Layoff and furloughs have been an important topic making headlines in the corporate environment since the outbreak of the Coronavirus pandemic. It has not been business as usual for many organisations, considering the fast-changing impact of the epidemic on firms globally.
Presently, in several organisations, employers and HR professionals are occupied with identifying how to close the gaps brought about by the current situation. At pcl. we have discovered during this period, that these challenging times require business leaders to make data-driven decisions which would guarantee long term profitability.
A recent study showed that 85% of HR executives stated that their most significant challenge is the inability to recruit and retain good employees and managers.
Employees leave jobs for various reasons, some being career advancement opportunities, additional pay/benefits, lack of job-fit, transparency of leadership, the flexibility of work, and job security, among others. 90% of job seekers say that it is vital for them to work at a company that embraces transparency (Glassdoor U.S Site Survey, January 2016).
One major thing that hiring managers should know is that if retention strategies are utilised appropriately during this pandemic, employees will be ready to stay regardless of the current state of the business. This can have a significant and positive impact on the cost of talent acquisition.
Below are some of the ways to ramp up effective talent acquisition and employee retention in the new normal:
- Leveraging Technology: Considering the inability to have physical interviews and assessment centres, HR must ensure technology is well leveraged to reduce delays in the recruitment process.
- Ensuring consistent feedback: During the hiring process, place premium value and respect on potential employees because this says a lot about the culture of the organisation. Constant feedback with potential employees must be deliberate and intentional. This should also become a part of the organisations DNA, especially in how performance is measured after employees have joined the organisation.
- Flexible work hours/schedules: Opportunities for employees to have some days/hours off depending on what is agreed.
- Encourage cross-functional collaboration: As part of efforts to ensure effective cross-functional teamwork within the firm, it is essential to deepen employee engagement which in turn impacts employee retention. It is vital to dissuade teams from silo working. Cross-functional collaboration must become highly encouraged among organisations.
- Career advancement opportunities: Employees are interested to know how committed employers are to their career growth aspirations. This is an essential strategy to keep top talent. People have a higher probability of staying when they know they will grow. People naturally hate stagnation.
- Find ways to enrich jobs: The content of an employee’s job is an essential piece in the school of retention. People want to do things they love and have interest in. Both in recruitment and retention, the content of a job must be designed to interest employees, bring out the best and spur them to become better people.
- Consider paying more/bonus to employees who are exposed to high-level risk:
Offer perks for employees doing high-level risk jobs; the higher pay will be required to motivate such employees. Also, provide quality health facilities for employees who get affected by COVID19 and their families. It only makes sense and sends a message that you appreciate such people for what they do.
- Invest in Training: Focus should not only be on hiring employees but training them. Invest in training employees to manage both current and future business operations and growth.
- Re-visit compensation and benefits: Offering and implementing good salaries and imbibing a culture of profit-sharing where possible are levers than can be pulled. This offer leaves employees with a sense of ownership, thus ensuring they infuse creativity, innovation, and an entrepreneurial spirit in getting things done.
Whichever way organisations choose to relate with their potential, and existing employees will impact the level of commitment and loyalty they enjoy from their employees in the New Normal.
Written by:
Omolade Ijidakinro
Analyst
Bibliography
Robin D. Richard, (June 5, 2020) Prepare Now to tackle your Post-Pandemic Talent Challenges. Available at: https://www.tlnt.com/prepare-now-to-tackle-your-post-pandemic-talent-challenges/
Greg Smith, 5 tips to attract, keep and motivate your employees. Available at: https://www.businessknowhow.com/manage/attractworkforce.htm