Hiring and Retaining Talent During the Great Resignation

Over a year and a half into the COVID-19 pandemic, it is becoming increasingly clear that talent acquisition pros, recruiters, hiring managers and companies everywhere have one thing in common: a serious struggle to hire and retain talent. 

This time period has been dubbed “the Great Resignation,” and we are seeing millions of Americans quitting their jobs at a record pace. Employer demands for staff are largely outweighing the availability of talent, too. 

Indeed recently polled 750 decision-makers across a wide range of industries and discovered that nearly 75% of respondents are struggling to hire and retain their workforce. What should you keep in mind when striving to hire and retain your critical, in-demand talent? 

Why are people resigning at such high rates? 

Employers must look inward to see why their staff is heading for the door, and they need to be open to adapting. The pandemic has created a world where individuals are actively reassessing what is most important to them and best for their families. The lack of a career path, growth options and fulfilling work are all contributing factors to a person’s decision to resign. Health and safety concerns are understandably paramount for many now, as well. 

This is a very real crisis for employers. Every time a person resigns, you are coping with a loss of institutional knowledge, a slowdown in productivity and the ever-increasing cost-to-hire. This is the time to encourage managers to meet regularly with their staff to take active steps to listen to and address concerns head on. 

Be mindful of any early warning signs, such as personal life changes (staff receiving advanced degrees, starting families, relocating) and find ways to provide opportunity for accommodations or advancement. Missed promotions, raises, bonuses, overwork/burnout and a lack of communication from leadership are driving factors as well. Be warned: Once someone starts looking, the likelihood of retention drops dramatically.

What incentives should companies offer to professionals? 

Companies need to proactively build their employer brands and highlight both their workplace culture and the benefits offered. You not only want to attract talent, but to also create an environment where your current staff are your loudest and proudest brand ambassadors. People want to work for organizations where mission and values align with their own. 

People do not want to feel stagnated, and they are looking for a commitment to their professional development. No internal education initiatives at your firm? Consider offering an annual stipend to employees that is geared toward continuing education and training. 

Increased flexibility, autonomy and remote work options are being prioritized, too. Consider that allowing remote work allows you to tap into a broader, more diverse talent pool that won’t be limited in terms of geography. People are also demanding higher pay and bonuses. With that said, money certainly helps, but it isn’t everything, especially when it comes to retention. 

How can we attract talent and engage new hires? 

It is critical to maintain a rapid and engaging interview process for candidates. Be realistic with your job descriptions, expectations and the must-haves vs. nice-to-haves. Be open to engaging and training more generalists, as opposed to exclusively focusing on specialists. 

Remember that including too many steps in an interview process, or taking overly long to make a decision, will directly cause your candidates to withdraw from consideration. 

Onboarding processes need to be reevaluated as well. If a new hire is not given sufficient training, face time — virtually or in person — with their managers and team, and the opportunity to ramp-up into the role, then they aren’t going to stick with you for long. Don’t allow a virtual environment to trigger disconnect or an approach that is too hands-off. 

Employees are not robots, and they want — and deserve — respect, recognition and fulfillment. There are real, vital human beings behind those email addresses and Slack handles, and it will pay off in the long run to devote the time to get to know them and their motivations, show that you care and integrate them fully into your team.