has become more important to many people during the pandemic – a sense of belonging and purpose.”

Compensation is only one factor when it comes to ensuring job satisfaction. Making a workplace more efficient and streamlined can also have positive impacts on keeping employees engaged and preventing them from seeking opportunities elsewhere. It’s one of the reasons CEO Kerry Siggins is making employees’ digital experiences a priority at StoneAge Inc. She explains that employees believe technology can improve their work, but integration is key. “No one wants to use 15 different tools that are not interconnected to do their jobs. That’s just frustrating and annoying,” she says. As her employees moved to work remotely during the pandemic, they were thrust into using unfamiliar and new tools, and it was often unclear when and how to use each one in their day-to-day work. To correct the confusion, StoneAge created simple flow charts that helped explain the purpose of each tool and how they’re expected to use it. Siggins says communication around digital tools and transformation was paramount for driving adoption. Employees need to know how technologies will affect their work and make their processes seamless. The effort will pay off as she cites statistics from the 2021 O.C. Tanner Global Culture Report that shows well-integrated technology can increase employee engagement by five times and result in a 47% lower chance of attrition.

Employee-centric companies will be status quo going forward for many businesses. The pandemic has proven that work can be flexible, and leaders will need to adjust to employee expectations when hiring new talent and managing their existing workforce. Simple shifts in hiring, compensation, communication and investments in effective technology can have a big effect in attracting and keeping top talent. Solutions will differ from business to business, but leaders can make positive changes if they engage their employees, gather their feedback and accommodate their suggestions.

About the Author

Carrie Butt is a member of YPO’s global social media team focused on supporting its global and Americas accounts. She has extensive editorial and social media marketing experience for publishing, fine arts, civic and nonprofit organizations. Click here to connect with Carrie.