Combatting the Great Resignation

The Society for Human Resources Management (SHRM) describes the Great Resignation as a “stellar opportunity” for talent acquisition. It is a time for HR professionals and strategists to demonstrate their value to employers who are losing talent at unprecedented rates and facing skyrocketing recruitment and retention costs.

Companies are increasingly looking to talent strategists to provide new insights to attract and retain talent. But the solutions are quite straightforward. Recruitment and retention strategies must be employee-focused to lure workers back to the workforce. Strategies must also include investment in technology to automate HR processes and ensure a pipeline of talent for the future.

This article explains what has changed in the workforce, particularly since the COVID-19 pandemic and the Great Resignation. We outline eight ways employers can adapt to the needs of the post-pandemic workforce so that they can continue to attract top talent and compete as the economy recovers.

What’s Driving the Great Resignation?

According to the Harvard Business Review, mid-career employees were the group that showed the greatest increase in resignation rates between 2020 and 2021, with an increase in resignations of around 20%. Resignation rates actually fell for workers aged between 20 and 25 and for workers aged 60 to 70.

Why are mid-level Americans leaving the workforce at such high rates? According to the Harvard Business Review, it could be burnout. Remote and hybrid work models are causing employers to hesitate to hire those with little experience, which is compounding workloads for mid-level employees. It could also be that mid-level employees have wanted to leave their positions for some time due to increasing pressures, and the COVID-19 pandemic was the catalyst for making them do so.

Whatever the reasons for this group’s resignations, the fall-out is that employers must figure out what it takes to recruit and retain whatever demographic they need in their workforce. For mid-level employees, it could be higher salaries, better health care, flexible work arrangements, and child-care benefits. For Gen Z and Millennials, it could be financial assistance, social perks, or exciting career development opportunities.

The bottom line is that companies will have to ramp up investment in recruitment and employee retention, and that means the services of HR professionals, recruiters, and talent acquisition professionals will be in high demand.

Eight Ways to Find Top Talent

Here are eight strategies to find top talent in the wake of the Great Resignation.

1. Use Data to Drive Recruitment and Retention

Recruitment and retention is costly, so a measured approach will avoid spending more than necessary. For example, organizations should determine which workers are quitting to expose the highest risk employees and where to focus retention strategies. If a company is losing many of its young professionals, a strategy focusing on their needs—for example, flexible work arrangements, competitive salaries—could reverse that trend.

Your data should tell you who is leaving your organization and why. From here, organizations can create incentives and marketing programs to attract and retain the most prized talent. If you lack the infrastructure to collect and analyze this type of data, the first step is to acquire a system that will deliver the data you need.

2. Build Targeted Retention Programs

Hybrid and remote work models give employees mobility, but remote workers are no longer tied to a geographic area and are free to move to other jobs. With data, companies can develop targeted strategies that focus on retaining high-risk employees and attracting new hires that they cannot do without.

3. Reach Out to Your Target Audience

Outreach and marketing campaigns are essential to attract active and passive job seekers. If the talent demographic you seek values competitive pay, skills development, or flexible work arrangements, these benefits should be the focus of your marketing campaigns.

Revamp your website to draw in job seekers. Post videos that showcase your work culture and existing staff. Use social media, such as LinkedIn, to market your organization, and initiate a referral program with incentives to encourage existing employees to find new talent for you.

Reach out to top talent where they are. For example, if you seek software engineers, engage them on discussion forums. Consider hosting programming competitions. These types of initiatives increase the visibility of your organization by building relationships and encouraging word-of-mouth.

4. Automate Hiring and HR Processes

Hiring practices should be thorough with in-depth, in-person interviews to ensure a good fit.  However, there are ways to automate hiring to reduce the cost and manpower required to screen candidates.

Professional talent seekers have the best tools designed specifically to streamline and optimize recruitment. For example, use a mobile-enabled website and application system. Keep applicants informed as the recruitment process proceeds. Show that you are a responsive and digitally savvy employer.

5. Examine Your Workplace Culture

Recruitment and marketing efforts are wasted if the company culture does not reflect the brand. If you champion an employee-centric culture, engage with the workforce on an ongoing basis to take the pulse of employee engagement and morale. Use feedback sessions and surveys to find out if the company is serving its workforce adequately. Ask for recommendations for changes and enact them. Listen to and act on employee needs.

6. Hire from Within

Hiring or investing in current employees can be the best option for organizations. This strategy is a win-win for employers and employees. Existing talent does not require onboarding, which saves recruitment costs. Also, existing employees already understand the organization’s culture and operations, and they are committed, which will improve retention.

7. Focus on Retention

Your hiring strategy is important but retention may be more so. If your retention rate is poor, there will be little payback from investing in recruitment processes. According to a Gallup study, the cost of replacing a staff member is one-half to two times their annual salary, so reducing turnover is crucial.

External career coaches and consultants can help with workforce planning and identifying career paths for star performers. According to a study by LinkedIn, valued employees are twice as likely to stay in their jobs and less likely to be poached by competitors if their existing employer invests in their professional development.

Career Development Programs

A focus on retention begins when a candidate is hired. During initial interviews, understand what the person’s career goals are and offer them a plan to reach them. Prioritizing their career goals will keep them engaged over the long term.

To improve the employee experience, retention strategies should focus on their career needs and their personal needs. Use cross-departmental training programs and mentoring initiatives to maximize learning opportunities and use technology to track the career milestones of all employees.

Incentives

Incentives programs should be fair and transparent. Consider asking employees what they would like to see rather than coming up with incentives that could backfire. For example, rewarding the achievement of milestones rather than rewarding the “employee of the month” is more objective.

New hybrid work models respond to employee needs for flexible work arrangements, but they also bring new challenges. For example, remote employees are less visible than on-site workers and may worry that they could be passed over for promotions or professional development. Rewarding milestones is less likely to negatively affect those employees who work remotely and feel less visible in the workplace.

Work practices and incentives will require constant updating as workplace models evolve.

Employee Assistance Programs

If the COVID-19 pandemic has taught us anything, it’s that employees need to feel supported during stressful times. Improving the work environment and supporting work-life balance is part of the responsibility of employers, but HR departments could also provide funded resources for staff who are feeling overwhelmed to encourage their well-being. 

Offering support programs to staff can reduce retention, improve well-being and morale, and boost a company’s reputation to attract more talent. Support services can be in the form of mental health programs, physical health initiatives, financial assistance, and childcare services.

8. Reimagine Your Organizational and HR Tools

Accommodating worker needs for flexible work schedules and remote or hybrid work models is complex. Use mobile technology to your advantage and to help employees coordinate schedules and swap or pick up shifts from their mobile device. Use real-time collaboration platforms like Slack so that employees can communicate with team members.

The Pivotal Role of HR and Recruiters

There is no shortcut to ensuring a motivated and innovative workforce. Competing in today’s labor market requires rebranding and investment in recruitment, retention, and technology. Work models have changed, and the focus is now on meeting employees’ needs so that they can be effective in the workplace and continue to innovate into the future.

HR professionals and talent seekers are playing a pivotal role in shaping the workforce of the future and helping organizations adapt to their employees’ needs. Consider outsourcing talent management. Many recruitment and talent consultants are using AI-powered technologies to reach untapped talent pools, execute recruitment campaigns, integrate onboarding and automated applicant tracking systems, and build HR systems with existing infrastructure. The changes will be radical, but investment in talent resources has been delayed for too long.