Photo by Amina Atar on Unsplash
If you’re just watching the headlines, you might think the talent crunch is finally over. Major tech companies have already laid off nearly 150,000 workers in 2023, and other major companies are similarly shedding jobs.
This could portend bad news for workers who were just starting to enjoy the benefits of more flexible work arrangements, competitive pay and other perks of a tight labor market.
Not so fast—according to one survey, 83% of laid-off or terminated workers found a new job within three months, and companies defied predictions, adding 339,000 jobs in May 2023.
Unsurprisingly, many companies struggle to attract and retain the right talent, a problem that often stems from a candidate’s brand experience. This is often overlooked by companies. Applicant tracking systems are designed to store data but are not front-facing nor designed with the candidate in mind. Consequently, the candidate's journey is flawed, and their experience is decidedly subpar.
Ironically, nearly 90% of companies now say they compete “primarily on the basis of the customer experience.” In other words, they know that experience matters, but they haven’t connected that to employee attraction and retention.
If companies forget to focus on branding to attract and retain talent, they may be missing the most important branding they can do: showing people why they should come and work for them. Here are three commitments leaders and decision makers can make to ensure better brand employee experiences to support talent acquisition and retention.
Finding the right people for a job is hard. Getting them to stick around is even harder. Sixty-one percent of U.S. workers say they are considering leaving their jobs in 2023, a staggeringly high number that is even higher for Gen-Z and Millennial employees.
With employees leaving earlier in their careers, companies are left with a workforce that is constantly in flux, making it difficult to build a strong and cohesive team. However, while employee retention is certainly a challenge, there are several strategies that companies can use to improve their retention rates. Start by creating a positive work environment that prioritizes equity, values transparency and supports employee growth and development.
According to one survey, 56% of employees rank a positive workplace culture as more important than salary when making an employment decision, underscoring the importance of the intangibles when it comes to retaining talent.
Similarly, investing in training and development programs help employees cultivate the skills they need to succeed and advance their careers. When paired with a competitive salary and benefits, attracting and retaining top talent is much easier.
To attract and retain talented employees, companies need to implement a comprehensive talent management strategy that goes beyond just advertising job positions. While creating discoverable and clear job postings is a crucial first step, it is equally important to provide potential candidates with an accurate and engaging picture of what it is like to work for the company. Video descriptions and virtual tours can be an effective way to achieve this goal, as they enable candidates to see and feel the work environment, culture and values of the organization.
At the same time, to invest in recruitment marketing, companies should also focus on developing internal training and development programs that enable employees to grow and advance within the organization. By offering a clear career progression path and opportunities for ongoing learning and skill development, companies can motivate and retain their top talent and reduce the need for external hiring.
Many people are barely surviving at work, let alone thriving. Forty percent of all employees say they are burned out, while younger workers and women are especially impacted. Nearly half of 18- to 29-year-olds say they “feel drained,” while 46% of women reported burnout.
Conveying to employees that the company is invested in them is also crucial. Companies must show that they care about their employees and want them to thrive. This can be demonstrated through tangible investments in their employees, including:
By equipping employees with the necessary skills and knowledge, not only for their current roles but also for future potential growth, companies show that they are committed to their employees' professional development.
Providing health insurance, retirement plans and flexible work schedules can also go a long way toward showing employees that their welfare is a company priority.
Creating a healthy work environment that encourages open communication can contribute significantly to an employee's job satisfaction and productivity.
Great companies are predicated on thriving people, and leaders looking to attract and retain top talent will make investments needed to ensure their teams are best positioned to succeed.
As we navigate the changing landscape of talent acquisition and retention, the crucial role of company branding in creating an effective and sustainable strategy cannot be overlooked. To truly attract, retain and nurture talent, companies need to underscore three key commitments: caring for employees who stay, attracting new ones and enabling them all to thrive.
Delivering a branded employee experience is critical to staying competitive, and the results can be incredible. When branding jobs and making it easier to locate, evaluate, and progress through opportunities, companies can expect more qualified, talented candidates to find their companies and stay there for the long haul.
Read the full report here.