The Great Reshuffle
The labor market is a bit unpredictable at the moment. Economists previously warned of a “Great Resignation,” a time when employees were expected to quit in record numbers and leave considerable vacancies in the workforce. This actually happened somewhat—according to the Bureau of Labor Statistics (BLS), there were a record number of resignations at the end of 2021. Although the number of quits dropped at the beginning of 2022, the employment market is back to experiencing record-high quit rates.
However, while mass resignations still took place, the concern about massive numbers of workers leaving the workforce hasn’t come to fruition. Rather, instead of quitting the workforce entirely, employees have simply been finding better jobs. Economists have begun referring to the situation not as the Great Resignation but as the “Great Reshuffle.”
Employer Attraction and Retention Tips
Invest in Worker Career Growth
One of the best ways to figure out what perks employees want is to simply ask them. According to LinkedIn’s Global Talent Trends survey, employees say they want more professional development (59%), workplace flexibility (48%), and mental health and well-being resources (42%).
Investing in workers by expanding professional and well-being opportunities is the opposite of what employees participating in the Great Reshuffle are used to doing. Employers can simultaneously enhance their staffing levels and worker skill levels by offering these workers a chance to enrich their careers via upward mobility. Pairing these programs with additional mental health resources can also help employers scale their operations while reducing cases of burnout.
Offer Flexibility for Better Work Life Balance
As previously mentioned, LinkedIn’s survey shows that 42% of workers are looking for greater workplace flexibility. This could mean allowing employees to work from home in some situations, letting employees choose their working hours, permitting employees to take time off unexpectedly or allowing any number of workplace arrangements.
Essentially, a “flexible” workplace compromises where, how and when employees work. Given the desire for flexible working conditions, adding such opportunities could be an easy way for employers to attract and retain workers. However, this is really only an option for sectors that don’t rely on in-person workers.
Flexibility is also often credited with offering better work-life balance, a concept that has gained traction in recent years. It helps many workers feel they have more control over their lives. More employees are leaving their current job specifically to find greater flexibility.
Provide Stability and Safety
Mental health and general well-being are now commonly discussed in employment conversations. After enduring the COVID-19 pandemic for so long, workers refuse to compromise their well-being for a paycheck. Unprecedented uncertainty about their job, economic stability, and new job opportunities left many workers concerned about their mental health. This adds a new dimension to work-life balance.
Employers can help demonstrate how much they value their workers by expanding mental health and well-being resources. Providing such assistance can reduce potential burnout and help retain employees longer.
Reach Out Directly
At the end of the day, the most worthwhile workplace offerings will be the ones employees desire. While some solutions are generally universal, such as increased compensation, employers may uncover additional options by reaching out directly to employees. In other words, employers can ask employees what perks or benefits would convince them to stay with the organization longer.
These measures help ensure the more encompassing work-life balance that helps attract talent. This could even uncover overlooked solutions that might make employees just as happy as other more costly options.
Watch the Job Market Closely
Remember, your business isn’t the only one struggling to find and retain talent. Pay attention to how your competitors are attracting talent and consider how the tips here can help you beat their strategies.
Then, consider how they’re able to maintain or even improve profitability with their new focus. The job market is changing rapidly, and established working models are changing with it.
There’s no one solution to the current hiring crisis and labor market issues. But, the good news is that there still seems to be a high number of potential workers available; it’s just a matter of attracting and retaining them. By listening to employee desires and offering tangible perks, employers can help maintain their staffing levels.